Digital Transformation And Total Factor Productivity Of Enterprises

China’s economy has shifted from a stage of high-speed growth to a stage of high-quality development.Improving total factor productivity is an inevitable choice to achieve high-quality economic development under the background of the new normal.The report to the 20 th National Congress of the Communist Party of China pointed out that improving total factor productivity is an important task for achieving high-quality development.As the micro-subject of economic development,enterprise is an important force to promote economic development,so it is very important to explore the improvement path of enterprise total factor productivity from a micro-perspective.At the same time,with the arrival of the fourth Industrial revolution,artificial intelligence,blockchain,cloud computing,big data and other digital technologies are becoming increasingly popular,and digital transformation is gradually becoming a new driving force for economic recovery and growth.The introduction of digital technologies by enterprises and the promotion of digital transformation have become a new engine for improving total factor productivity and promoting high-quality economic development.In this context,it is of practical significance to study the impact of digital transformation on total factor productivity of enterprises.Based on the panel data of Shanghai and Shenzhen A-listed companies from 2010 to 2020,this paper uses LP method to calculate the total factor productivity,and analyzes and evaluates the calculation results of the total factor productivity.At the same time,text mining algorithm is used to obtain the data of digital transformation.Based on the perspective of digital transformation process,digital transformation is subdivided into: Digital infrastructure,digital technology and digital technology application,and each index of digital transformation is analyzed and evaluated.Secondly,the relationship between digital transformation and total factor productivity of enterprises is empirically analyzed by using two-way fixed effect model,and then the influence mechanism of digital transformation on total factor productivity of enterprises is explored from three paths of enterprise innovation,human capital and cost reduction.Finally,instrumental variables were used to test the stability of the empirical study,and further heterogeneity analysis was conducted based on three perspectives: enterprise,industry and region.The empirical results show that:(1)each dimension of digital transformation has a significant positive impact on the total factor productivity of enterprises,and this conclusion is still valid after considering the endogeneity problem and a series of robustness tests.(2)From the perspective of impact mechanism,digital transformation promotes the growth of total factor productivity of enterprises through three channels: promoting technological innovation of enterprises,optimizing human capital level and reducing enterprise cost.Similarly,this conclusion is still valid after considering endogeneity and robustness test.(3)The impact of digital transformation on the total factor productivity of enterprises is significantly heterogeneous,and the promotion effect is greater in large-scale enterprises and manufacturing industries.From the perspective of regional heterogeneity,digital infrastructure has a larger and more significant effect on the improvement of total factor productivity in the western region,while digital technology and digital technology application have a more significant effect on the total factor productivity of enterprises in the eastern region.Finally,this paper puts forward corresponding policy recommendations based on the above research conclusions.