This paper mainly attempts to disclose the action mechanism of corporate digital transformation on total factor productivity (TFP). Based on the data on listed enterprises in 2007–2019, the influence of corporate digital transformation on TFP was analyzed empirically. The results show that corporate digital transformation can significantly promote TFP. Heterogeneity analysis reveals that the promoting effect of digital transformation on TFP only exists in small and medium high-tech enterprises, suggesting that corporate digital transform enhances TFP by improving the management efficiency and technical level of enterprises. The research provides theoretical basis and empirical evidence for improving corporate TFP from the perspective of digital transformation.
From the perspective of financial constraint, this paper constructs a mathematical model to analyze the impact of digital financial development on firm exit probability. The relationship between digital finance and firm exit was tested empirically based on the industrial firm data in 2011–2013. The results show that digital financial development significantly suppresses firm exit probability. Mechanism analysis suggests that digital financial development can ease the information asymmetry of the credit market, facilitate the credit acquisition of firms, and alleviate the constraint on corporate financing, thereby reducing the probability of firm exit. This paper provides the theoretical basis and empirical evidence for controlling firm exit from the angle of digital finance development.
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