Digital transformation,dynamic capabilities,and total factor productivity of enterprises:Empirical evidence based on listed companies in China's manufacturing industry
The deep integration of digital technology and traditional industries has gradually become a new driving force for the sustainable development of China's economy.As the micro subject of macro-economy,the innovation and devel-opment level of enterprises is closely related to the optimization of macro-economic structure and the transformation and upgrading of economic development mode.Therefore,it is of profound practical significance and practical value for enter-prises to use digital technology for transformation and upgrading to further improve their total factor productivity.Based on the dynamic capability theory,this paper uses A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2016 to 2021 as samples to empirically investigate the impact of digital transformation on the total factor productivity of enterprises and the impact mechanism.The findings are as follows:First,digital transformation is significantly positively correlated with total factor productivity of enterprises.After considering the endogeneity problem and stability test,the re-search conclusion is still valid.Second,the results of the mechanism of action show that the implementation of digital transformation improves the absorptive capacity,innovation capacity and adaptability of the enterprise,and then promotes the improvement of the total factor productivity of the enterprise.After the Sobel test of the intermediary variables,the re-search conclusion is still robust.Among them,the effect of absorptive capacity is the strongest,followed by innovation capacity,and adaptation capacity is the weakest.Third,through the heterogeneity analysis of enterprise ownership,scale and the region where enterprises are located,it is found that compared with non-state-owned enterprises,small and medi-um-sized enterprises and enterprises in central and western regions,digital transformation has a stronger improvement effect on the total factor productivity of state-owned enterprises,large enterprises and enterprises in eastern regions.This study expands the relevant theories of digital transformation and has important implications for accelerating the develop-ment of digital economy,deepening supply-side structural reform,accelerating the transformation of new and old driving forces,and helping enterprises achieve high-quality development at an early date.
digital transformationtotal factor productivitydynamic capacityintermediary effecthigh-quality develop-ment
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