Research On The Influence Mechanism Of Digital Finance On Total Factor Productivity Of Manufacturing Enterprises

Manufacturing is the foundation of the real economy.Improving the total factor productivity of manufacturing enterprises is not only conducive to the development of enterprises themselves,but also related to the healthy operation of the real economy and the future of national economy and people’s livelihood.Most manufacturing enterprises are assetheavy and face serious resource mismatch,which greatly hinders the improvement of total factor productivity and restricts the development of enterprises.Compared to traditional financial,digital financial relies on its technical superiority,deliver a more diversified financial services,use of big data,cloud computing,artificial intelligence,information asymmetry phenomenon in financial markets impaired,help enterprises to broaden the financing channels,reduce the financing cost,improve the efficiency of the allocation of resources,promote the enterprise innovation ability raise.Based on the analysis of information asymmetry theory,resource misallocation theory and financial development theory,this paper proposes the influence mechanism of digital entry on total factor productivity of manufacturing enterprises from two paths of resource misallocation and innovation ability.On this basis,this paper selected the 709 Shanghai and shenzhen main board listed company annual panel data from 2011 to 2019,with Beijing university pratt&whitney financial index level dimension,digitized degree of provincial level data on behalf of the digital level of financial development,use the OP method to calculate total factor productivity in manufacturing enterprises,using bidirectional fixed effects model,This paper examines the impact of digital finance development on the total factor productivity of manufacturing enterprises from the perspective of the whole and different ownership,and tests the mediating effect of resource mismatch and innovation capability by stepwise regression method.Through empirical research,this paper finds that:first,the development of digital finance contributes to the improvement of total factor productivity of manufacturing enterprises.Second,digital finance can effectively improve the problem of resource mismatch and enhance enterprises’ innovation ability,and resource mismatch and innovation ability play a mediating effect on the effect of digital finance on enterprises’ total factor productivity.On the one hand,digital finance changes the market risk structure and greatly reduces the information asymmetry in the financial market,thus enabling the capital and labor resources in the market to flow to enterprises with higher marginal value.On the other hand,the improvement of financing environment also promotes the improvement of technological innovation ability of enterprises,which can fundamentally improve productivity and further promote the improvement of total factor productivity of enterprises.Third,there is heterogeneity in the impact of digital finance on total factor productivity of enterprises of different ownership.On the whole,the development of digital finance effectively alleviates the phenomenon of resource mismatch and promotes the technological innovation of enterprises,thus boosting the total factor productivity of enterprises.Combined with the research conclusions,this paper believes that we should set the overall direction of promoting the development of digital finance,and on the basis of promoting the development of digital finance,actively guide it to better serve the real economy.First of all,we should dig deeply into the value of data,consolidate the layout of digital infrastructure,and actively promote digital credit on this basis,so that it can serve the real economy.In addition,we should also pay attention to precise drip irrigation,bridge the digital divide,and promote common prosperity.Finally,we should strengthen guidance at the regulatory level,improve the governance system and improve the regulatory system.