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Regional Science & Technology and Innovation

The Influence Mechanism of the Digital Economy on Total Factor  Productivity of the Manufacturing Industry in the Yellow River  Basin: The Mediating Effect of Innovation Efficiency and the  Moderating Effect of Entrepreneurship 

Liu Jiang1 , Zhao Pengrui2

(1.School of Finance and Taxation, Lanzhou University of Finance and Economics, Lanzhou 730020, China; 2.School of Economics, Lanzhou University of Finance and Economics, Lanzhou 730020, China)

Abstract: The improvement of total factor productivity (TFP) in the manufacturing sector is  crucial for driving high-quality development and sustainable growth in the economy of the Yel⁃ low River Basin. TFP plays a pivotal role in enhancing regional competitiveness and promoting  coordinated regional development. As a new engine for economic growth, the digital economy  provides fresh opportunities for improving the TFP level within the manufacturing sector of the  Yellow River Basin. The 20th Central Committee's Third Plenary Session emphasized the impor⁃tance of promoting the deep integration of the real economy with the digital economy, strengthen⁃ ing modern infrastructure construction, and improving the resilience of industrial and supply  chains. This integration has facilitated structural transformation and upgrading in manufacturing  and promoted the smartization of the manufacturing value chain by spurring innovation. More⁃ over, the application of digital technologies has accelerated research and development processes  as well as product development cycles, injecting new vitality into the continuous growth of manu⁃ facturing TFP. Therefore, it holds significant research value and practical importance to explore  how to better enhance the TFP of manufacturing in the Yellow River Basin within the context of  the digital economy and examine the specific mechanisms by which the digital economy impacts  manufacturing TFP. Building on existing studies, this paper utilizes data from listed manufacturing companies  in the Yellow River Basin from 2011 to 2021 to examine the impact of digital economic develop⁃ ment on manufacturing TFP in the region. Additionally, the paper explores the mediating role of  innovation efficiency in manufacturing and the moderating effect of entrepreneurship and also  tests the potential threshold effects in the relationship between digital economic development  and manufacturing TFP. The results indicate: ①The development of the digital economy signifi⁃ cantly boosts the level of manufacturing TFP, becoming an important driver of its continuous im⁃ provement in the Yellow River Basin. This conclusion remains valid even when considering alter⁃ native measurement methods and addressing endogeneity concerns. ②The digital economy en⁃ hances innovation efficiency in manufacturing, which in turn promotes the growth of manufactur⁃ ing TFP. ③Entrepreneurship, as a key driver of business development, plays a positive moderat⁃ ing role in enabling the digital economy to boost manufacturing TFP. ④The impact of digital eco⁃ nomic development on manufacturing TFP is nonlinear; it initially shows diminishing marginal  returns before transitioning to increasing marginal returns. The most significant promoting effect  on manufacturing TFP occurs when the level of digital economic development exceeds 0.201. Based on these findings, this paper suggests that to enhance the TFP of manufacturing in  the Yellow River Basin, it is essential to accelerate the construction of new infrastructure, stimu⁃ late entrepreneurial innovation, and continuously advance digital transformation and the develop⁃ ment of the digital economy. 

Key words: digital economy; total factor productivity; manufacturing industry; the Yellow  River Basin; innovation efficiency; entrepreneurship