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