Abstract: The improvement of the total factor productivity is an important part of the high‑quality development of agricultural enterprises, which has attracted much attention from the corporate and academic circles. Taking Chinese listed agricultural companies from 2008 to 2021 as research samples, this paper empirically tests the enabling effect of digital transformation on the improvement of the total factor productivity of agricultural enterprises and the intermediary effect of corporate human capital in them, and conducts heterogeneity analysis based on firm attributes and location characteristics. Studies have found that the coefficient of digital transformation degree is 0.178 5, which is significant at the 1% significant level, indicating that digital transformation can significantly promote the improvement of the total factor productivity of agricultural enterprises, after adding the intermediary variable of human capital, the regression coefficient of digital transformation has dropped from 0.178 5 to 0.164 9, indicating that human capital can play an intermediary effect in the process of digital transformation to promote the improvement of agricultural enterprises, that is, digital transformation can promote the optimization of the human capital structure of agricultural enterprises to improve the total factor productivity level, digital transformation has a more obvious effect on the improvement of agricultural enterprises' total factor productivity in non‑state‑owned enterprises, large enterprises and east enterprises.

Key words: agricultural enterprise, digital transformation, total factor productivity, human capital investment

摘要： 全要素生产率提升是农业企业高质量发展的重要内容，备受企业界和学术界关注。以2008—2021年中国农业上市公司为研究样本，实证检验数字化转型促进农业企业全要素生产率提升的赋能效应和企业人力资本在其中的中介效应，并基于企业属性和区位特征进行异质性分析。研究发现：数字化转型程度的系数为0.178 5且在1%显著水平下显著，说明数字化转型能够显著提高农业企业全要素生产率；加入人力资本这一中介变量之后，数字化转型的回归系数则由原来的0.178 5降至0.164 9，说明人力资本在数字化转型促进农业企业全要素生产率提升的过程中发挥中介效应，即数字化转型通过优化农业企业人力资本结构提升全要素生产率水平；在非国有企业、大型企业和东部地区企业中，数字化转型对农业企业全要素生产率的提升效果更明显。

关键词: 农业企业, 数字化转型, 全要素生产率, 人力资本