数字化转型、动态能力与企业全要素生产率——基于中国制造业上市公司的经验证据

Digital transformation, dynamic capabilities, and total factor productivityof enterprises: Empirical evidence based on listed companiesin China’s manufacturing industry

数字技术与传统产业的深度融合已逐渐成为推动中国经济可持续发展的新动能,企业作为宏观经济中的微观主体,其创新发展水平与宏观经济结构优化、经济发展方式转型升级密切相关,企业如何利用数字技术进行转型升级来进一步提升自身全要素生产率,具有较为深刻的现实意义和实用价值。基于动态能力理论,以2016-2021年沪深A股上市制造企业为样本,实证考察数字化转型对企业全要素生产率的影响及其作用机制。研究发现:其一,数字化转型与企业全要素生产率显著正相关,在考虑内生性问题和稳定性检验后,研究结论依旧成立。其二,作用机制结果表明,实施数字化转型提高了企业的吸收能力、创新能力和适应能力,进而提升了企业全要素生产率,在对中介变量进行Sobel检验后,研究结论依旧稳健。其中,吸收能力的作用效应最强,创新能力次之,适应能力最弱。其三,通过对企业所有制、规模大小及企业所处地区进行异质性分析后发现,相比较于非国有企业、中小企业及中西部地区企业而言,数字化转型对国有企业、大型企业及东部地区企业全要素生产率的提升效应更强。本研究拓展了数字化转型相关理论,对加快数字经济发展、深化供给侧结构性改革、加快新旧动能转换、助力企业早日实现高质量发展具有重要启示。

The deep integration of digital technology and traditional industries has gradually become a new driving force for the sustainable development of China’s economy.As the micro subject of macro-economy,the innovation and development level of enterprises is closely related to the optimization of macro-economic structure and the transformation and upgrading of economic development mode.Therefore,it is of profound practical significance and practical value for enterprises to use digital technology for transformation and upgrading to further improve their total factor productivity.Based on the dynamic capability theory,this paper uses A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2016 to 2021 as samples to empirically investigate the impact of digital transformation on the total factor productivity of enterprises and the impact mechanism.The findings are as follows:First,digital transformation is significantly positively correlated with total factor productivity of enterprises.After considering the endogeneity problem and stability test,the research conclusion is still valid.Second,the results of the mechanism of action show that the implementation of digital transformation improves the absorptive capacity,innovation capacity and adaptability of the enterprise,and then promotes the improvement of the total factor productivity of the enterprise.After the Sobel test of the intermediary variables,the research conclusion is still robust.Among them,the effect of absorptive capacity is the strongest,followed by innovation capacity,and adaptation capacity is the weakest.Third,through the heterogeneity analysis of enterprise ownership,scale and the region where enterprises are located,it is found that compared with non-state-owned enterprises,small and medium-sized enterprises and enterprises in central and western regions,digital transformation has a stronger improvement effect on the total factor productivity of state-owned enterprises,large enterprises and enterprises in eastern regions.This study expands the relevant theories of digital transformation and has important implications for accelerating the development of digital economy,deepening supply-side structural reform,accelerating the transformation of new and old driving forces,and helping enterprises achieve high-quality development at an early date.