Research on the impact of digital transformation rate on the total factor productivity of enterprises: A study based on the perspective of new quality productivity

doi:10.19571/j.cnki.1000-2995.2024.12.006

Abstract

Abstract: Promoting vigorously construction of a modern industrial system and accelerating the development of new quality productivity are emphasized in the second session of the 14th National People′s Congress of the People′s Republic of China and the second session of the 14th National Committee of the Chinese People′s Political Consultative Conference in 2024. In the era of digital economy, studying how the digital transformation rate can enhance corporate productivity holds significant theoretical and practical implications for improving new productive forces in enterprises. This paper examined the A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 and constructed a moderation and mechanism testing model to empirically test the impact of digital transformation rate on new productive forces in enterprises. The study found that: (1) there is an "inverted U-shaped" relationship between the rate of digital transformation and new productive forces in enterprises; (2) an increase in cash holdings helps prolong the positive effects of the digital transformation rate on new productive forces, which is reflected in a rightward shift of the "inverted U-shaped" curve′s inflection point. It also mitigates the negative impact of the digital transformation rate on new productive forces, making the "inverted U-shaped" curve flatter. (3) Further analysis revealed that R&D innovation capability plays a partial mediating role in the "inverted U-shaped" relationship between digital transformation rate and new productive forces. Additionally, the heterogeneity analysis indicated that the "inverted U-shaped" relationship is more pronounced in companies with overseas backgrounds among the board of directors and supervisory team, high-tech industries, and companies located in the eastern region. This paper will provide some insights for Chinese enterprises to maintain a scientifically reasonable pace of digital transformation, thereby improving total factor productivity and promoting the development of new productive forces.

Key words: digital transformation rate, new quality productivity of enterprises, inverted U-shape, cash holding, R&D innovation capability

Guo Huiting, Ni Zhihui, Qiu Rui. Research on the impact of digital transformation rate on the total factor productivity of enterprises: A study based on the perspective of new quality productivity[J]. Science Research Management, 2024, 45(12): 49-58.

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Research on the impact of digital transformation rate on the total factor productivity of enterprises: A study based on the perspective of new quality productivity

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