Intelligence,Total Factor Productivity And Enterprise Value

Since the full deployment of "Made in China 2025",the intellectualization of modern information network technology has achieved rapid development.Manufacturing enterprises increasingly choose to use intelligent manufacturing to realize their own transformation and upgrading.On the other hand,the improvement of total factor productivity has increasingly become the basic feature and an important driving force of high-quality economic growth.It has gradually become the general trend under the background of digital economy to help form a development pattern in which technological development promotes total factor productivity and field application improves technological progress.Therefore,choosing an appropriate transformation path and exploring the impact of intelligence on enterprise value is an important way to release the potential of intelligence on enterprise value growth.Based on the panel data of 1666 manufacturing listed enterprises from 2016 to 2020,this paper tests the impact of intelligence on enterprise value through empirical research,establishes an intermediary effect model for this relationship,and studies its impact path from the perspective of total factor productivity of manufacturing enterprises.The results show that: Firstly,the development of enterprise intelligence can significantly improve the value.Secondly,total factor productivity plays a significant intermediary role in the impact of intelligence on value.Finally,the impact of intelligence on enterprise value shows significant heterogeneity in enterprise nature and distribution area.In terms of policy effect,after the policy "Document of the three-year action plan for promoting the development of a new generation of artificial intelligence industry(2018-2020)" issued in 2017,the intelligent manufacturing represented by this event has significantly improved the enterprise's value and total factor productivity.In this paper,the robustness test and endogenous test are carried out by many methods,and the results support the above conclusions.To sum up,after the intelligent level of enterprises is improved,the total factor productivity of enterprises will be improved,which will further significantly improve enterprise value.From the above conclusions,we can get the following enlightenment: Practically,the conclusions obtained will boost the development of intelligence.Manufacturing enterprises should constantly improve the level of intelligence and improve total factor productivity.The government should further improve the layout of intelligent manufacturing,realize the deep integration of industry,universities and research,and achieve sustainable development of social economy.From the academic level,this paper has made innovations in the construction of perspective,content and indicators.This paper constructs indicators to quantitatively measure the intelligence level of manufacturing enterprises in various forms.At the same time,it builds a bridge between intelligence and enterprise value at the level of productivity,which provides a brand new perspective for exploring enterprise value in the era of intelligence.