The Influence Of The Digital Economy On The Total Factor Productivity Of China’s Manufacturing Enterprises

The world is undergoing great changes that have not been seen in a century.In the face of the impact of the COVID-19 and technological changes,the digital transformation of the manufacturing industry has become an important starting point for the new round of industrial revolution,and the flow of innovation factors has become the key to driving the domestic cycle under the dual cycle pattern and promoting the deep integration of the digital economy and the manufacturing industry.In order to seize the initiative in the strategic development of the industrial revolution,the State Council and the national development and Reform Commission have successively issued the guiding opinions on deepening the development of the industrial Internet by "Internet + Advanced Manufacturing" and the industrial Internet innovation and development plan(2021-2023),aiming to provide policy support for the transformation of the manufacturing industry.In the 14 th five year plan and the outline of the long-term goals for the year 2035 released in 2021,it was once again proposed to activate data elements,accelerate the construction of digital economy,digital society,digital government,and network power,and drive the transformation of production mode,lifestyle and governance mode with digital transformation as a whole.In this context,this thesis selects the role of the digital economy in total factor productivity of the manufacturing industry as the research theme,combs the relevant literature based on Metcalf’s law,endogenous growth theory,new economic geography,and spatial interaction,and focuses on the direct role of the digital economy in total factor productivity of manufacturing enterprises and the regulation of innovation factor flow.Considering the availability of data,this paper collects the relevant data of prefecture-level cities in China from 2011 to 2019,matches the data of manufacturing enterprises listed in Shanghai and Shenzhen A shares,and uses principal component analysis,LP method,gravity model,fixed panel regression and other methods,This paper explores and empirically tests the role of the digital economy in promoting total factor productivity of manufacturing enterprises and the negative regulatory role of innovation factor flow in promoting total factor productivity of manufacturing industry.The results show that:(1)from the direct effect of the digital economy on the total factor productivity of manufacturing enterprises,the digital economy can significantly promote the total factor productivity of manufacturing enterprises and has significant regional heterogeneity and equity heterogeneity.Relatively speaking,the digital economy has a stronger role in promoting the total factor productivity of manufacturing enterprises and state-owned manufacturing enterprises in the central region,while it has a weaker role in promoting the total factor productivity of manufacturing enterprises and private manufacturing enterprises in the western region.(2)From the perspective of the regulation of innovation factor flow,the negative regulation of innovation talent factor flow exists widely,and is affected by heterogeneity conditions such as region,equity nature,enterprise return,and innovation type.The negative regulating effect of innovative capital factor flow is limited to foreign-funded enterprises and innovative enterprises.Combined with the research conclusions,this paper believes that in the future,China should continue to optimize the top-level design,accelerate the specific implementation of digital-related policies,strengthen the innovation factor to support the digital transformation of the manufacturing industry,and the innovation guidance of leading manufacturing enterprises,so as to escort the improvement of total factor productivity and the intelligent transformation of the manufacturing industry.