The Impact of the Integration of Digital Economy and Real Economy on the Total Factor Productivity of Enterprises
The article empirically examines the impact of the integration of the digital and real economies on firms'total factor productivity using Chinese A-share listed companies from 2011 to 2021.The results show that the integration of digital economy and real economy significantly and positively affects firms'total factor productivity,with digital transformation and transaction costs playing a mediating effect.Further analysis shows that the positive impact of digital and real economy integration on enterprise total factor productivity is more obvious in enterprises in the eastern region,manufacturing enterprises,high human capital enterprises,and large enterprises.Local governments can implement differentiated development strategies to deepen the integration of digital economy and real economy;Meanwhile,the local governments can also attach importance to the problem of the digital transformation and upgrading of enterprises,and provide policy support and financial support for the SMEs.
the integration of digital economy and real economydigital transformationtransaction coststotal factor productivity of enterprises
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