| In recent years,digital technologies represented by the Internet and artificial intelligence have flourished.Digitalization is profoundly affecting the national development pattern and industry development environment,and continuously promoting the quality and efficiency of the industry.However,the implementation paths and effects of digital transformation in various industries are different,and there are inconsistent or even opposing views on the economic effects of digital transformation in different industries.As one of the earliest and most widely used industries in the financial services industry,digital transformation has given the industry new development momentum,but whether it can improve productivity needs to be further verified.Based on the unbalanced panel data of China’s financial listed financial companies from 2010 to 2021,this paper empirically examines the impact of digital transformation of the financial services industry on labor productivity and analyzes its internal mechanism.Firstly,the digital transformation index evaluation system is constructed from three aspects:digital construction,digital talent and digital cognition,and the digital transformation index of the financial service industry is calculated and analyzed.On this basis,an empirical model is constructed to test the impact of digital transformation of the financial services industry on labor productivity.Secondly,an expansive study is carried out according to the ownership nature,region and heterogeneity of the main business of financial listed companies.The impact of digital transformation of the financial services industry on labor productivity is further tested again by adjusting the sample interval,replacing the core explanatory variable measurement method,replacing the regression method,and alleviating endogenous problems,so as to enhance the robustness of the research results.Finally,taking capital deepening,human capital and total factor productivity as intermediary variables,an intermediary model is constructed to systematically explore the impact of digital transformation on labor productivity in the financial services industry.The results show that:(1)The digital transformation level of the financial services industry is increasing year by year.Specifically,the digital transformation index of the regional level decreases from west to east,the digital development of the financial service industry in the central and western regions has a latecomer advantage,the digital transformation index of state-owned financial enterprises at the ownership level is higher than that of non-state-owned financial enterprises,but the numerical gap continues to narrow,and the digital level of securities industry and other sub-industries at the sub-industry level is significantly higher than that of the insurance industry and banking industry,walking in the forefront of digital transformation.(2)The digital transformation of the financial services industry has an improving effect on labor productivity,which is specifically reflected in the fact that for every 1% increase in digital transformation,labor productivity will increase by 0.046,and after multiple robustness tests,the research conclusion is still valid,which once again confirms the rationality of the theoretical analysis and effectively breaks the effectiveness of the "information technology productivity" paradox in the field of financial services.(3)Digital transformation has a significant effect on the labor productivity of state-owned enterprises in the financial services industry,the financial services industry,the banking industry and other sub-industries in the central and western regions,and the heterogeneity characteristics are obvious.(4)Through the test of intermediary effect,this paper verifies that the digital transformation of the financial services industry can improve labor productivity from three ways: promoting capital deepening,promoting human capital upgrading,and improving total factor productivity,in which human capital plays a major role.In this regard,the following countermeasures and suggestions are put forward,paying attention to the strategic driving role of the digital transformation of the financial services industry,strengthening the construction of digital financial teams,increasing investment in digital technology,and promoting the differentiated and reasonable development of different types of financial enterprises. |
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