| Since the economy moved towards the new normal,we have gradually promoted the development of the economy to a high-quality stage.The improvement of total factor productivity is an important transformation direction of sustained economic growth.Financial digitization plays a vital role in a country’s economic growth.Technological innovation is inseparable from digitization,which also has a great impact on total factor productivity.In the context of the impact of the COVID-19,the vigorous development of the digital economy ushers in important opportunities for digital finance,gradually stabilizes economic development,and promotes the promotion of total factor productivity.To promote economic growth,we should pay attention to the research on total factor productivity,take the impact of digital financial development on regional total factor productivity as the research starting point,improve total factor productivity from different paths,and then innovate financial services and financial products of digital finance,so as to realize that digital finance can help the growth of total factor productivity.Digital finance combines digital economy with financial innovation and development,changes the mode of economic growth,improves the rational use efficiency of factors,and drives the sustainable development of economy.Put forward corresponding countermeasures and suggestions according to the development of different regions,so as to achieve the effect of more accurate policy implementation.In 2020,a major public health event,the COVID-19,caused a serious setback to the economy.Due to the regional clustering and unexpected outbreak of the COVID-19,some industries are facing closure.Digital finance is undoubtedly a strong financial support in the face of the epidemic,providing a guarantee for restoring economic development,reducing offline contact and blocking the spread of the epidemic.This paper studies the development level index of digital finance and the development level of total factor productivity to measure the economic growth of a region,which enriches the research perspective between financial innovation and economic growth.In studying the impact path of digital Finance on different regions,this paper puts forward corresponding countermeasures and suggestions for regional development,which is conducive to regional economic development.Starting from the action path of digital Finance on TFP,this paper puts forward corresponding countermeasures and suggestions by analyzing the impact of technological innovation,education investment,industrial structure and government promotion on TFP.Using the data of 31 provinces in China from 2011 to 2020,this paper constructs a regression model for empirical research,tests the robustness of the results and analyzes the heterogeneity of the impact of digital Finance on total factor productivity.The research found that: first,the development level of digital finance has played a positive role in promoting the improvement of total factor productivity,and there is regional heterogeneity.Second,digital financial talents will play a positive role in the growth of total factor productivity.We should pay attention to the absorption of talents in digital finance,increase the training of digital financial talents,enhance the knowledge spillover effect and increase total factor productivity.Third,the development of digital finance has alleviated the difficulty of enterprise financing to a certain extent,promoted regional economic growth and increased total factor productivity by strengthening credit investment.Fourth,government financial support plays a positive role in the development of digital finance.Only by constantly improving the operating environment of digital finance and making it develop reasonably,healthily and healthily can we better drive the improvement of total factor productivity. |
