Enterprise Digital Transformation Enables Total Factor Productivity:Theoretical Mechanism and Empirical Evidence
This paper discusses the theoretical mechanism of digital transformation on total factor productivity from the per-spective of direct and indirect effects,and constructs an indicator of enterprise digital transformation based on the data of A-share listed companies from 2010 to 2022 for empirical analysis.It is found that,first,the digital transformation of enter-prises has significantly promoted the improvement of total factor productivity,and this conclusion has passed multiple robust-ness tests.Secondly,enterprises'digital transformation enables total factor productivity to increase mainly through direct effects and indirect effects of reducing internal control costs and external transaction costs.Finally,the enabling effect of dig-ital transformation on Total factor productivity is more obvious in the service industry,technology-intensive,capital-inten-sive,competitive industries,large-scale enterprises,and emerging enterprises.
digital transformationTFPtext analysisenabling effect
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