统计研究

数字经济发展促进经济结构优化升级，数字化转型已成为推动经济高质量发展的新动力。本文基于文本分析法构建企业层面的数字化指标，并以2000—2022年非金融类A股上市公司为研究对象，探究企业实施数字化转型战略与全要素生产率之间的关系。结果表明，企业每提高数字化程度一个标准差，能促进全要素生产率提高3.73%，且该促进作用存在一定持续性。在采用倾向得分匹配法（PSM）、双重差分（DID）、替换生产率和企业数字化指标等方法进行稳健性检验后，该结论仍然成立。实施数字化转型可有效缓解企业融资约束，提高企业创新水平，进而提升企业全要素生产率。进一步研究企业截面差异发现，在规模较大、管理效率较高、资产流动性较低以及竞争力较弱的组别中，数字化转型对全要素生产率的提升效果更强。本文不仅补充了微观企业全要素生产率的影响因素研究，为提升企业生产效率提供经验证据，还为地方政府制定差异化数字政策提供参考。

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.