Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2022, a two-way fixed effect model was used to study the impact of digital transformation of enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area on new quality productivity. The results show that the digital transformation of enterprises has significantly improved the level of new quality productivity. Mechanism-wise, the digital transformation of enterprises further promotes the development of new quality productivity by optimizing human capital, enhancing innovation quality, overcoming financing constraints, and broadening international perspectives. Heterogeneity analysis indicates that non-state-owned enterprises and high-tech enterprises perform more outstandingly in terms of improving new quality productivity in Guangzhou and Shenzhen.

new quality productivity  /  digitization  /  Guangdong-Hong Kong-Macao Greater Bay Area