摘要
当前,数字经济持续快速发展,逐渐成为企业高质量发展的重要驱动力。基于2011—2019年中国城市层面的数字经济指数和沪深A股上市公司数据,实证考察了数字经济对企业全要素生产率的影响。研究发现,数字经济发展显著促进了企业全要素生产率水平的提升,并且该结论在经过工具变量、双重差分模型等稳健性检验后依然成立。机制分析显示,数字经济发展通过缓解融资约束、提高创新水平和促进数字化转型作用机制提升了企业全要素生产率。异质性结果发现,数字经济对国有企业和大规模企业全要素生产率的提升效应更大,数字经济对制造业和服务业企业全要素生产率的激励效应并未表现出显著差异。
At present,digital economy continues to develop rapidly and has gradually become an important driving force for the high-quality development of enterprises.Based on the data of China’s city-level Digital economy index and A-share listed companies in Shanghai and Shenzhen from 2011 to 2019,this paper empirically examines the impact of digital economy on enterprises’total factor productivity.The study found that the development of digital economy has significantly promoted the improvement of the total factor productivity of enterprises,and this conclusion is still valid after the robustness tests of instrumental variables and difference-in-difference difference models.Mechanism analysis shows that the development of digital economy has improved the total factor productivity of enterprises by alleviating financing constraints,improving the level of innovation and promoting digital transformation.The heterogeneous results found that digital economy has a greater improvement effect on total factor productivity of state-owned enterprises and large-scale enterprises,the incentive effect of digital economy on the total factor productivity of manufacturing and service enterprises does not show significant differences.
作者
郭丰
杨上广
金环
GUO Feng;YANG Shang-guang;JIN Huan(School of Business,East China University of Science and Technology,Shanghai 200237,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2022年第9期20-36,共17页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然科学基金面上项目(71874054)
上海市科委软科学重点项目(22692113500)。
关键词
数字经济
全要素生产率
融资约束
技术创新
数字化转型
digital economy
total factor productivity
financing constraints
technology innovation
digital transformation
