【摘要】 高质量发展要求中国经济逐步从要素投入型向全要素生产率推动型增长模式转型，要实现这一目标，数字经济发展可能是未来一个潜在的突破口。本文将为这一判断提供初步的微观证据。本文将企业数字化投入纳入传统增长核算模型，发现数字化投入的产出弹性为0.07—0.09,且行业间差别大，配置效率提升空间较大；平均而言，数字化对企业全要素生产率的影响程度为10%左右。此外，行业—企业、企业—企业匹配数据检验结果均表明，上游的数字化发展存在产业链溢出效应，会使得下游企业管理费用下降、存货周转率提高，同时优化下游行业的资源配置效率，提升下游企业整体的生产率水平。本文的研究表明，当绝对的技术突破面临瓶颈和不确定性时，通过数字经济的发展优化资源配置，进而提高全要素生产率，也许是中国经济实现稳定增长的路径之一。更多还原

【Abstract】 According to the macroeconomic growth accounting perspective, economic growth is primarily driven by factors such as increased factor input, improved factor utilization and allocation efficiency, and technological progress. In the past, China’s economic growth was largely dependent on the increased inputs of capital and labor. However, as the Chinese economy has experienced rapid growth over the last four decades, it is now facing a lack of new growth drivers and notable structural contradictions between urban and rural areas as well as regions. To address these challenges, we propose that the development of the digital economy can bring new vitality to China’s economic growth at the current stage. The digital economy has the potential to transform China’s economy from being input-driven to efficiency-driven, ultimately facilitating high-quality development and transitioning towards an innovation-led economy. On the one hand, data are regarded as a productive factor, complementing capital and labor inputs and easing the constraints of the limited growth space of traditional factor inputs in China. On the other hand, the development of the digital economy can enhance the use efficiency of capital and labor inputs by directing resource flow and optimizing resource allocation efficiency. These implications are of great significance in addressing China’s structural contradictions and promoting a transformation towards an efficiency-driven development model.Incorporating digitization into growth accounting equations, we examine the impact of digitalization on total factor productivity and explore the industrial chain spillover effects and transmission mechanism. The findings of the study can be summarized in two aspects. On the one hand, digital inputs significantly improve the total factor productivity of firms. The study finds that the output elasticity of digital inputs stands at 0.09 by incorporating these inputs into traditional growth accounting models, with variations across industries. On average, digitization has a positive impact on total factor productivity, contributing to approximately 10% improvement. Secondly, both industry-firm and firm-firm matching data reveal the existence of industrial chain spillover effects resulting from upstream digital development. The mechanism involves enhancing upstream digitization to lower management costs, increase inventory turnover rates, and optimize resource reallocation efficiency in downstream industries, ultimately enhancing the total factor productivity of downstream firms.This paper contributes to the literature mainly in three ways. Firstly, it explores the impact of digital inputs on total factor productivity, extending beyond the prevailing literature that mainly focuses on the effect of digitization on firm output or labor productivity. The findings offer crucial insights that enhance future research and deepen the academic understanding of the topic. Secondly, the study sheds light on the significant industrial chain spillover effects of digital inputs, highlighting the substantial externalities associated with digitization. This finding necessitates further exploration into the externalities of the digital economy, similar to the discussions on human capital externalities in the 1980s that significantly impacted macroeconomic theory and related policies. Research on the externalities of the digital economy is important for theory and policy applications. Thirdly, we emphasize the potential of the digital economy to address challenges such as a lack of growth drivers and structural issues at this stage. If the digital economy, as a new form of input factors, is capable of enhancing the efficiency of traditional factors, generating positive externalities, and mitigating structural contradictions by optimizing market allocation efficiency, it will transition China from an input-driven to an efficiency-driven economy.However, several aspects require further exploration. For instance, incorporating the digital economy into macroeconomic growth accounting requires advancements in theoretical research; digital assets differ from traditional physical capital, and more detailed research is needed on data asset accounting and the non-linear accumulation process of data capital; additionally, the distributional effects of the digital economy should be given greater consideration. Only by thoroughly studying both the growth effect and distribution effect can we ensure that everyone shares the benefits brought by the rise of the digital economy, and avoid phenomena such as overemphasis on Internet+ and over-restriction of capital expansion.更多还原