数字化转型提升了企业的新质生产力吗?  

Has Digital Transformation Improved the New-Quality Productivity of Enterprises?

作　　者：曾先峰[1,2] 苏文鑫 ZENG Xianfeng;SU Wenxin(School of Economics and Finance,Xi′an International Studies University,Xi′an 710128,Shaanxi,China;Research Center for Resource Environment and Industrial Economics,Xi′an International Studies University,Xi′an 710128,Shaanxi,China)

机构地区：[1]西安外国语大学经济金融学院,陕西西安710128 [2]西安外国语大学资源环境与产业经济学研究中心,陕西西安710128

出　　处：《财经理论研究》2025年第1期84-103,共20页Journal of Finance and Economics Theory

基　　金：国家社会科学基金项目(21BJY034)。

摘　　要：厘清数字化转型对企业新质生产力的作用机理,在此基础上量化其影响对于推动新质生产力发展具有重要意义。基于2011-2022年沪深两市全体A股3718家上市公司微观数据的研究发现,数字化转型程度每提升1%,企业新质生产力水平提高0.0622个单位。机制分析结果表明,企业数字化转型通过提高劳动生产率和缓解融资约束促进企业新质生产力发展。异质性分析结果显示,企业数字化转型在推动非国有企业、中小型企业以及处于成长期的企业新质生产力发展方面作用显著。进一步完善数字化转型标准化体系建设、强化财税支持与数字基础设施建设,并实施因企施策的差异化政策对于进一步提升企业新质生产力至关重要。It is significant for promoting the development of new-quality productivity by clarifying the mechanism through which digital transformation impacts enterprises′new-quality productivity and quantifying its effects.The study indicates that for every 1%increase in the degree of digital transformation,enterprises′new-quality productivity improves by 0.0622 units based on micro-level data from 3718 A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022.Mechanism analysis reveals that digital transformation promotes the development of enterprises′new-quality productivity by enhancing labor productivity and alleviating financing constraints.Heterogeneity analysis shows that digital transformation has a significant effect on promoting the new-quality productivity of non-state-owned enterprises,small and medium-sized enterprises,and enterprises in their growth stages.Further improvement in standardizing digital transformation,strengthening fiscal and tax support,enhancing digital infrastructure,and implementing differentiated policies tailored to specific enterprises is crucial for further boosting enterprises′new-quality productivity.

关 键 词：数字化转型 新质生产力 劳动生产率 融资约束 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]