企业数字化与全要素生产率提升——来自中国上市公司的证据

Corporate Digitalization and Total Factor Productivity Improvement-Evidence from Listed Companies in China

数字化已成为当下企业最重要的战略,但数字化能否提升企业全要素生产率尚存争议。基于上市公司及其一级控股子公司与数字化相关的无形资产投入、专利、软件著作权数量和年报词频等数据,构建包含投入、成果、关注度三维度的数字化水平指标体系,并运用熵值法测度2010~2020年沪深A股上市公司的数字化水平。然后,检验企业数字化对全要素生产率的影响效果与机制。研究发现:中国上市公司总体数字化水平波动上升,呈现国有企业快于非国有企业,东部地区快于中西部地区,信息技术行业快于其他行业;数字化通过提升企业内部沟通效率、增强规模经济效应、降低大客户依赖以及提高供应链管理效率等四项机制促进全要素生产率的提升;对于非国有性质、强竞争行业以及东部地区的企业,数字化对全要素生产率的促进作用更为显著。

Digitalization has emerged as a paramount strategy for modern enterprises,however,a debatable aspect lingers over whether digitalization truly enhances the total factor productivity of enterprises.Based on the input of digitisation-related intangible assets,the number of patents and software copyrights,and the word frequency data of annual reports of listed companies and their first-tier holding subsidiaries,we constructed a digitisation level indicator system with three dimensions of input,achievement and attention,and measured the digitisation level of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 by using the entropy method.Then,the effect and mechanism of enterprise digitisation on total factor productivity were tested.The study finds that:the overall digitisation level of Chinese listed companies fluctuates and rises,showing that state-owned enterprises are faster than non-state-owned enterprises,the eastern part is faster than the central and western regions,and the information technology industry is faster than other industries;Digital transformation is conducive to improving total factor productivity and is achieved through four mechanisms:improving internal communication efficiency,enhancing economies of scale,reducing dependence on large customers and improving supply chain management efficiency;The impact of digital transformation on total factor productivity is particularly pronounced in non-state-listed companies,industries characterized by high levels of competition,and in the market-oriented eastern region.