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数字技术应用对企业全要素生产率的影响效应研究——兼论破解新“索洛悖论”
Research on the influence effect of digital technology application on the total factor productivity of enterprises: A further discussion of the methods to resolve the new "Solow paradox"
在新一轮技术革命时代,数字技术应用成为驱动实体经济提质增效的重要引擎。本文基于中国A股上市公司数据,采用固定效应模型和工具变量法考察数字技术应用对企业生产率的影响效应及机制。研究发现:数字技术应用显著提升了企业全要素生产率,有效破解数字时代的新“索洛悖论”,该结论在内生性处理和其他稳健性检验后依然成立。机制检验发现,数字技术应用通过提高技术创新质量和市场匹配效率,以及降低运营管理成本促进企业全要素生产率提升。异质性分析表明,数字技术应用对服务业企业的生产率提升效应强于制造业企业,对高市场竞争行业内企业全要素生产率的促进作用更明显。数字技术应用会引致高技能、高学历劳动力的需求增加,同时人力资本结构的优化强化了数字技术应用的生产率提升效应。本文有助于深化认识企业突破新“索洛悖论”的现实路径,为借助数字技术融合应用提质增效,赋能企业高质量发展提供经验证据和现实依据。
In the era of the new round of technological revolution, digital technology application has become an important engine to drive the quality and efficiency of the real economy. Based on the data of A-share listed companies in China from 2009 to 2019, this paper used the fixed effects model and instrumental variables approach to examine the effect and mechanism of digital technology application on enterprise productivity. In the research design, we used the Python crawler technology to extract the relevant word frequencies of enterprises' digital technology application from annual reports, used text analysis to sum up all the relevant word frequencies of digital technology application, and adopted the proportion of word frequencies of digital technology application to the total number of word frequencies in the annual reports to measure the level of enterprises' digital technology application.
The study found that digital technology application has significantly improved enterprises' total factor productivity and effectively cracked the new "Solow paradox" in the digital era. This conclusion remains sound after robustness tests such as endogeneity treatment, substitution of key variable measures, and exclusion of explanations for strategic behavior. The mechanism test found that the digital technology application promoted enterprises' total factor productivity by improving the technological innovation quality and market matching efficiency, as well as reducing the operation and management costs. Heterogeneity analysis showed that digital technology application has a stronger productivity improvement effect on service than manufacturing enterprises, and it also has a more obvious promotion effect on industries with high market competition. Digital technology application increased the demand for highly skilled and educated workers, and human capital structure optimization will strengthen the productivity improving effect of digital technology application.
This paper will help to deepen the understanding of the realistic path of enterprises to break through the new "Solow paradox", and it will provide some empirical evidence and practical basis for the integration and application of digital technology to improve the quality and efficiency, and to empower enterprises' high-quality development. The main marginal contributions of this paper are as follows: (1) Based on the perspective of convergence application of digital technology, this study selected a large-volume and wide sample of A-share listed enterprises, and adopted textual analysis to accurately and comprehensively measure the actual digital technology application in the enterprise sector, and explored the impact effect of digital technology application on the enterprise's total factor productivity. The research will not only compensate for the insufficiency of the macroscopic data, enrich and expand the related research on digital technology, but also provide micro-evidence that digital technology empowers the economic high-quality development. (2) This paper also provided some in-depth discussion of the internal mechanism of digital technology application affecting the enterprises' total factor productivity, to a certain extent,which will open the "black box" of the productivity effect of digital technology application, utilize the multiplier effect of digital technology to enhance productivity, and crack the new "Solow paradox" in the digital era, thus providing a new path for digital technology development. (3) This paper found that highly skilled and educated human capital strengthens the productivity growth effect of digital technology application, indicating that the development of digital technology needs to be matched with the structure of senior human capital, which is an important policy revelation for the use of digital technology to realize the quality and efficiency of enterprises.
数字技术应用 / 全要素生产率 / 新“索洛悖论” / 人力资本结构
digital technology application / total factor productivity / new "Solow paradox" / human capital structure
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