关键词: 全要素生产率, 数字化, 熵值法, 高质量发展

Abstract: Digitalization has emerged as a paramount strategy for modern enterprises, however, a debatable aspect lingers over whether digitalization truly enhances the total factor productivity of enterprises. Based on the input of digitisation-related intangible assets, the number of patents and software copyrights, and the word frequency data of annual reports of listed companies and their first-tier holding subsidiaries, we constructed a digitisation level indicator system with three dimensions of input, achievement and attention, and measured the digitisation level of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 by using the entropy method. Then, the effect and mechanism of enterprise digitisation on total factor productivity were tested. The study finds that:the overall digitisation level of Chinese listed companies fluctuates and rises, showing that state-owned enterprises are faster than non-state-owned enterprises, the eastern part is faster than the central and western regions, and the information technology industry is faster than other industries; Digital transformation is conducive to improving total factor productivity and is achieved through four mechanisms:improving internal communication efficiency, enhancing economies of scale, reducing dependence on large customers and improving supply chain management efficiency; The impact of digital transformation on total factor productivity is particularly pronounced in non-state-listed companies, industries characterized by high levels of competition, and in the market-oriented eastern region.

Key words: total factor productivity, digitalization, entropy method, high-quality development