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

Since the reform and opening up,relying on the advantages of human,capital,land and other factors,China’s economy has achieved 44 years of rapid development.However,with the adjustment of factors such as population structure,market demand and resource allocation relationship,the past "extensive" development mode has been difficult to meet the development requirements of the new era.Therefore,actively changing the development mode,optimizing the efficiency of resource allocation,accelerating the construction of real economy and improving the total factor productivity of enterprises have become an important topic in building a powerful socialist modern country.However,the excessive financing constraints and unequal resource distribution in the capital market have a profound impact on the pace of enterprise modernization.In recent years,with the rise of China’s digital economy,digital finance came into being and continued to grow.Modern scientific and technological means such as big data,artificial intelligence,blockchain and 5g technology continue to empower the financial system,making China’s financial system more sound and the financial market more developed.As a representative of the emerging financial model,digital finance plays an important role in expanding the connotation of financial services,accelerating the rate of information flow,extending the boundary of financial coverage,optimizing the allocation relationship of financial resources and alleviating the financing constraints of enterprises.It is the only way to promote the transformation and upgrading of enterprises and achieve high-quality development.Therefore,based on the perspective of financing constraints and resource allocation,this paper empirically tests the impact of digital Finance on the total factor productivity and distribution law of manufacturing enterprises.The empirical study found that:(1)digital finance can improve the total factor productivity of manufacturing enterprises,but the impact of different dimensions of digital finance index on total factor productivity is different.(2)Digital finance has the characteristic of "convergence",which can smooth the distortion of capital market and make the distribution of total factor productivity tend to converge through the reallocation of resource factors.(3)Digital finance has the characteristics of inclusiveness and inclusiveness,which plays a more obvious role in promoting the total factor productivity of relatively small manufacturing enterprises.(4)Financial regulatory environment is an important external factor affecting the practice of digital finance.In areas with strict financial regulation,the financial system is more sound and the market competition is more fair.Therefore,digital finance plays a more obvious role in promoting the total factor productivity of enterprises.(5)The impact of digital Finance on the total factor productivity of manufacturing enterprises is not simply positive correlation.With the improvement of total factor productivity,the impact of digital finance will gradually decrease,and the impact on the very low and high groups of total factor productivity is quite different.(6)The results of mechanism test show that financing constraints and credit resource allocation efficiency are important channels for digital finance to affect the total factor productivity of enterprises.This study clarifies the logical relationship between digital finance and total factor productivity of manufacturing enterprises,and puts forward policy suggestions to the government,financial institutions and enterprises respectively according to the research conclusions,so as to provide some reference and reference for China’s manufacturing enterprises to break through the development bottleneck and achieve high-quality development.