Based on the data of Ashare listed companies in Shanghai and Shenzhen from 2017 to 2022, this paper comprehensively describes the big data of multisubject external supervision with the help of deep learning and big data analysis technology, and verifies the driving effect and specific driving path of the joint force of external supervision on the development of total factor productivity of enterprises. The results show that the external supervision force has information effect and governance effect, which helps enterprises build new quality productivity by improving the quality of accounting information disclosure, reduce double agency costs, enhancing the level of technological innovation, optimizing the efficiency of capital allocation, and improving total factor productivity. Further research finds that with the difference of enterprise growth and external institutional environment, the regulatory driving effect of external regulatory synergy is different. This paper enriches the theoretical research on the joint force of multisubject external supervision to promote the highquality development of enterprises, and provides a policy reference basis for further promoting the formation of new quality productivity of enterprises.