In the era of digital economy,digital transformation has become an important path for high-quality development of manufacturing enterprises.Based on the data of China's A-share manufacturing companies,this paper empirically examines the impact of digital transformation on the total factor productivity of manufacturing.Through a series of robust analysis,this paper finds digital transformation significantly improves the level of manufacturing TFP,and the effect of digital transformation on manufacturing TFP is affected by management structure,agency cost and financing constraints to varying degrees.Based on heterogeneity,it is found that the property of ownership,high-tech characteristics and regional distribution have a different impact on the efficiency improvement of enterprises in digital transformation.