数字化进展对企业全要素生产率的影响--基于动态能力的中介和调节作用

The Effect of Digital Progress on Enterprise Total Factor Productivity--The Mediating and Moderating Roles of Dynamic Capability

以2011—2022年中国A股上市公司为样本,将企业数字化进一步细分为底层数字技术运用和数字技术实践应用两个层面,采用文本分析法构建数字化水平指数,实证研究企业数字化进展对全要素生产率的差异化影响,并检验了动态能力在其中的中介和调节作用。结果表明:数字化进展的两个层面均有助于促进全要素生产率的提升,但底层数字技术运用的促进作用更大;动态能力在企业数字化进展和全要素生产率之间发挥着部分中介作用和调节效应,其中动态能力中介作用主要通过吸收能力和创新能力实现,吸收能力的调节效应最大;结论在经过多项稳健性检验后依然成立。进一步分析发现,在非国有、环境不确定性和人才素质越高的企业,数字化进展对企业全要素生产率的提高越有效。研究结论丰富了数字化对企业全要素生产率的作用机制,揭示了动态能力在数字化与全要素生产率之间的“双重作用”。

Taking A-share listed companies in China from 2011 to 2022 as a sample,this paper subdivides enterprise digitization into two levels:underlying digital technology use and digital technology application,then constructs a digitization level index by using textual analysis to empirically investigate the differential impact of enterprise digitization on total factor productivity,and finally tests the mediating and moderating roles of dynamic capabilities in the process.The results show that both levels of digital progress contribute to the improvement of total factor productivity,but the promotion effect of underlying digital technology application is greater.Dynamic capabilities play a partial mediating and moderating role between the digital progress of enterprises and total factor productivity.The mediating role of dynamic capabilities is mainly achieved through absorptive capacity and innovation capacity,with absorptive capacity having the greatest moderating effect.The conclusion still holds true after multiple robustness tests.Further analysis reveals that for non-state-owned enterprises,the higher environmental uncertainty they are exposed to and the higher professional quality their employees have,the better able digital progress is to improve total factor productivity.The research conclusion enriches the mechanism of how digitalization influences the total factor productivity of enterprises and reveals the“dual role”of dynamic capabilities between digitalization and total factor productivity.