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

China’s economy has entered a new stage of development and is facing multiple challenges,including a slowdown in demand growth,an urgent need for economic structural adjustments,the gradual disappearance of demographic dividends,and a decline in capital accumulation speed.The transition from high-speed growth to high-quality growth has become an inevitable choice for economic development,and the core of achieving high-quality development lies in improving total factor productivity.In recent years,the rapid and vigorous development of the digital economy has closely integrated with the real economy and continuously improved industry structure,thereby promoting the digital transformation of market entities at the micro-level.Based on the resource-based theory and innovation theory,the driving force and source of economic development lie in the development of innovative technologies.Therefore,studying the impact of enterprise digital transformation on total factor productivity and the mediating mechanism of enterprise innovation is of great practical significance for enterprises to deepen their understanding of the current situation,grasp the opportunities of digital transformation,and achieve high-quality development.Through theoretical analysis and literature review,this paper reviews the research status of enterprise digital transformation and the influencing factors of total factor productivity.The paper summarizes and analyzes the mediating mechanism among digital transformation,enterprise innovation,and total factor productivity,providing a theoretical basis for subsequent research.Based on this foundation,this study selects Chinese A-share listed companies from 2011 to 2021 as research samples.Using the stepwise regression analysis method with appropriate variable indicators,the study empirically tests the impact of enterprise digital transformation on total factor productivity and the underlying mechanism of the mediating role of enterprise innovation from a micro perspective.The research results show that enterprise digital transformation has a significant positive impact on total factor productivity.The quantity and quality of innovation play a partial mediating role in the mechanism by which digital transformation promotes the improvement of total factor productivity.To ensure the stability and reliability of the research results,instrumental variable method,Heckman two-stage method,PSM propensity matching analysis method,and lagged regression method are employed to address endogeneity issues.Robustness tests are conducted by removing outliers,changing sample intervals,and replacing key variables.Further heterogeneity analysis reveals that the promotion effect of enterprise digital transformation on total factor productivity is more significant in small-scale enterprises,enterprises in the eastern region,and enterprises with low per capita output.