| Along with the steady rise of labor cost in China,the "Lewis Turning Point" is approaching,the "demographic dividend" is gradually fading,and the economic development model has changed from the previous high-speed growth model to the high-quality development model.At the same time,the Communist Party of China has clearly proposed to "accelerate the construction of a new development pattern with the domestic circulation as the main body and the domestic and international circulation promoting each other","build a new development pattern,effectively transform the development mode,and promote quality change,efficiency change and power change " and "the formation of enterprise-oriented,market-oriented,industry-academia-research-application deep integration of technological innovation system" and other ideas,and enterprises are the micro components of the macro economy,which marks the development of micro enterprises in the next stage is closely related to the development of China’s macro economy,and the total factor productivity of enterprises The improvement of total factor productivity of enterprises is the power source of economic development towards high-quality development mode,and the research on total factor productivity of enterprises is increasing.From the perspective of enterprises themselves,the investment efficiency of enterprises affects their own survival and development and is also related to the allocation of market resources.In reality,the investment decisions of enterprises are affected by various factors,especially the problem of inefficient investment caused by the principal-agent problem and the financing constraint problem.On the other hand,the rapid development of technology in recent years has gradually integrated technology into the production life of enterprises,and the emergence of financial technology has innovated the products and services provided by the traditional financial industry,greatly reducing the information asymmetry problem in the market and reducing the inefficient investment of enterprises in several aspects.At the same time,the development of financial technology has significantly changed the production methods of enterprises,accelerated the efficiency of their production and operation,and to a certain extent promoted the improvement of total factor productivity of enterprises.However,the mechanism of the interaction between fintech,inefficient investment and total factor productivity needs to be verified by means of empirical analysis.Therefore,this paper takes this as an innovative point to broaden the research perspective and put fintech,inefficient investment and total factor productivity of enterprises into a framework for mechanism research.This paper compares the literature and theoretical foundations of fintech,inefficient investment and total factor productivity of firms,investigates the mechanisms of each key variable in the framework and thus formulates the research hypotheses of this paper.In order to make the results of the subsequent empirical analysis more credible,this paper compares the quantitative methods of different key variables and selects the appropriate methods to measure the key variables.This paper uses the data from 2011-2019 as the sample,and quantifies the inefficient investment data of enterprises using the efficiency investment model after processing the data of A-share listed companies,while the total factor productivity of enterprises is calculated using the LP method and GMM method afterwards.The impact of fintech on the total factor productivity of enterprises with inefficient investment as the mediating variable is discussed by using the mediating effect model,and after the empirical results are obtained,the paper will use the method of replacing key variables to test the robustness of the empirical results.Finally,this paper conducts heterogeneity analysis by grouping firms according to their different investment efficiency.The empirical results show that(1)the increase in the level of financial technology has a significant positive effect on the increase of total factor productivity of enterprises.(2)Inefficient investment has a significant mediating effect in the effect of fintech on the total factor productivity of enterprises.(3)The mechanism of the decrease of inefficient investment caused by the development of fintech and the increase of total factor productivity is mainly through the suppression of over-investment within the firm.Based on the theoretical and empirical analysis,this paper puts forward relevant policy recommendations for the government,financial institutions and enterprises.In order to promote fintech to better reduce the level of inefficient investment of enterprises,and ultimately achieve the purpose of better improving the total factor productivity of enterprises.The research results of this paper not only integrate fintech,inefficient investment and total factor productivity of enterprises in the same analytical framework,but also the research results can more effectively promote the development of fintech,reduce the current financing difficulties faced by enterprises,encourage enterprises to better allocate resources,and formulate scientific and effective development plans to promote the development of total factor productivity of enterprises. |
