数字经济发展何以提高企业全要素生产率?

How Can the Development of Digital Economy Improve Total Factor Productivity of Enterprises?

基于2011-2019年中国282个地级市和A股3140家上市公司的数据,考察数字经济发展水平对企业全要素生产率的影响,结果表明数字经济的发展显著提升了当地企业的全要素生产率。机制检验结果表明,数字经济能够通过降低企业管理成本、增加企业人力资本投入和降低企业交易成本缓解信息不对称,从而提升企业全要素生产率。数字经济发展水平对企业全要素生产率的影响存在异质性,对国有企业、大规模企业、新企业、服务业特别是生产性服务业企业影响更大;这一影响结果在东部地区和数字经济发展程度高的地区更为显著。这为发挥数字经济的微观激励效应进而促进宏观经济“提质增量”提供了理论依据。

Based on the data of 282 prefecture-level cities and 3140 A-share listed companies in China from 2011 to 2019,this paper examines the impact of the development level of digital economy on the total factor productivity of enterprises.The results show that the development of digital economy has significantly improved the total factor productivity of local enterprises.The mechanism test results show that the digital economy can alleviate information asymmetry by reducing corporate management costs,increasing corporate human capital investment and reducing corporate transaction costs,thereby improving corporate total factor productivity.The impact of the development level of digital economy on the total factor productivity of enterprises is heterogeneous,and it has a greater impact on state-owned enterprises,large-scale enterprises,new enterprises,service industries,especially productive service enterprises.This effect is more significant in the eastern region and regions with a high degree of digital economic development.This provides a theoretical basis for exerting the micro-incentive effect of the digital economy and thus promoting the quality of the macro economy.