数字经济发展对企业生产率增长的影响机制研究

第四次工业革命以来,以网络化、数字化和智能化为主要特征的数字经济日益成为推动经济发展效率变革的新动能。基于2015―2018年腾讯研究院编制的城市数字经济指数和A股上市公司匹配数据,本文系统考察了数字经济发展对企业生产率的影响和作用机制。结果表明,数字经济对企业生产率的影响呈倒U型,但在本文考察期内,数字经济对企业生产率主要具有正向促进作用。异质性分析表明,在东部地区、非农行业和大中型企业,数字经济对企业生产率的积极影响更为显著。中介效应模型分析表明,数字经济能够通过规模经济效应、范围经济效应、技术创新效应和管理效率效应四个间接途径促进企业生产率增长。本文结论为推进新基建战略提供了理论支撑,同时也对如何发展数字经济以实现经济高质量发展具有一定的启示意义。

On the Mechanism of the Impact of Digital Economic Development on the Growth of Enterprise Productivity

Since the fourth industrial revolution,the digital economy characterized by networking,digitization and intellectualization has increasingly become a new driving force to promote high-quality economic development.Based on the matching data of urban digital economy index and A-share listed companies compiled by Tencent Research Institute from 2015 to 2018,this paper systematically investigates the effect and mechanism of digital economy development on enterprise productivity.The results show that the effect of digital economy on enterprise productivity has an inverted U-shape,but during the period of this paper,the effect of digital economy on enterprise productivity is mainly positive.Heterogeneity analysis shows that the positive impact of digital economy on enterprise productivity is more significant in the eastern region,non-agricultural industries and large and medium-sized enterprises.Using the mediating effect model,we find that digital economy can promote the growth of enterprise productivity through four indirect ways:scale economy effect,scope economy effect,technological innovation effect and management efficiency effect.The conclusion of this paper provides theoretical support for promoting the“new infrastructure”strategy,and also provides certain enlightenment on how to develop digital economy to achieve high-quality economic development.