Research on the impact of digital transformation level on the new quality productivity of Chinese listed companies
Hang Zhao
School of Business Administration, University of Science and Technology Liaoning
Xiaoxu Zhang
School of Business Administration, University of Science and Technology Liaoning
DOI: https://doi.org/10.59429/bam.v7i2.10522
Keywords: Digital transformation; New productivity; Nature of property rights
Abstract
Based on data from listed companies in China, this paper empirically tests the impact of digital transformation on corporate new productivity and its mechanism. The research results show that: First, digital transformation significantly promotes the improvement of new productivity of enterprises. This conclusion is true in both state-owned and non-state-owned enterprises, and the marginal effect of state-owned enterprises is higher, indicating that their resource integration and policy support advantages can amplify digital transformation effect. Second, the nature of property rights has a significant regulatory effect. The digital return rate of state-owned enterprises is 11.2% higher than that of non-state-owned enterprises. However, non-state-owned enterprises face stronger financial constraints, highlighting their need to balance investment in digital transformation with financial health. Third, the heterogeneity analysis found that the incentive effect of management shareholding on the new productivity of state-owned enterprises (0.349) is much higher than that of non-state-owned enterprises (0.040), and the positive impact of enterprise size is universal. This study provides new empirical evidence for understanding the impact of digital transformation on corporate new productivity, and reveals the key role of the nature of property rights in this process.
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