Research On The Impact Of Digital Economy On Total Factor Productivity In Manufacturing

This article takes the data of A-share manufacturing companies listed on the stock market from 2011 to 2019 as the research sample.Explore whether the changes in total factor productivity of manufacturing enterprises will be affected by the level of digital economy development,and study the main ways in which digital economy development causes changes in total factor productivity of manufacturing enterprises.Then,further test whether there is endogeneity between independent variable and dependent variable,and test whether the research results are stable and robustness.Analyze the regional heterogeneity,economic development level heterogeneity,and enterprise scale heterogeneity of the impact of digital economy development on manufacturing total factor productivity.Finally,the following specific conclusions are drawn:(1)The improvement of the development level of the digital economy can significantly promote the improvement of the total factor productivity of manufacturing enterprises.With regard to this research conclusion,this paper tests the robustness of its results by considering missing variables,eliminating outlier analysis,eliminating sample errors and other methods.The regression results of relevant data still show significant,so this conclusion is credible.(2)Due to the large number of manufacturing enterprises in China and the heterogeneity among various manufacturing enterprises,the promotion effect of digital economy development on total factor productivity of manufacturing enterprises varies.Overall,its impact lies in regional heterogeneity,economic development level heterogeneity,and enterprise scale heterogeneity.(3)The development of the digital economy has driven manufacturing enterprises to carry out technological innovation,thereby driving the overall improvement of total factor productivity of manufacturing enterprises.The digital economy has enhanced the accessibility of manufacturing enterprises to innovative information and elements,increased the diversity of innovation models,and driven the acceleration of technological innovation processes in manufacturing enterprises,thereby improving their total factor productivity.(4)The improvement of the development level of the digital economy has improved the financing environment of manufacturing enterprises,suppressed the growth of their financing costs,and thus promoted the total factor productivity of manufacturing enterprises.The digital economy industry provides a new financing platform for manufacturing enterprises,enabling various financing channels in society to gather,expanding the existing financing resources of manufacturing enterprises,enabling the construction of credit evaluation systems for enterprises in the market,reducing the transfer of financing costs,and ultimately reducing the financing costs of manufacturing enterprises in multiple dimensions,promoting the growth of their total factor productivity.In addition,in order to assist China’s manufacturing enterprises in high-quality and sustainable development,and drive further increase in their total factor productivity,this article proposes the following suggestions: firstly,strengthen the construction of digital economy infrastructure in underdeveloped areas,and promote balanced development of digital economy between regions.Secondly,improve the human resource system construction of manufacturing enterprises and encourage them to increase research and development investment.Thirdly,strengthen the promotion and education of manufacturing enterprises using the digital economy for development,strengthen the introduction of relevant guiding policies,and improve the market competition system.Fourthly,standardize the digital financial market and assist manufacturing enterprises in utilizing digital financial platforms for financing,in order to reduce their financing costs.