Research on the Impact of Digital Economy on the Total Factor Productivity of Enterprises—A Case Study of Manufacturing Enterprises

数字经济作为新一轮产业变革的核心驱动力，如何赋能制造业企业全要素生产率成为当今的关键议题。本文以2013~2023年沪深A股制造业企业为例，实证检验数字经济对制造业企业全要素生产率的影响。研究结果发现：1) 数字经济促进制造业企业全要素生产率提升。2) 市场竞争程度在数字经济作用于企业全要素生产率中呈现负向调节效应。3) 东部地区、高科技企业的数字经济对全要素生产率促进作用更显著。本研究为理解数字经济与制造业转型升级的关系提供了理论依据，对指导制造业实践发展具有重要的学术价值和现实意义。As the core driving force of the new round of industrial transformation, how to empower the total factor productivity of manufacturing enterprises in the digital economy has become a key issue nowadays. This paper takes the manufacturing enterprises of Shanghai and Shenzhen A-shares from 2013 to 2023 as examples to empirically test the impact of the digital economy on the total factor productivity of manufacturing enterprises. The research results reveal that: 1) The digital economy promotes the improvement of total factor productivity in manufacturing enterprises. 2) The degree of market competition shows a negative moderating effect on the total factor productivity of enterprises in the digital economy. 3) The digital economy in the eastern region and high-tech enterprises has a more significant promoting effect on total factor productivity. This research provides a theoretical basis for understanding the relationship between the digital economy and the transformation and upgrading of the manufacturing industry, and has important academic value and practical significance for guiding the practical development of the manufacturing industry.