How Does Enterprise Digital Transformation Affect Total Factor Productivity? Based on the Information Intermediary Role of Analysts' Attention

In the era of Industry 4.0, digital transformation has become an important strategic choice in driving enterprise development. However, there are few studies on how digital transformation affects the total factor productivity of enterprises. In order to fill this theoretical gap, this study explored the impact of digital transformation on total factor productivity from the perspective of information transmission that analysts focus on. Based on data from Chinese A-share listed companies from 2012 to 2021, this work constructed a fixed effects model and a mesomeric effect model. The experimental results show the following: (1) the digital transformation of enterprises significantly improves total factor productivity; (2) the attention of analysts has significantly improved the total factor productivity of enterprises; (3) enterprise digital transformation can significantly improve analysts' attention, which plays an intermediary role between enterprise digital transformation and total factor productivity; (4) the heterogeneity analysis showed that digital transformation has a more significant promoting effect on the total factor productivity of tertiary industry enterprises and enterprises with lower competitiveness in their respective industries. For the first time, this study explored the mechanism by which digital transformation impacts total factor productivity from the perspective of analysts. It is necessary to encourage enterprises to attach importance to the role of analysts in information transmission in the process of digital transformation. It is suggested that enterprises formulate strategies according to the characteristics of their industries in digital transformation, and the government should formulate differentiation strategies according to the different industries and the different levels of competition between industries in the national economy.