The Effect of Digital Transformation on Total Factor Productivity of Real Economy Enterprise

The digital transformation of real economy enterprise is an essential guarantee for its optimizing resource allocation, improving operation efficiency, and realizing high-quality innovation and development. According to the data of listed companies from 2007 to 2020, this study empirically explores the impact mechanism of the construction of real economy enterprise ditial transformation on total factor productivity (TFP). The results show a positive "U" nonlinear relationship. The TFP of real economy enterprises is reduced at the initial stage of digital transformation, then is improved after exceeding the critical value. The digital transformation of real enterprises impacts the TFP in three ways: working capital turnover rate, human capital structure, and financing constraints. From the heterogeneity analysis results, the impact of constructing the digital transformation of real economy enterprises on the TFP is not affected by the size of enterprises' assets and the attribution of enterprises' ownership. The research results provide direct evidence of the effect of real economy enterprises' digital transformation on TFP from the micro level, and provide policy enlightenment for the high-quality development of real economy enterprises