Digital transformation, entrepreneurship and total factor productivity of enterprises——empirical evidence from listed companies

With the deep integration of artificial intelligence technology into the economy and society, digital transformation presents a new opportunity to enhance total factor productivity (TFP). This paper empirically examines the impact of digital transformation on TFP using microdata from Chinese listed firms between 2009 and 2023, as well as the dynamic mechanism of entrepreneurial spirit in its transmission process. The findings are as follows: (1) Digital transformation has a significant improvement effect on corporate TFP, and this conclusion remains valid after a series of robustness checks and endogeneity treatments, refuting the productivity paradox associated with digital transformation; (2) Furthermore, the enabling effect of corporate digital transformation on TFP exhibits notable variations based on factors such as ownership, factor intensity, asset size, marketization degree, and geographical location; (3) In terms of impact mechanisms, digital transformation promotes TFP enhancement by stimulating entrepreneurial spirit. The conclusions drawn in this paper provide new empirical evidence for understanding the economic effects of corporate digital transformation, thereby offering crucial policy insights for consolidating the micro-foundations necessary for high-quality economic development.