数字化转型与全要素生产率——基于A股上市公司的经验证据

Digital Transformation and Total Factor Productivity ——Empirical evidence based on A-share listed companies

摘要:

数字化转型是把握时代方向赋能企业战略转型与变革的必然选择。在数字经济迭代更新的背景下，本文引入企业全要素生产率这一理论视角，选取2007—2020年A股上市公司数据，实证检验数字化转型对企业全要素生产率的影响效应。研究发现，第一，数字化转型显著提升企业全要素生产率水平，这一结论在选取历史数据作为工具变量及稳健性检验后仍然成立；第二，外部知识产权保护、组织内部冗余资源和管理者能力会强化数字化转型与企业全要素生产率之间的正向关系；进一步地，数字化转型对企业全要素生产率的激励效应得益于企业创新能力与企业专业化分工效率的提升，异质性分析表明在非国有和非高新技术企业样本中上述关系更加显著；最后，企业全要素生产率增长能够提升企业市场价值。本研究助推了全要素生产率动因以及数字经济赋能企业创新高质量发展的效应、机制和企业性质差异的理解，为更好的驱动企业数字化转型提供参考建议。

Abstract:

Digital transformation is an inevitable choice to grasp the direction of the times to empower the strategic transformation and change of enterprises. In the context of the iterative renewal of digital economy, this paper introduces the theoretical perspective of total factor productivity of enterprises, and selects the data of A-share listed companies from 2007 to 2020 to empirically test the effect of digital transformation on total factor productivity of enterprises. It is found that, firstly, digital transformation significantly enhances the level of enterprise total factor productivity, and this finding still holds after selecting historical data as the instrumental variable and robustness testing; secondly, external intellectual property protection, internal redundant resources and managerial competence strengthen the positive relationship between digital transformation and enterprise total factor productivity; further, the incentive effect of digital transformation on enterprise total factor productivity The heterogeneity analysis shows that the above relationship is more significant in the sample of non-state and non-high-tech enterprises; finally, the increase in the total factor productivity of enterprises can enhance the market value of enterprises. The research in this paper contributes to the understanding of enterprise total factor productivity drivers and the effects, mechanisms and differences in the nature of enterprises empowered by the digital economy to innovate and develop at high quality, and provides reference suggestions for better driving enterprise digital transformation.