Research On The Influence Of Digital Economy On Enterprise Total Factor Productivity

Under the background of “Internet+” development,the digital economy,which is based on the emerging technologies of big data,cloud computing,block chain,AI and 5G communication,is coming quietly.It optimizes the allocation proportion of enterprise input factors,changes the production and business model of enterprises,and it has a significant impact on total factor productivity of enterprises.Therefore,In the important stage of China’s economic growth mode from high-speed growth to high-quality development,clarifying the relationship between digital economy and enterprise total factor productivity,exploring how to maintain the stable and sustainable growth of enterprise total factor productivity,and how to use digital economy to enable the improvement of enterprise total factor productivity will have important theoretical and practical significance for high-quality economic development and the improvement of enterprise production efficiency.Firstly,this paper combs the relevant literature of digital economy and enterprise total factor productivity.Taking scale economy theory,information asymmetry theory and innovation theory as the theoretical analysis framework,combined with the definition and characteristics of digital economy,this paper discusses the theoretical mechanism of digital economy affecting enterprise total factor productivity from three aspects: scale economy effect,management efficiency effect and technological innovation effect.After that,this paper constructed a digital economy indicator system,calculated the development level of digital economy in 280 cities in China from 2013 to 2019,calculated the total factor productivity of1998 listed companies in the same period by LP method,and empirically tested the influence and mechanism of digital economy on total factor productivity of enterprises by panel model.The research results show that:(1)The digital economy has a positive impact on the total factor productivity of enterprises.After changing the measurement methods of enterprise total factor productivity and the digital economy,and performing robustness tests such as data abbreviated processing,the conclusions are consistent with the benchmark regression conclusions.(2)Heterogeneity analysis was carried out from two perspectives of region and industry.From a regional perspective,the digital economy has a significant role in promoting the productivity of enterprises in the eastern region,but not in the central and western regions;from an industry perspective,the digital economy has a significantly higher role in promoting high-tech industries than medium-and low-tech industries.(3)In order to solve the endogenous problem,a two-stage least squares regression was carried out using "the number of posts and telephone sets in each city in 1984" and "the number of Internet users in the last year" as an instrumental variable of the digital economy.The results show that when the endogenous problem is excluded,the digital economy has a greater impact on the total factor productivity of enterprises.(4)The results show that digital economy will affect enterprise total factor productivity through scale economy effect and the management efficiency effect,and technological innovation effect,which are the intermediary effect of digital economy to improve enterprise total factor productivity,and technological innovation has the most obvious mediating effect.Based on the above research,in the future,we should increase the construction of digital infrastructure to strengthen the weak links in regional digital economy development;enterprises should strengthen digital transformation and build a whole process digital industrial chain;we should strengthen the integration of the digital economy with real enterprises and promote cross-border cooperation among Internet enterprises.