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| Digital Transformation and Enterprise Total Factor Productivity: A Mechanism Test Based on Resource Allocation Efficiency |
| Wang Jingbin,Liu Zhaoning,Liu Xinmin |
| (School of Management, Tianjin University of Technology, Tianjin 300384, China) |
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Abstract As international trade protectionism continues to rise, and the pandemic has been restructuring domestic and foreign industrial chains,the Chinese manufacturing industry is facing increasing domestic and foreign constraints,and China's economy is moving into a period of "structural deceleration" from a period of "structural growth". It is essential to promote the quality, efficiency and motivation transformation of China's economic development. In recent years, China has vigorously promoted the development of new-generation digital technologies such as Internet+, big data, quantum computing and artificial intelligence, as well as the construction of digital infrastructure, so as to accelerate the implementation of the strategy of strengthening network power and seize new opportunities for the development of the digital economy. The development of a new generation of digital technology and the construction of digital infrastructure do not only involve an all-round, all-angle, full-chain dynamic transformation of enterprise R&D and design, production and sales, warehousing and logistics, and management decision-making, but also open up the information flow, business flow and capital flow between the industrial chain and the upstream and downstream of the supply chain, promoting the integration and coordinated development of the industrial chain and supply chain, and further play the role of digital technology and digital infrastructure in speeding up China's economic development. It is beyond dispute that the development of digital technology and digital economy has greatly promoted China's economic development. However, there are few relevant empirical studies on whether the digital transformation of manufacturing enterprises can promote their total factor productivity at the micro level. Further, the mechanism of action is not fully explored.#br#In this context, from the analytical perspective of resource allocation efficiency, this paper takes supply chain operational efficiency and investment efficiency as proxy variables of resource allocation efficiency to conduct an empirical study on the relationship between enterprise digital transformation and enterprise total factor productivity. The study firstly sorts out the relevant literature and related theories to analyze the mechanism of enterprise digital transformation on the enterprise total factor productivity and constructs the analysis framework of digital transformation of enterprises—resource allocation—total factor productivity. Secondly, it takes China's A-share listed manufacturing companies from 2011 to 2020 as research samples and builds a digital transformation index based on the frequency of keywords related to digital transformation in the companies, annual reports. Thirdly, drawing on the panel fixed effect model, the study empirically tests the impact and mechanism of the digital transformation of enterprises on their total factor productivity. In addition, it conducts a heterogeneity analysis and associated economic consequences analysis based on firm characteristics and regional characteristics. Finally, relevant policy recommendations are put forward from the perspective of the government and enterprises.#br#The findings of this paper are as follows. First, the empirical research shows that the digital transformation of enterprises has significantly improved the total factor productivity of enterprises, and this empirical result is robust. Second, in terms of the mechanism, digital transformation of enterprises can promote the improvement of total factor productivity of enterprises by improving the efficiency of resource allocation. Specifically, digital transformation improves the total factor productivity of enterprises by improving the efficiency of enterprise supply chain operations and correcting excessive investment to improve investment efficiency. Third, for high-tech enterprises and the eastern and southern regions, the digital transformation of enterprises has a greater effect on improving the total factor productivity of enterprises.#br#The research conclusions of this paper advance the understanding of the relationship between digital transformation and total factor productivity of enterprises, and expand the theoretical analysis framework for the deep integration of digital technology and the real economy. Meanwhile, the research conclusions of this paper provide new empirical evidence for understanding the economic effects of enterprise digital transformation and provide important policy implications for consolidating the micro-foundation necessary for high-quality economic development.#br#
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Received: 08 October 2022
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