Research On The Impact Of Fintech On The TFP Of Enterprises

Over the past four decades of reform and opening-up,China has created several economic miracles.Faced with the impact of realistic factors such as the rising cost of specific factors,the improvement of the TFP has become an important path to achieve economic growth and high-quality development.Under the framework of traditional finance,enterprises face many challenges in improving the TFP based on technological progress and other ways.With the rise of a new round of scientific and technological revolution,the rapid development of fintech alleviates the information asymmetry between credit suppliers and demanders,becomes an important supplement for finance serving the development of enterprises.However,under the condition of improper regulation,if the systemic risks created by fintech spread to the real economy,the improvement of the TFP of enterprises will be hindered.Based on the above background,fintech and the change of enterprise TFP have become the urgent topics to be studied in the period of economic acceleration and transformation.This paper focuses on the causal identification of "Fintech and the TFP of Enterprises".Firstly,the theoretical analysis framework of the impact of fintech on the TFP of enterprises is constructed,two intermediate variables of the commercial credit supplies of enterprises and the scale of enterprises investment are introduced to open the black box of causality,and the differences of the impact of fintech on the TFP of enterprises are analyzed according to the characteristics of target enterprises and the external environment theory.Secondly,the A-share listed enterprises in Shanghai and Shenzhen stock exchange from 2011 to 2021 are taken as the research object,the TFP of enterprises is measured based on LP method,and the number of regional fintech companies after a series of processing is used to measure the development level of fintech by referring to the existing research results.Thirdly,this paper solves the hypothesis proposed above through multidimensional panel fixed effect,mechanism test of segmented regression and grouping regression method combined with SUEST test.Based on theoretical analysis and empirical test,the paper draws the following three conclusions: Firstly,fintech can significantly promote the improvement of the TFP of enterprises,and the research conclusion remains robust after changing the measurement method of the core explanatory variable,removing special samples,instrumental variable method and difference-in-difference test.Secondly,fintech can promote the TFP of enterprises by promoting the commercial credit supplies of enterprises,while fintech can promote the growth of the scale of enterprises investment,which will have a negative impact on the TFP of enterprises.On the whole,fintech still plays a significant role in improving the TFP of enterprises,and the positive effect of some intermediate variables is enough to offset the negative effect of some intermediate variables.Thirdly,the degree to which fintech affects the TFP of enterprises varies according to the characteristics of enterprises and the external environment.Based on enterprise life cycles perspective,fintech can significantly promote the TFP of enterprises in growth and maturity stages,while the impact on enterprises in recession stage is negative but not significant.Based on the intensity of production factors perspective,fintech can significantly improve the TFP of technology-intensive and labor-intensive enterprises,but has no significant promoting effect on asset-intensive enterprises.Based on the intensity of local financial regulation perspective,the promoting effect of fintech on the TFP of enterprises is more obvious in regions with higher regulatory intensity.Based on the research conclusions,this paper puts forward corresponding countermeasures and suggestions from the three dimensions of governments,financial institutions and enterprises,so as to maximize the economic efficiency released by fintech to effectively promote the improvement of the TFP of enterprises,make finance serve the real economy more efficiently,and thus realize the high-quality development of China’s economy.