New Quality Productive Forces Column
Wang Yu,An Haonan,Yang Guanhua
Digital transformation is a key driver of the current global economy, acting as a catalyst for industrial upgrading and enhancing corporate competitiveness to foster sustainable economic growth, which the Chinese government has prioritized as a core national strategy. By 2022, China’s digital economy reached an impressive scale of 50.2 trillion yuan, accounting for 41.5% of the GDP, underscoring the critical role of digital integration in economic advancement. The interplay between digital transformation and the real economy is profound, with substantial implications for corporate digitalization. This transformation enhances information flow, optimizes resource allocation, and stimulates innovation and productivity, thereby creating a favorable environment for high-quality development. However, the relationship between digital transformation and productivity is complex and multifaceted, warranting further investigation.
This paper centers on new quality productive forces, a concept emphasizing the urgency to enhance total factor productivity through technological innovation and the effective integration of resources. New quality productive forces represent a paradigm shift that not only focuses on quantitative growth but also emphasize qualitative improvements in productivity, reflecting the evolving demands of a modern economy. While existing literature recognizes the positive impacts of digital transformation—such as increased management efficiency, optimized specialization, and enhanced innovation capabilities—significant discrepancies remain regarding its overall effectiveness in different contexts. Some scholars have raised concerns about the multifaceted nature of the transformation process, noting that it is often fraught with complexities, including cultural resistance, inadequate infrastructure, and the need for substantial investment in skills and technologies. These factors can result in delayed effects, preventing the anticipated benefits of digital initiatives from being immediately realized.Consequently, it is essential to delve deeper into how digital transformation influences new quality productivity, as this understanding holds implications for both theoretical exploration and practical application. By analyzing the mechanisms through which digital initiatives contribute to productivity improvements, we can uncover valuable insights that guide policymakers and business leaders in crafting strategies that foster sustainable growth.
To explore this relationship, this paper adopts the Technology-Organization-Environment (TOE) framework, which posits that the success of technological innovation is influenced by three dimensions: technology, organization, and environment. From a technological perspective, the size of a firm and its type of technology dictate its capacity for transformation. Larger enterprises, with their abundant resources, typically exhibit a greater ability to adapt to new technologies, thereby enhancing new quality productivity. In contrast, high-tech firms leverage their technological advantages to achieve breakthroughs through digital transformation. Organizationally, the decision-making capabilities of management are crucial for the success of transformation efforts, as they significantly impact resource integration and efficiency. Additionally, the competitive environment plays a vital role; market pressures compel firms to rapidly adopt new technologies, enhancing resource allocation efficiency and driving productivity growth. This paper constructs a theoretical framework encompassing firm size, technology type, market competition, managerial capabilities, and resource allocation efficiency. This paper proposes hypotheses that will be empirically tested using data derived from A-share listed companies. Utilizing the entropy method, this paper measures new quality productivity through dimensions like innovation leadership, enterprise upgrading, technology-driven growth, and sustainability.
The results show that digital transformation positively impacts new quality productivity in a U-shaped manner. As the level of transformation increases, its beneficial effects amplify. Furthermore, the analysis suggests that larger firms, those in high-tech industries, and enterprises in competitive markets experience more significant advantages from digital transformation. Additionally, this paper identifies that managerial capabilities exert a nonlinear moderating effect, while resource allocation efficiency serves as a significant mediating factor, enhancing capital and labor allocation.
The contributions of this paper are threefold. First, it provides a nuanced examination of new quality productive forces, focusing on innovation leadership, enterprise upgrading, and sustainable development.Second, it enriches the existing body of literature by elucidating the nonlinear relationship between digital transformation and productivity. Lastly, the study explores the nonlinear moderating effect of managerial capability improvement and the mediating effect of resource allocation efficiency, revealing their key roles in digital transformation. It also addresses literature gaps and provides practical insights for businesses to leverage digitalization for enhanced productivity and sustainable growth.