关键词: 数字经济, 全要素生产率, 融资约束, 企业创新

Abstract: Digital economy is one of the important elements to promote the optimization and upgrading of economic structure, and digitalization has become the new driving force of high-quality economic development. This paper constructs firm-level digitalization indicators based on text analysis method to examine the impact of firm’s digitalization on the productivity efficiency of enterprises by taking the non-financial A-share listed companies in China as a sample from 2000—2022. The findings show that every standard deviation increase in digitalization degree can improve total factor productivity by 3.73%, and this role has continuity. The results still hold after robustness tests using Propensity Score Matching (PSM), Difference-in-Difference (DID), remeasurement of productivity and enterprise digitalization indicators. In terms of the mechanism, alleviating financing constraints and improving innovation level are two important mechanisms. Furthermore, it finds that the contribution of firm’s digitalization to total factor productivity is more significant in the groups with a larger size, more efficient management, lower asset liquidity and lower competition. This paper not only enriches the research on the influencing factors of micro enterprises’ total factor productivity and provides empirical evidence for improving enterprises’ production efficiency, but also provides a decision-making basis for local governments to formulate differentiated digital policies.

Key words: Digital Economy, Total Factor Productivity, Financing Constraints, Enterprise Innovation