With the rapid development of digital technology,digital transformation is an essential strategy for businesses boosting productivity and competitiveness.Using A-share listed companies in China from 2007 to 2021,we used the text analysis to construct a digital transformation index,and explore the impact and mecha-nism of digital transformation on total factor productivity.We find that the application of digital transformation could greatly increase the total factor productivity.Moreover,the innovation empowerment and human capital structure optimization are the key ways that the leveraging digital transformation increase total factor productiv-ity.Based on the industry heterogeneity test,we demonstrate that the digital transformation of non-manufac-turing and skill-intensive companies increase effectively total factor productivity.Therefore,we should strengthen the policy support for enterprises,prioritize promoting the enterprise digital transformation with strong innovation and research capabilities,provide innovative resources and support,bring in and cultivate the top-tier digital talents.
digital transformationinnovation empowershuman capitaltotal factor productivity
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