With the rapid development of digital technology and its extensive integration in various fields, the digital economy is increasingly becoming a core driving force for economic and social development. The difference-in-differences model (DID) is used to empirically examine the promotion effect and internal mechanism of the development of the digital economy on the total factor productivity of firms, based on sample data of all A-share listed companies from 2010 to 2022. According to the study, the growth of the digital economy can greatly increase an organization’s total factor productivity, and there is a large mediating influence between the two that is mediated by the extent of business data factor utilization. The test of heterogeneity of firms’ external environment shows that digital economy policies are more likely to promote the total factor productivity of enterprises in regions with a lower degree of market competition, while the test of heterogeneity of firms’ internal characteristics shows that the total factor productivity of non-state-owned firms and firms with a high degree of dynamic capabilities are more affected by the government’s digital economy policies. The study enriches the theory of the relationship between the total factor productivity of enterprises empowered by the digital economy, which can provide reference and reference for the formulation of China’s digital economy policies and the practice of high-quality development of enterprises.
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