深刻把握我国企业数字化转型发展契机,充分释放数字技术与数据资源在提升全要素生产率中的巨大乘数效应已成为新常态下我国企业高质量发展的必由之路。本文以国家权威政策语义体系为基础构建企业数字化转型指标,并将我国上市公司全要素生产率分解为“提升效应”与“平抑效应”,利用动态面板回归模型详细考察了数字化转型影响企业全要素生产率的渠道机制、波动特征以及非线性关系。研究发现,尽管数字化转型与企业全要素生产率之间存在明显的“倒U型”关系,然而当前阶段仍处于能够有效促进企业全要素生产率提升的“红利释放期”;数字化转型对企业全要素生产率变动产生显著“平抑效应”,从而打破了企业全要素生产率的高速增长路径并使其增长速度不可持续;数字化转型通过扩大规模经济与范围经济以及优化管理效率等途径促进了企业全要素生产率水平提升。本文揭示了近年来我国企业全要素生产率增长速度逐渐趋缓甚至接近停滞的原因,通过解析数字化转型对企业全要素生产率的影响路径与作用机制,为企业提质增效、助力向中高端价值链迈进提供了学术价值与政策启示。

Grasping the opportunity of digital transformation development of Chinese enterprises and fully releasing the huge multiplier effect of digital technology and data resources in improving total factor productivity have become the only way for Chinese enterprises to achieve high-quality development under the new normal. This paper constructed indicators for enterprise digital transformation based on the semantic system of national authoritative policies, decomposed the total factor productivity of listed companies in China into "enhancement effect" and "suppression effect", and used a dynamic panel regression model to examine in detail the channel mechanism, fluctuation characteristics, and nonlinear relationship of digital transformation affecting enterprise total factor productivity.The study found that although there is a clear inverted U-shaped relationship between digital transformation and total factor productivity, the current stage is still in the "dividend release period" that can effectively promote the improvement of total factor productivity; digital transformation has a significant "stabilizing effect" on the change in total factor productivity of enterprises, breaking the high-speed growth path of total factor productivity and making its growth rate unsustainable; and digital transformation has promoted the improvement of total factor productivity of enterprises by expanding economies of scale and scope, as well as optimizing management efficiency.This paper has revealed the reasons for the gradual slowdown or even stagnation in the growth rate of total factor productivity in Chinese enterprises in recent years. By analyzing the impact path and mechanism of digital transformation on total factor productivity, it has provided certain academic value and policy implications for enterprises to improve quality and efficiency and move towards the mid-to-high end value chain.