数智化转型是实现数字经济与实体经济深度融合，推动制造企业高质量可持续发展的必然选择，也是加快新质生产力发展的重要抓手。以2015—2022年中国A股制造业上市公司为研究样本，实证分析数智化转型对制造企业全要素生产率的影响及机制。结果表明，数智化转型能够促进制造企业全要素生产率提升；机制检验发现，数智化转型通过提高资源配置效率和创新能力促进制造企业全要素生产率提升；融资约束负向调节数智化转型与制造企业全要素生产率的关系，环境竞争性则正向调节两者关系；异质性分析结果表明，数智化转型对企业全要素生产率的促进作用在大型企业、国有企业以及中部和东部地区企业中更显著。进一步研究发现，数智化转型情境下全要素生产率提高能够促进制造企业新质生产力提升。结论可为制造企业数智化转型提供经验证据，并为推动制造企业高质量发展，加快新质生产力发展提供政策启示。

The digital-intelligent transformation of manufacturing enterprises is an inevitable choice to realize the deep integration of the digital economy and the real economy,and to promote the high-quality and sustainable development of enterprises. It is also an important starting point to accelerate the development of new quality productive forces. With the deep integration and development of artificial intelligence,big data and other technologies,the digital and intellectual transformation and upgrading represented by digitalization and intelligence provides a new power source for the scientific and technological progress and innovative development of manufacturing enterprises,which has become the core engine to boost the total factor productivity of enterprises. Therefore,how to seize the opportunity of the era of digital intelligence,how to enable manufacturing enterprises to comprehensively reshape,transform and upgrade,and how to promote the improvement of total factor productivity of manufacturing enterprises have become a hot topic in academic and practical circles.
This paper takes China's A-share listed manufacturing companies from 2015 to 2022 as the research sample,and uses a two-way fixed effect model to empirically analyze the impact and mechanism of digital-intelligent transformation on the total factor productivity of manufacturing enterprises. From the perspective of combining digitalization and intellectual,this paper explores the role of digital-intelligent transformation in improving the total factor productivity of enterprises. At the same time,it clarifies the intermediary role of the transformation of resource allocation efficiency,the innovation capability into log-intelligence,and the improvement of total factor productivity of manufacturing enterprises. At last,it analyzes the moderating effect of external financing constraints and environmental competitiveness on the two,which provides a new perspective for understanding the improvement of total factor productivity under the digital-intelligent transformation.
The results show that digital-intelligent transformation has a significant impact on the improvement of total factor productivity of manufacturing enterprises. The mechanism test finds that digital-intelligent transformation helps to promote the total factor productivity of manufacturing enterprises by improving the efficiency of resource allocation and innovation ability. Financial constraints negatively regulate the relationship between the digital-intelligent transformation and the total factor productivity of manufacturing enterprises,while environmental competitiveness positively moderates the relationship between them. The results of heterogeneity analysis show that the improvement of TFP by digital-intelligent transformation is more significant in large enterprises,state-owned enterprises and enterprises in the central region. Further research finds that digital-intelligent transformation can significantly promote manufacturing enterprises to accelerate the development of new quality productivity by improving total factor productivity.
This paper provides empirical evidence and policy implications for the digital-intelligent transformation of manufacturing enterprises to boost the high-quality development of manufacturing enterprises and accelerate the development of new quality productive forces. The government should issue relevant policies and regulations to promote enterprises' digital-intelligent transformation,and reduce their transformation costs and risks by means of tax incentives,financial subsidies and financing support. According to the needs and characteristics of small and medium-sized enterprises,the customized digital-intelligence solutions should be provided for them,so that they can make better use of digital and intellectual technology to improve the responsiveness of supply chain and to cope with the rapid changes of the market and the fluctuation of customer demand. Manufacturing enterprises should give full play to the enabling role of data elements,actively use the digital and intellectual technologies to promote the transformation and the remodeling of manufacturing enterprises,and effectively play the positive role of resource allocation and innovation ability in improving total factor productivity. While it is essential to fully leverage the regulatory role of financing constraints and environmental competition,explore various financing methods such as equity financing,debt financing,government subsidies,and venture capital to reduce the impact of financing constraints on the intelligent transformation. The management should fully recognize the uncertainty of the external macro environment,and maintain the sensitivity and strategic insight to the external environment,so as to minimize the impact of the uncertainty of the external environment and ensure the stable development of the enterprises.