This study uses Chinese A-share listed companies from 2015 to 2022 as a sample to explore the mechanism through which digital transformation affects new quality productivity. The study employs the entropy method to measure new quality productivity and constructs a digital transformation index through annual report text analysis. Empirical results indicate that digital transformation significantly promotes the development of new-quality productivity, with green technology innovation and supply chain efficiency playing mediating roles. Heterogeneity analysis shows that this effect is more pronounced in firms with low financing constraints, non-state-owned firms, and firms with high R&D investments. This study provides theoretical foundations for firms to enhance new-quality productivity through digital transformation and offers policy implications for governments to formulate targeted policies.
Sihan Wang (Wed,) studied this question.