Is More Always Better?The Impact of Enterprise Digital Investment on Total Factor Productivity
This paper constructs a dynamic general equilibrium theoretical model including digital capital investment,and theoretically deduces the inverted U-shaped relationship between digital investment and total factor productivity(TFP).Based on the empirical study of China's listed non-financial enterprises from 2007 to 2022,we find that there is an inverted U-shaped relationship between enterprise digital investment and TFP,and the positive effect is mainly at this stage.When the scale of digital assets exceeds 0.337 times that of non-digital assets,digital investment inhibits the growth of enterprise TFP.Digital technology innovation,digital talents investment,human-machine collaboration,and management innovation are important transmission mechanisms for enterprises'digital input to affect TFP,and they are also effective ways to break through the digital dilemma.The TFP effect of enterprise digital input is significantly heterogeneous due to the differences of enterprise nature,industry characteristics,input types,and urban digital governance level,and its social welfare effect on wages and high-skilled labor employment is also non-linear.This paper provides empirical evidence and policy implications for optimizing the structure of digital investment and promoting high-quality development of enterprises.
Digital InputTotal Factor ProductivityDigital DilemmaInverted U-shape Relationship
万方数据
维普
