Research On The Impact Of Financial Technology Development On The Total Factor Productivity Of A-share Listed Companie

At present,Chinese economy has entered a stage of high-quality development.An important means to achieve high-quality economic development is to promote the development of the real economy with science and technology finance.China’s long-term development model of relying on excessive input of factors to stimulate economic growth is no longer suitable for the current high-quality development requirements.Changing the mode of economic growth and improving the total factor productivity of enterprises have become an urgent problem to be solved.This paper investigates the impact of fintech on the total factor productivity of A-share listed enterprises by focusing on the productivity of real businesses.The findings of this study have significant theoretical implications and practical value for optimizing the financial system to better serve the development of the real economy and promote high-quality economic growth.Drawing on domestic and international research,this study examines the effects of Fintech advancement on the total factor productivity of A-share listed firms from both theoretical and empirical perspectives.Firstly,it reviews the relevant literature both domestically and abroad,and define the key variables of Fintech and Tfp,analyzes the research status of Fintech and enterprise total factor productivity,and explains the relevant theories related to Fintech and enterprise total factor productivity;Secondly,try to put forward the research hypothesis that the development of Fintech affects the total factor productivity of enterprises from the theoretical level,and analyze and describe the measurement indicators and current situation of Fintech and total factor productivity;Thirdly,validate assumptions through empirical analysis,the A-share listed enterprises in 2011-2019 are selected as the research object to empirically test the impact of Fintech on the total factor productivity of A-share listed enterprises.The data of enterprises in different regions and industries are analyzed for heterogeneity.Taking enterprise financing constraints and R&D innovation investment as the research path,this article analyzes the mechanism of the impact of Fintech on enterprise total factor productivity through the intermediary effect model.Using the panel threshold model,further explore whether there is a threshold variable between Fintech and enterprise total factor productivity,and whether the relationship between the two changes with the threshold variable;Finally,draw conclusions and put forward policy recommendations.The research shows that:(1)the development of Fintech has promoted the improvement of total factor productivity of enterprises.And conduct heterogeneity test on enterprises belonging to different regions and industries,it is concluded that Fintech has a higher promotion effect on the production efficiency of enterprises in high-tech industries than enterprises in non-high-tech industries;Fintech plays a more important role in improving the production efficiency of enterprises in the eastern region,but not in the central and western regions;(2)Analysis of the mechanisms indicates that the development of financial technology can improve market information transparency,alleviate information asymmetry between investment and financing parties,reduce financing constraints on enterprises,and provide strong financial support for enterprise development.Financial technology can encourage enterprises to increase research and development investment and improve their total factor productivity by providing innovative financial products and services;(3)The impact of Fintech and Tfp of enterprises is not simply promoted.Through the analysis of the two threshold variables of enterprise size and enterprise growth,it is found that there are certain threshold effects and structural differences between them.To this end,this paper makes the following recommendations: Actively promote deep integration of finance and technology to strengthen the digital transformation of the financial field;Improved financial infrastructure and balanced regional development;Enhance bank-enterprise cooperation and provide policy support for corporate credit;Strengthen the financial supervision system and standardize the financial system;Enterprises should improve their own information supply mechanism;Establish the awareness of establishing enterprises and developing industries through technology,and improve independent R&D capacity of enterprises;Improve the enterprise’s digital transformation capability.