How Does Digital Technology Drive Total Factor Productivity in Enterprises? Empirical Evidence from Text Analysis

The deep integration of the digital economy with the real economy is a crucial pathway to achieving high-quality development in the new era. Based on the data of listed companies in China from 2012 to 2021, this paper uses the OLS regression model to empirically study how digital technology drives the total factor productivity of enterprises. The research results show that the enhancement of digital technology can significantly increase the total factor productivity of enterprises. At the same time, this paper selects enterprise innovation ability, cost and human capital structure as mediating variables to conduct mechanism tests to verify the specific path of digital technology affecting enterprise total factor productivity. Through group regression for heterogeneity research, this paper finds that the promotion effect of digital technology on enterprise total factor productivity is more obvious in non- high-tech industry enterprises and state-owned enterprises. Finally, this paper also conducts a robustness test by replacing the independent and dependent variables to prove the robustness of the above conclusions. This study provides micro evidence for the promotion effect of digital technology on enterprise efficiency, which is of great significance for enhancing total factor productivity and achieving high-quality economic development.