Research On The Improvement Effect Of Digital Transformation Of Manufacturing Enterprises On Total Factor Productivity

The new round of digital technology revolution has promoted the transformation and upgrading of manufacturing enterprises and provided new momentum for the improvement of total factor productivity of enterprises.It is of great significance to accurately and objectively examine the total factor productivity improvement effect of digital transformation of manufacturing enterprises and identify the relevant paths of efficiency improvement,which is of great significance for transforming the mode of economic development and transforming the driving force of economic development.This paper first summarizes the literature of domestic and foreign scholars on digital transformation and total factor productivity of enterprises,expounds the theoretical mechanism of digital transformation of enterprises affecting total factor productivity,and then uses text analysis method to measure and analyze the degree of digital transformation of manufacturing enterprises in China based on the annual reports of listed manufacturing enterprises.On this basis,taking China’s A-share listed manufacturing enterprises from 2013 to 2020 as a sample,the two-way fixed-effect model is used to examine the improvement effect of digital transformation of manufacturing enterprises on total factor productivity,and further investigate its heterogeneity.At the same time,by replacing the explanatory variables,replacing the core explanatory variables,and changing the model setting,the robustness test is carried out on the total factor productivity improvement effect of digital transformation.The propensity score matching method,lag analysis and instrumental variable method were used to test the possible endogenous problems such as self-selection,reverse causality and missing variables.In order to explore the impact of digital transformation of manufacturing enterprises on total factor productivity,this paper uses the mediation effect model to identify the total factor productivity improvement mechanism of digital transformation from three paths: technological innovation,cost saving and human capital optimization.The study finds that:(1)The digital transformation index of manufacturing enterprises has been growing and has not yet reached its peak.Similarly,the digital transformation index of different dimensions and the digital transformation index of different types of enterprises are also increasing year by year.(2)There is a significant total factor productivity improvement effect in the digital transformation of enterprises,and the total factor productivity increases by0.012 for every 1 unit increase in the digital transformation index.This conclusion is still true after robustness and endogeneity testing.(3)There is heterogeneity in the total factor productivity improvement effect of digital transformation of manufacturing enterprises.From different dimensions of digital transformation,compared with digital business models,the digital transformation of enterprises based on digital technology application has a more significant effect on total factor productivity.In addition,the digital transformation of enterprises in the eastern region,enterprises in highly competitive industries,non-state-owned enterprises,high-tech enterprises,and enterprises with dual positions has a more obvious effect on the improvement of total factor productivity.(4)The mechanism test shows that the digital transformation of manufacturing enterprises improves total factor productivity through three ways: improving the level of technological innovation,saving enterprise costs and optimizing the structure of human capital,and the intermediary effect produced by technological innovation is the largest,followed by the intermediary effect of human capital optimization,and the intermediary effect of cost saving is the smallest.In order to accelerate the digital transformation of enterprises and realize the integrated development of traditional kinetic energy and emerging kinetic energy in the process of building a new development pattern,combined with the research conclusions,this paper argues: First,the government should create good external conditions for the digital transformation of manufacturing enterprises.Reform and improve institutional mechanisms related to digital transformation;Build a data sharing platform and lead the construction of digital factories;Increase innovation subsidies and tax rebates and exemptions for digital transformation enterprises.Second,manufacturing enterprises should pay attention to the role of digital transformation in improving total factor productivity.accelerating innovation and adoption of digital technologies;Accelerate the construction of digital factories of enterprises,and realize self-research and self-creation of key technologies in important core areas;On the basis of consolidating the application of digital technology of enterprises,explore digital business models that are compatible with self-conditions.Third,in view of the heterogeneity of enterprises,it is necessary to implement differentiated transformation strategies and accelerate the overall coordinated development of manufacturing enterprises.Strengthen exchanges and cooperation between enterprises in different regions and accelerate the absorption of advanced digital technologies;Raise awareness of the crisis and actively carry out digital transformation;Optimize the management structure and reduce the hindrance of organizational inertia to the digital strategy of enterprises.Fourth,manufacturing enterprises should choose the right and appropriate digital construction plan.Pay attention to the combination of digital technology and its own traditional advantageous business,and fully grasp the important role of technological innovation in the process of digital transformation;Establish a human capital entry and exit mechanism that is compatible with digital transformation to ensure an efficient combination of human and machine;With the help of digital technology,the whole life cycle management of products is realized,the production process is optimized,so as to save the cost of enterprises and further improve the improvement effect of digital transformation on total factor productivity.