管理评论

管理评论 ›› 2026, Vol. 38 ›› Issue (6): 3-16.

• 经济与金融管理 •    

区域数字算力影响企业全要素生产率的路径机制——嵌入TOE视角的分析

杜扬1, 钟美瑞1,2, 徐骏3   

  1. 1. 中南大学商学院, 长沙 410006;
    2. 中南大学金属资源战略研究院, 长沙 410006;
    3. 广发银行股份有限公司贵阳分行, 贵阳 550081
  • 收稿日期:2024-07-08 发布日期:2026-07-08
  • 作者简介:杜扬，中南大学商学院博士研究生；钟美瑞（通讯作者），中南大学商学院教授，博士生导师，博士；徐骏，广发银行股份有限公司贵阳分行助理研究员。
  • 基金资助:
    国家自然科学基金专项项目（72442028）；国家自然科学基金面上项目（72373165）；国家社会科学基金后期资助项目（23FJYB011）；湖南省教育厅科学研究重点项目（23A0006）。

The Path Mechanism of Regional Digital Computing Power Affecting the Total Factor Productivity of Enterprises—An Analysis from the TOE Perspective

Du Yang1, Zhong Meirui1,2, Xu Jun3   

  1. 1. School of Business, Central South University, Changsha 410006;
    2. Institute of Metal Resources Strategy, Central South University, Changsha 410006;
    3. Guiyang Branch of Guangfa Bank Co., Ltd., Guiyang 550081
  • Received:2024-07-08 Published:2026-07-08

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摘要： 数字算力是开启国家创新发展动能、推动数智化进程和推动数字经济增长的关键，围绕创新理论深化分析数字算力的复杂影响机制，具有重要的研究意义。本文以数字算力为技术主体，构建嵌入TOE（技术-组织-环境）的分析框架，系统解析数字算力和创新系统的互动过程，从跨层次、跨主体角度揭示区域数字算力影响企业全要素生产率的路径与机制。基于中国上市企业2016—2022年的面板数据，测度了中国区域数字算力的发展水平，以固定效应模型为基准，验证了区域数字算力对企业全要素生产率的影响效应。研究发现：区域数字算力能够促进企业全要素生产率增长，该结论通过了2SLS-IV和GMM估计两项稳健性检验。影响路径方面，区域数字算力通过提高区域数字治理水平、提升产业数实技术融合深度和推动企业数字化转型的三条中介路径，促进企业全要素生产率增长。异质性分析表明，在非国有、非高新技术行业、东部地区和生产追随型区域的企业中，这种促进效应更加明显。本文为区域数字算力发展和企业创新管理提供了重要建议，为加快我国“东数西算”战略布局和企业新质生产力发展贡献了关键认识。

关键词: 数字算力, 企业全要素生产率, TOE

Abstract: Digital computing power is the key for a country to energizing innovative development, accelerating digitalization and stimulating the growth of digital economy. It is of great research significance to deeply analyze the complex influencing mechanism of digital computing power from the perspective of innovation theory. Taking digital computing power as the technical main body, this paper logically constructs a TOE-based analytical framework (TOE is short for Technology-Organization-Environment) to systematically analyze the interaction process between digital computing power and the innovation system, and reveal the paths and mechanisms by which regional digital computing power has a cross-level and cross-subject effect on the total factor productivity of enterprises. Based on the panel data of provincial and listed enterprises in China from 2016 to 2022, this paper measures the development level of regional digital computing power in China. With the fixed effect model as the benchmark, the effect of regional digital computing power on the total factor productivity of enterprises is verified. The main conclusions include: Regional digital computing power can promote the growth of total factor productivity of enterprises. This conclusion passes two robustness tests, namely 2SLS-IV and GMM estimation. In terms of influence path, regional digital computing power promotes the growth of total factor productivity of enterprises by enhancing the level of regional digital governance, deepening the integration of digital and real industries, and promoting the digitalization of enterprises. Heterogeneity analysis indicates that this promoting effect is more pronounced in non-state-owned enterprises, non-high-tech enterprises, enterprises in eastern regions, and enterprises in regions where production follows behind. This paper provides important perspectives and suggestions for the development of regional digital computing power and enterprise innovation management, which are important for China’s strategic layout of “east data computed in the west” and the development of new quality productivity in enterprises.

Key words: digital computing power, total factor productivity of enterprises, TOE