The Impact Of Digital Finance On Enterprise Total Factor Productivity

The report of the 20 th National Congress pointed out that efforts should be made to improve total factor productivity and promote high-quality development.The improvement of total factor productivity at the macro level is the main driving force for promoting high-quality economic development,and it is also an important manifestation of measuring economic growth.However,only by improving the total factor productivity of enterprises at the micro level can we improve the total factor productivity at the macro level.In the face of enterprise innovation activities and constraints in the development process,the use of emerging digital technologies to enable the new financial format of digital finance formed by the traditional financial industry can greatly improve the efficiency of financial services and improve the level of enterprise innovation,thus helping enterprises to improve total factor productivity and high-quality and sustainable economic development.Therefore,it is of great practical significance to deeply explore the impact of digital finance on the total factor productivity of enterprises.Based on the above background,this paper summarizes the existing research,based on transaction cost theory,information asymmetry theory and financial development theory,adopts the data of A-share listed companies from 2011 to 2021,uses LP method as the measurement method of enterprise total factor productivity,and constructs a fixed effect model to examine the relationship between digital finance and enterprise total factor productivity.At the same time,this paper also explores the intermediary role of enterprise innovation from two aspects of enterprise innovation input and innovation output,systematically reveals the influence mechanism of digital finance on enterprise total factor productivity,and uses government subsidies as a moderating variable to study its impact on digital finance.The moderating effect of enterprise total factor productivity further expands the theoretical perspective of digital finance affecting enterprise total factor productivity and enriches its related theoretical research system.Through empirical research,this paper draws the following conclusions : the development of digital finance can significantly improve the total factor productivity of enterprises.After a series of robustness tests,the conclusion is still valid.Whether it is enterprise innovation input or innovation output as an intermediary variable,it has passed the intermediary effect test.Enterprise innovation plays an intermediary role in the process of digital finance promoting the improvement of enterprise total factor productivity.According to the analysis of the moderating effect test,it can be seen that government subsidies play a moderating role in the impact of digital finance on the total factor productivity of enterprises.The more subsidies the government gives to enterprises,the better the incentive effect of digital finance on the total factor productivity of enterprises.The results of heterogeneity analysis show that digital finance has a more significant effect on the total factor productivity of large-scale,high-tech,service and eastern enterprises.In summary,this paper suggests that relevant institutions should take into account all dimensions of digital finance and accelerate the overall development of digital finance;increase investment and cooperation in professional colleges and universities,learn from each other through various channels,and pay attention to the cultivation of digital financial talents;strengthen policy support,create a good environment for enterprise innovation,and play an active role in enterprise innovation;create a good channel and environment for the development of digital finance in underdeveloped cities in the central and western regions,and coordinate the development of digital finance in various regions.