How Does The Development Of Digital Economy Affect Enterprise Total Factor Productivity

Enterprise total factor productivity is an important factor affecting the high-quality development of economy.At present,China's enterprises generally exist the situation of "large but not strong",and there is still room for improvement of total factor productivity.The emergence and development of digital economy has brought a new direction for enterprise organization optimization and production efficiency improvement.However,how the digital economy affects the total factor productivity of enterprises is still a mystery.In this regard,this paper firstly reviews and sorts out the relevant literature and theory of digital economy and enterprise total factor productivity,and on this basis defines the specific meaning of digital economy,and puts forward the main mechanism that the development of digital economy affects enterprise total factor productivity.Then,the paper analyzes the development characteristics of digital economy from 2011 to 2019 from time dimension and space dimension respectively.Finally,the data of 1324 A-share listed companies are used to test the theoretical hypothesis combined with the differential dual method,and the following main conclusions are drawn:First,from 2011 to 2019,China's overall digital economy showed a rapid development trend,but there is an obvious gap in the development level of digital economy among different echelon cities,and the gap is deepening.Second,the development of digital economy has significantly improved the total factor productivity of enterprises.After a number of robustness tests,the empirical results are still significant and the conclusion is robust.Thirdly,enhancing enterprises' innovation ability,reducing enterprises' operating costs and partially replacing human capital are the main mechanism of promoting enterprises' total factor productivity in the development of digital economy,and this conclusion is supported by empirical evidence.Fourthly,from the perspective of their respective regions,digital economy can significantly improve the total factor productivity of enterprises in the four regions of China,but compared with enterprises in the east,digital economy has a stronger improvement effect on enterprises in the central and western regions and enterprises in the northeast.In terms of factor intensity,digital economy has the most significant improvement on the total factor productivity of laborintensive enterprises,followed by technology-intensive enterprises,while the impact on the total factor productivity of capital-intensive enterprises is not significant.According to the research conclusions,this paper puts forward the following targeted suggestions :(1)improve the construction of digital infrastructure,strengthen the development foundation of digital economy;(2)Lower the threshold of digital economy application and guide the digital transformation of enterprises;(3)Strengthen the training of talents in the digital economy and promote the sustainable development of the digital economy;(4)Enterprises should combine digital technology and data elements to enhance innovation ability,reduce operating costs and promote high-quality development.