Digital Transformation, Supply Chain Relationship Governance, and Total Factor Productivity: Empirical Evidence from Agricultural Listed Companies

In the context of the digital economy, digital transformation has emerged as a critical driver for enhancing the total factor productivity (TFP) of agricultural enterprises. Based on social capital theory, and utilizing data from listed agricultural companies in China from 2007 to 2022, this paper investigates the mechanisms through which digital transformation influences TFP in agricultural enterprises. The findings indicate that digital transformation significantly contributes to TFP improvement in agricultural enterprises. The findings further show that: (1) Digital transformation fosters supply chain relationship governance, which enhances TFP through three primary pathways: strengthening supply chain bargaining power, improving business credit, and reducing transaction costs within the supply chain. (2) Fiscal support for agriculture positively moderates the relationship between digital transformation and TFP, amplifying the benefits of digital initiatives. (3)The impact of digital transformation on TFP exhibits heterogeneity, with more pronounced effects observed in growing and mature agricultural enterprises, as well as those located in eastern regions of China. To further enhance TFP, the study proposes that (1) agricultural enterprises should leverage digital transformation to strengthen their supply chain relationship governance capabilities; (2) enterprises should develop tailored digital transformation strategies that align with their unique characteristics and competitive advantages; and (3) governments should enhance fiscal support and accelerate the development of digital infrastructure to facilitate the digital transformation of agricultural enterprises.