数字经济对企业全要素生产率的影响研究

The Impact of Digital Economy on Firms’ Total Factor Productivity

随着信息技术的飞速发展,数字经济作为新时代的经济形态,对企业全要素生产率产生了显著影响。基于2011~2020年中国A股上市公司数据,采用LP法计算企业全要素生产率,并探究了数字经济发展水平与企业全要素生产率之间的关系。研究发现,数字经济的发展能显著提升企业的全要素生产率,并且这种提升作用在东部地区更为明显。进一步的机制分析表明,数字经济通过缓解企业融资约束和提升企业创新能力两个路径促进了全要素生产率的提高。本文通过实证分析为理解数字经济对企业生产效率的影响提供了新的证据,对于指导企业和政策制定者促进数字经济与实体经济深度融合具有重要意义。

With the rapid advancement of information technology, the digital economy, as a new economic paradigm of the era, has significantly impacted the total factor productivity (TFP) of firms. Utilizing data from China’s A-share listed companies from 2011 to 2020, this study calculates the TFP of firms using the LP method and explores the relationship between the development level of the digital economy and firm TFP. The findings reveal that the development of the digital economy significantly enhances the TFP of firms, with this effect being more pronounced in the eastern regions. Further mechanism analysis indicates that the digital economy boosts TFP through two pathways: alleviating firms’ financing constraints and enhancing their innovation capabilities. Through empirical analysis, this paper provides new evidence on the impact of the digital economy on corporate production efficiency, holding significant implications for guiding firms and policymakers in promoting the deep integration of the digital and real economies.