Research On The Impact Mechanism Of Digital Transformation On The Total Factor Productivity Of Enterprises

The report of the 19 th National Congress of the Communist Party of China pointed out that improving total factor productivity is an important and reliable path to achieve high-quality economic development.As the main body of the market economy,it is very important for managers to make decisions and develop enterprises to explore the path of improving the total factor productivity of enterprises from a micro perspective.In the stage of high-quality development,digitalization,as a technological change trend with disruptive innovation characteristics,provides an effective upgrade idea for enterprises to improve their own capabilities and stimulate their own production capacity with the help of external forces.However,the current digital transformation of Chinese enterprises is still at a relatively low level,facing problems such as low transformation ability,high cost and long cycle,which directly hinder the improvement of the total factor productivity of enterprises through digital transformation.Therefore,in terms of the current reality of digital transformation of Chinese enterprises,whether from the research level or the need for decision-making,it is necessary to discuss the real effect of digital transformation on productivity growth in more detail,and to measure the impact mechanism of digital transformation on the total factor productivity of enterprises in a more comprehensive way,and further examine the contribution and effect of enterprise digital transformation in the heterogeneous structure.This thesis uses Python to obtain the data of Chinese listed companies from 2010 to 2020 for regression analysis.The study finds that digital transformation has a significant effect on the total factor productivity of enterprises.From the perspective of its influence mechanism,resource allocation efficiency and enterprise innovation capability are the two main factors that determine the level of total factor productivity.On the one hand,auditing,as an important regulatory force in the capital market,can reduce the information asymmetry of enterprises;the digital transformation of enterprises can improve the efficiency of capital allocation by improving the quality of auditing,thereby improving the total factor productivity of enterprises;on the other hand,digital transformation can increase The R&D investment of large enterprises strengthens the innovation capabilities of enterprises and stimulates the improvement of total factor productivity.Further heterogeneity analysis found that digital transformation is more obvious in young enterprises,state-owned enterprises and non-manufacturing enterprises;at the same time,the positive impact of digital transformation on the total factor productivity of enterprises is not significant in non-state-owned enterprises;compared with the eastern region,the level of digital transformation in the central and western regions is relatively low,which is not enough to promote the improvement of the total factor productivity of enterprises,so that the digital transformation of enterprises in the central and western regions has no significant effect on the improvement of the total factor productivity of enterprises.This thesis empirically explores the real effect and potential mechanism of digital transformation on the total factor productivity of enterprises,and provides a useful policy reference for effectively stimulating the potential of digital production,promoting the deep integration of enterprise digitalization and the real economy,and promoting high-quality development of enterprises through digital transformation.On the basis of constructing a theoretical framework,focusing on its impact on the micro-enterprise level and analyzing the potential mechanism will help to clarify the best combination of digital transformation and audit practice,R&D investment and total factor productivity for enterprises.