Research On The Impact Of The Implementation Of Financial Shared Services On The Total Factor Productivity Of Enterprises

The report of the 19th CPC National Congress pointed out that China’s economy is gradually changing from the stage of high-speed growth to the stage of high-quality development,and improving total factor productivity is the key to promoting high-quality economic development,which means that China must accelerate the transformation from factor and investment driven development to innovation driven development.In order to achieve efficiency reform,enterprise have made in-depth exploration in the innovation of management mode.As a new mode of financial management relying on information technology,financial sharing service has attracted extensive attention.It can help enterprises improve efficiency and concentrate financial resources to engage in higher value work,and also has a positive impact on improving enterprise business performance and enhance enterprise value.This thesis attempts to explore the relationship between the implementation of Financial Shared Services and total factor productivity,and consider whether the difference between market environment and technological environment will affect the relationship between them.Firstly,this thesis sorts out the relevant literature on Financial Shared Services and total factor productivity,and analyzes the mechanism of the implementation of Financial Shared Services affecting the level of total factor productivity based on resource allocation theory,process reengineering theory and scale economy theory.Secondly,taking the construction enterprises listed in Shanghai and Shenzhen A shares from 2013 to 2019 as samples,this thesis builds a multi-period DID model based on the year when each enterprise implements financial sharing services and makes an empirical study by Stata16.0 on the relationship between Financial Shared Services and total factor productivity.The results show that:(1)The implementation of financial shared services can promote the increase of total factor productivity;(2)With the increase of the establishment time of Financial Sharing Center in a certain period of time,the promoting effect of Financial Sharing Service on improving the total factor productivity of enterprises will become more and more obvious;(3)The degree of marketization and the level of informatization have a significant regulatory effect on the relationship between the implementation of Financial Shared Services and total factor productivity.Finally,according to the research conclusion,this thesis puts forward some suggestions for enterprises to improve total factor productivity from the construction of Financial Shared Service Center:pay attention to the application of Financial Shared Services;promote the implementation of financial shared services with steady steps;Consider the regional technology and market environment when selecting the location of the Financial Share Center.