Development Of Digital Economy And Total Factor Productivity Of Enterprises

With the promotion of 5G technology and the continuous development of high-tech such as artificial intelligence,human society has gradually entered the era of digital economy.The report of the 20 th National Congress of the Communist Party of China pointed out that according to the current economic development situation in China,we should adhere to the development of the real economy,accelerate the construction of a digital China,adhere to the theme of promoting high-quality development,accelerate the construction of a modern system,focus on improving Total factor productivity,and achieve quality and efficiency improvement of the economy.Especially in the context of increasing economic policy uncertainty,enterprises are facing a short-term survival crisis,and the importance of the digital economy is becoming increasingly prominent.The emergence of the digital economy promotes a new round of industrial transformation and drives high-quality economic development.The key measure of high-quality economic development is to improve Total factor productivity.However,the traditional development model can no longer meet the practical requirements of high-quality development.On the one hand,the digital economy relies on digital technology to break spatial barriers,provide convenience for information exchange and acquisition,and alleviate the problem of market information asymmetry.On the other hand,the digital economy penetrates the real economy through digital technology,accelerates the process of digital industrialization and industrial digitization,promotes the upgrading of industrial structure,and has a multiplier effect on traditional production factors,driving the development of social productivity level.Therefore,exploring the impact of digital economy development on enterprise Total factor productivity will not only help to explore the path of high-quality economic development in China,but also meet the practical requirements of China’s economic development in the digital context.Based on the current situation of China’s digital economy development and the introduction of relevant research theories,this paper systematically analyzes the relationship between digital economy development and enterprise Total factor productivity and its mechanism,as well as the relationship between digital economy development and Total factor productivity from different perspectives,with the sample of A-share listed companies from 2011 to 2019.The research finds that:(1)the development of digital economy is conducive to improving the Total factor productivity of enterprises;(2)The development of digital economy improves Total factor productivity by driving enterprise innovation,optimizing enterprise management,and easing enterprise financing constraints;(3)From different research perspectives,the impact of digital economy development on enterprises’ Total factor productivity is different.From a macro perspective,the promotion of digital economy on enterprises’ Total factor productivity is more significant in eastern regions and regions with higher levels of traditional financial development;From a meso perspective,the digital economy has a stronger role in promoting the Total factor productivity of enterprises in capital intensive industries and competitive industries;From a micro perspective,the role of digital economy in promoting enterprise Total factor productivity is more significant in small enterprises and non-state-owned enterprises.Finally,according to the research conclusions and the current situation of digital economy development,this paper puts forward suggestions from the government level and the enterprise level: the government needs to improve the infrastructure of the digital economy,promote enterprises to accelerate Digital transformation,strengthen the training and introduction of digital economy talents,and improve the digital economy regulatory system;Enterprises need to be decentralized and independent,build a digital talent training system,speed up the Digital transformation of enterprises,strengthen enterprise operation management,and innovate enterprise service mechanisms.