The Impact of Digital Transformation on Total Factor Productivity in Manufacturing:Evidence from Publicly Listed Companies in China
Digital productivity is gradually showing a strong driving force,and digital transformation has become the dominant trend.Can this improve the total factor productivity of Chinese manufacturing enter-prises?Based on the data of listed companies from 2007 to 2019,this paper constructs enterprise-level dig-ital transformation indicators through machine learning text analysis method,and empirically tests the im-pact of digital transformation on total factor productivity and its channel mechanism.The results show that digital transformation can promote the total factor productivity of enterprises,and this effect is non-linear,with human capital level,digital infrastructure construction single threshold characteristics and en-terprise innovation ability double threshold characteristics.Enterprise digital transformation has an impact on total factor productivity by reducing the concentration of supply chain and the perceived uncertainty of economic policy.The research results provide direct evidence for the impact of enterprise digital transfor-mation on total factor productivity from the micro level,and provide policy insights for the high-quality de-velopment of real economy enterprises.
digital transformationtotal factor productivitymachine learningthreshold effect
万方数据
维普
