Research On The Impact Of Financial Mismatch On The TFP Of Enterprises Under Digital Finance

Financial resource can guide the flow of other resources,so its allocation efficiency has always been the core content of economic research.With the changes of society,the allocation of financial resource in China is seriously interfered by factors such as government preference and bank ownership discrimination,which makes it difficult for capital to automatically flow to efficient departments,showing a state of misallocation of financial resource.In this state,capital allocation does not match the needs of the production sector,and corporate financing constraints continue to rise,resulting in an overall decline in TFP and hindering the sustainable and healthy development of China’s economy.The emergence of digital finance provides a convenient value-added channel for idle funds in the society,shakes the core position of commercial banks in corporate financing,and continuously promotes the formation of a fair financing environment.In this context,the distortion of the allocation of financial resources is gradually reduced,and the impact of financial mismatch on the TFP of enterprises in China is worth reconsidering.This paper firstly sorts out the relevant research results of financial mismatch,TFP of enterprises and digital finance,and on this basis,summarizes the impact of financial mismatch on the TFP of enterprises and the adjustment mechanism of digital finance on the relationship between the two,and put forward the hypothesis of research.In the empirical test,this paper takes the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2020 as the main analysis objects,and matches the digital finance index with enterprises based on their cities to test the relationship between financial mismatch and the TFP of enterprises under digital finance.The empirical analysis is divided into four parts:First,testing the relationship between financial mismatch and the TFP of enterprises.Second,introducing the development degree of urban digital finance to test the moderating effect of digital finance on the relationship between financial mismatch and TFP.Third,starting from the structure of digital finance,to explore the differences in the adjustment effects of different dimensions.Finally,distinguishing different types of samples,and further analyzing the impact of financial mismatches in different sub-samples on the TFP of enterprises and the difference in the adjustment effect of digital finance.This paper draws the following four conclusions:(1)Financial mismatch is negatively correlated with the TFP of listed companies,that is,the increase in the degree of financial mismatch will increase the financing constraints of companies,inhibit industrial investment and corporate innovation,and thus hinder the improvement of TFP.(2)Digital finance can alleviate the negative impact of financial mismatch on TFP,that is,the development of urban digital finance can reduce the negative impact of financial mismatch on TFP in the city,which is conducive to the healthy development of enterprises.(3)Different dimensions of digital finance have different moderating effects.The effect of the depth of use is the strongest,and the degree of digitization is the weakest.It shows that the development of digital finance shuold not only pursue the improvement of digital level,but also need to continuously improve its "penetration ability" and "inclusive ability".(4)The inhibitory effect of financial mismatch on TFP is more serious in state-owned enterprises and enterprises in the central and western regions,which is highly consistent with the conclusions of previous studies.The moderating effect of digital finance is more significant in state-owned enterprises and the eastern region.It is speculated that the reason may be that digital finance promotes financing fairness,so that state-owned enterprises no longer have absolute financing advantages,so they have to improve their own innovation capabilities to improve their TFP.In the eastern region,due to the higher degree of marketization and relatively complete digital facilities,it is more conducive to the adjustment of digital finance.This paper puts forward the following policy recommendations for the government,banks and enterprises: First,the government should reduce its intervention in corporate financing and give full play to its management and planning capabilities,and support the development of digital finance with policy means on the premise of ensuring the bottom line of safety.Second,banks should change ownership discrimination and establish a fair service concept,and make full use of the advantages of digital finance and use big data to alleviate information asymmetry in traditional lending methods.Third,state-owned enterprises should take efficiency improvement as the first criterion and take the initiative to play an exemplary role;private enterprises should seize the opportunity of digital finance development,choose appropriate channels for financing,and also need to make rational investment decisions and improve the conversion efficiency of investment to output to improve its endogenous financing capacity.