关键词: 城市数字经济, 制造业企业, 全要素生产率, 技术创新, 融资约束

Abstract: ased on the data of 283 prefecture-level cities’ digital economy from 2010 to 2020 and 2145 A-share manufacturing listed companies, the effect of the urban digital economy on total factor productivity of manufacturing enterprises is examined. The results show that: (1) Overall, the urban digital economy can significantly improve total factor productivity of manufacturing enterprises; (2) The mechanism research shows that the urban digital economy promotes technological innovation of manufacturing enterprises and alleviates financing constraints, thereby improving total factor productivity; (3) The heterogeneity analysis finds that the urban digital economy has more significant promotion effects on total factor productivity of manufacturing enterprises in the eastern region and large-scale cities, and also of non-state-owned manufacturing enterprises. The research conclusions provide reference for formulating digital economic development strategies and implementing enterprise strategies.

Key words: urban digital economy, manufacturing enterprises, total factor productivity, technological innovation, financing constraints