Research On The Impact Of Biased Technological Progress On Total Factor Productivity Of Financial Industry

Under the background of the development pattern of the new normal economy and the gradual opening of the capital market,low financial efficiency and serious waste of financial resources are increasingly becoming barriers restricting the sustainable,healthy and stable development of regional finance and economy,and it is inevitable for the financial industry to improve production efficiency.As an important part of the total factor productivity,the selection of the technological progress bias consistent with the factor endowment structure can effectively improve the total factor productivity of the financial industry.Based on the panel data of 30 provinces in China from 2010 to 2020,this paper conducts a theoretical analysis and empirical test of the impact of biased technological progress on the total factor productivity of China’s financial industry.The main contents include: first,using the DEA-Malmquist model to measure the technological progress index of the provinces in the eastern,central and western regions of China,the technological progress of China’s financial industry is capital,overall,the capital,and the western region is labor;second,using the three-stage DEA model shows that the total factor productivity of the financial industry is on the rise,but it does not reach the optimal efficiency,and the total factor productivity in the eastern,central and western regions is decreasing.Third,use the system GMM method to establish the benchmark measurement model,and test the direct influence mechanism between the two.The research results show that there is a degree of mismatch between the direction of the biased technology progress,which leads to the inhibitory effect of the total factor productivity of the financial industry.Fourth,the factor endowment structure is introduced as the intermediary mechanism variable to further analyze the indirect influence mechanism of the biased technology progress on the financial industry.It is found that the technological progress bias affects the total factor productivity of the financial industry in each region through the matching degree of factor endowment structure,the better the matching degree of the factor endowment structure;the analysis of the regional heterogeneity shows that the biased technological progress and the regional factor endowment structure have efficient technical adaptation,and the indirect influence effect based on the matching of factor endowment structure partially offset the direct inhibitory effect of the biased technological progress on the improvement of total factor productivity in the eastern region.The direction of biased technological progress in the central region does not match the factor endowment structure,and the indirect influence mechanism based on the matching of factor endowment structure strengthens the inhibitory effect on the improvement of total factor productivity in the financial region;the total factor productivity in the western region is between the eastern region and the central region.According to the above research results,from the coordination of regional financial development policy,optimize the circulation environment of elements,reduce the degree of government intervention,giving full play to the advantages of market economy,appropriately improve the level of opening to the outside world to improve the regional financial industry technology progress direction,enhance the level of financial total factor productivity countermeasures and Suggestions.