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

The report of the 20 th National Congress of the Communist Party of China pointed out that focusing on improving total factor productivity is the driving force for achieving high-quality development.As a market entity,it is crucial for enterprises to explore the path of improving total factor productivity in circulation enterprises from a micro perspective.As a "major artery" that effectively connects production to consumption,the circulation industry is a leading and strategic industry that reflects the prosperity of a country or region’s market,unblocks the virtuous cycle of the economy,and improves the economic system.It plays an important role in improving output levels,increasing employment opportunities,and driving residents’ consumption.With the continuous development and advancement of the new generation of information technological revolution,digital technology has become a new driving force for the efficient and healthy development of circulation enterprises.It is an important engine to enable the circulation system and promote the high-quality development of circulation enterprises under the new development pattern of "double circulation".As far as the circulation industry is concerned,the application of digital information technology has changed the operational relationship between industries,enterprises and buyers and sellers.Networking and digitalization have accelerated the integration of industries,services and information in the circulation field,which is conducive to further improving total factor productivity and amplifying the multiplier effect of digital technology on economic development.However,what is the relationship between the application of digital technology and the development of circulation enterprises? Clarifying the impact of digital transformation on the development of circulation enterprises and its mechanism is of great significance for revealing the mechanism of digital transformation affecting the operation of circulation enterprises,which provides a new perspective and ideas for releasing digital dividends.This paper first combs the literature research on digital transformation and total factor productivity of circulation enterprises,and explores the mechanism of digital transformation affecting total factor productivity of circulation enterprises based on innovation theory,circulation theory and resource dependence theory.Then,the text analysis method is used to measure the digital transformation of circulation enterprises.Based on the data of Chinese A-share listed circulation enterprises in Shanghai and Shenzhen from 2007 to 2020,the two-way fixed effect model is used to empirically test the impact of digital transformation on the total factor productivity of circulation enterprises.And from the perspective of enterprise nature,industry attributes,enterprise life cycle,enterprise scale and geographical regions,the heterogeneity impact of digital transformation on total factor productivity of circulation enterprises is analyzed.Then,based on the previous theoretical analysis on the impact of digital transformation on the production efficiency of circulation enterprises,we further build a mediating effect model to explore the mechanism of digital transformation on the total factor productivity of circulation enterprises.In addition,this paper also conducted a study on the marginal utility of digital transformation,and deeply examined the structural differences in the impact of digital transformation on total factor productivity of circulation enterprises.The research conclusions are as follows:(1)The digital transformation has significantly promoted the total factor productivity of circulation enterprises,which is still valid after a series of endogenous treatments and robustness tests;(2)The impact of digital transformation on total factor productivity is significantly different among different types of circulation enterprises.It plays a stronger role in state-owned enterprises,transportation,warehousing and postal industry,enterprises in recession,large enterprises and circulation enterprises in the eastern region;(3)Digital transformation mainly promotes the total factor productivity of circulation enterprises through three indirect ways: improving management efficiency,expanding market scale,and reducing supply chain concentration ratio;(4)Further investigation of the supply chain concentration ratio that fully reflects the nature of the circulation industry shows that digital transformation mainly improves total factor productivity by restraining the concentration ratio of downstream customers,but does not improve total factor productivity by reducing the concentration ratio of upstream suppliers;(5)There are structural differences in the impact of digital transformation on total factor productivity of circulation enterprises.With the improvement of total factor productivity of circulation enterprises,the marginal utility of digital transformation on them decreases.According to the conclusions,the following policy recommendations are put forward: First,create a good external environment,promote the implementation of digital transformation of circulation enterprises by means of preferential policies,grasp the characteristics of circulation innovation,focus on supporting the transformation and upgrading of physical circulation enterprises,and cultivate modern circulation enterprises with global competitiveness;The second is to adopt differentiated and dynamic strategies in digital transformation,so as to adapt to local conditions,accelerate the popularization and application of digital technology in non-state-owned enterprises,and increase the investment in digital infrastructure construction and resource factors in the central and western regions;The third is to fully leverage the transformation and upgrading potential of digital technology,continuously promote and apply the "new retail" development model,enhance the awareness of enterprise online and offline integration development,and extend the connotation of retail industry services.