Xinran Wang;Guoyue Zhu;

• 1:School of Economics
• 2: Northwest Normal University
• 3:School of Digital Economics
• 4: Jiangxi University of Finance and Economics

Abstract：

Digital technology innovation and application play a significant role in improving the information environment of an industry and driving productivity growth in related enterprises. This paper examines the impact of digital transformation among peer enterprises on total factor productivity growth and its underlying mechanisms, based on data from Chinese listed companies. The findings indicate that digital transformation among peer enterprises significantly promotes total factor productivity growth, suggesting that digital transformation exhibits horizontal spillover effects within the same industry. Mechanism testing results show that digital transformation among peer firms exerts an information spillover effect by increasing the quantity and improving the quality of information disclosure, thereby driving TFP growth. Furthermore, the higher the technological similarity between firms, the more beneficial digital transformation among peer firms is for facilitating the information spillover mechanism. Additionally, the higher the level of industry competition, the stronger the productivity spillover effect of digital transformation among peer firms. This study expands the scope of research on the spillover effects of corporate digital transformation, providing valuable insights for optimising industry information environments and refining digital transformation policies through digital technology.

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Foundation: 甘肃省哲学社会科学规划项目专项课题“甘肃建设现代产业体系需关注的突出问题及对策建议”（项目批准号：2024ZX013）的资助

Authors: Xinran Wang;Guoyue Zhu;

References：

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• (1)限于篇幅,描述性统计结果留存备索。 (2)管理层权力的控制变量包括:第一大股东持股比例(第一大股东持股比例/100)、两职合一(董事长和总经理两职合一为1,否则为0)、董事会规模(董事会人数取自然对数)、独立董事占比(独立董事占董事会成员的比例)等。 (3)限于篇幅,稳健性检验结果留存备索。 (4)限于篇幅,信息披露数量的相关指标构建过程留存备索。 (5)限于篇幅,信息披露质量的相关指标构建过程留存备索。 (6)限于篇幅,进一步分析结果留存备索。 (7)限于篇幅,调节作用中的指标构建过程和分析结果留存备索。