Abstract: Digital technology innovation provides new momentum for macroeconomic development. However, at the micro-enterprise level, technological innovation may initially struggle to generate economic benefits, giving rise to the "Solow Paradox" of the digital era, which warrants in-depth exploration. Existing research on digital technology innovation primarily focuses on its role in industrial restructuring and mitigating information asymmetry, with limited discussion on the development of new productive forces in enterprises. This study examines the impact of digital technology innovation on the development of new productive forces in enterprises using a sample of Chinese A-share listed companies from 2011 to 2022. The results indicate that digital technology innovation significantly promotes the development of new productive forces in enterprises, a conclusion that remains valid after various robustness and endogeneity tests. Further, by deconstructing the key dimensions of new productive forces, this study establishes an influence mechanism chain between digital technology innovation and the development of new productive forces in enterprises—"promoting digital-physical integration—activating redundant resources—enhancing production efficiency." Heterogeneity analysis reveals that digital technology innovation has a more pronounced effect on new productive forces when the enterprise is located in a non-smart city or belongs to the strategic emerging industries, or when the innovation has greater influence and broader knowledge breadth. This research offers a new interpretative perspective for breaking through the linear model of the traditional relationship between technological innovation and productivity, while also providing valuable insights for further enhancing China's digital technology innovation capabilities and accelerating the development of new productive forces in enterprises.

Key words: digital technology innovation, new quality productivity fusion of data and reality, slack resource, knowledge breadth