Research On The Impact Of Digital Finance On Total Factor Productivity Of Manufacturing Enterprises

In the current economic focus of high quality development as the core,the total factor productivity has gradually become the main source of our country’s comprehensive strength,high quality development,is to maintain a certain total factor productivity growth rate.On the one hand,it is necessary to empower production efficiency by improving the technical level,optimizing resource allocation,improving management quality;on the other hand,manufacturing is the core of entity economic development,only maintaining a more powerful manufacturing GDP proportion,it is possible to maintain the continuous growth of total factors productivity through technological innovation,which is also an important reason for this article to study samples.The appearance of Digital Finance enables financial institutions to show significant reduction in cost,high efficiency during the service entity economy.Digital Finance uses itself more wide,depth,and digital advantages to achieve financial resources more efficiently in business.Digital Finance broadens the boundaries of financial services and reduces the financing cost of enterprises.It also promotes the increase in consumption,the upgrading of consumption structure and enterprise technology.As a result,Digital Finance empowers enterprise production activities by improving the form,range and efficiency of financial services.On this basis,it is important to study how Digital Finance affects the total factual productivity of my country’s manufacturing companies.This paper first combs the research results of Digital Finance and firm’s total factor productivity,and summarizes the breadth,depth,and digital advantages of Digital Finance itself on the directive mechanism of total factor productivity of enterprises.Then from the two aspects of alleviating corporate financing constraints and improving corporate profitability,this paper analyzes the indirect mechanism of Digital Finance affecting firm’s total factor productivity,and proposes research assumptions.In the empirical inspection part,this paper selects 1986 listed manufacturing enterprises from 2011 to 2020 as the research object,and matches the corresponding prefecture-level digital finance development level according to the company’s registered location.This paper uses a two-way fixed-effects model to exam the direct impact of Digital Finance on firm total factor productivity and the mediation effect of the financing constraints and profitability by stepwise regression analysis.Finally,this paper exam the relationship between the two from the perspectives of multi-dimensional digital finance,corporate financing dependence,and the region where the company is located.This article obtains the following research conclusions: First,overall In this paper,the degree of digitization will suppress the growth rate of product full factors.Second,in terms of the mechanism of action,alleviating corporate finance constraints and enhances corporate profitability is two major channels affecting the impact of Digital Finance on the productivity of enterprises.On the one hand,Digital Finance can reduce financial expenses to improve financial expenses.The company’s financing environment has promoted the growth rate of enterprises;on the other hand,Digital Finance can promote the growth rate of consumption structural transformation by promoting the development of e-commerce,and promoting the transformation and upgrading of consumption structures to enhance corporate profitability.Through the above-mentioned mechanisms,Digital Finance in turn encourages enterprises to carry out innovative R&D and technological upgrading,and promotes the improvement of production efficiency.Third,in terms of enterprises,Digital Finance’s promotion role in high-financing relying on enterprises is greater than low-financing,depending on how Digital Finance is more fully utilized in high financing relying on companies.Fourth,in terms of different regions,Digital Finance has a greater effect on the total factor productivity of enterprises in coastal areas than in inland areas.This may be because coastal areas have advantages in resources such as financial infrastructure construction,which has laid a good foundation for the development of Digital Finance.The "digital divide" inside the inland area is more obvious,causing Digital Finance does not to make full advantage,while the earliest opening hours of the coastal area make people learn more to learn new technologies,the economic situation to good development will also attract Inland talents,resulting in talent loss in the inland area.According to the above analysis,this paper proposes the following three suggestions: First,improve the digital financial infrastructure construction,deepen the digitization of Digital Finance.Second,construct a digital financial development system for local conditions,and the multi-dimensional encourages enterprise progress.Third,improve the digital financial market supervision system and maintain the market interests of micro-subject.