Effects of Digital–Intelligent Transformation on Total Factor Productivity in the Manufacturing Industry: Evidence from China

Abstract

Using data on China’s A-share listed manufacturing firms from 2001 to 2023 and employing fixed-effects models, this study examines the impact of digital–intelligent transformation on manufacturing firms’ total factor productivity, as well as its underlying mechanisms and economic significance. The results show that digital–intelligent transformation significantly enhances manufacturing firms’ total factor productivity by improving the utilization of data and technological elements. These findings remain consistent across a series of robustness checks. Further analysis reveals that both internal incentives and external pressures positively reinforce the effect of digital–intelligent transformation on manufacturing firms’ total factor productivity.