Exploring the impact of digital transformation on productivity: the role of artificial intelligence technology, green technology, and energy technology

The aim of this paper is to explore the technological innovation mechanism by which digital transformation (DT) influences total factor productivity (TFP). We take the Chinese listed firms from 2007 to 2020 as research samples, and con- tribute to the above goals based on fixed-effect models, instrumental variables, mediation effect, and moderating effect models. It has been found that (1) while DT contributes positively to productivity, the enhancement of TFP in current DT is primarily attributed to artificial intelligence (AI) technology rather than other techno- logical innovation. (2) From an innovation-directed perspective, the impact of DT on TFP may be offset by other forms of technological innovation, such as green and energy technology. Specifically, the non-AI direction of technological innovation may not align with the productivity implications of DT. (3) Intellectual property protection impedes the impact of DT on productivity and constrains the deployment of AI technology. Conversely, business strategic radicalism and corporate intangible asset have yielded favorable outcomes. This study not only verifies that the technological innovation channel of DT for enhancing TFP mainly stems from AI technology, but also implies that the current DT might exert a negative effect on other technologies.