Research On The Impact Of Digital Inclusive Finance On Total Factor Productivity Of Enterprises

The 20 th National Congress pointed out that in order to develop a high-quality economy in China,total factor productivity is an important driving force.Enterprises play an important role in the real economy and are at the forefront of economic development.Therefore,improving enterprise total factor productivity has become an important topic in building a modern and powerful country.Economic development cannot be separated from finance,which has made a significant contribution to the transformation and upgrading of the real economy.Due to the innovative application of digital technology,digital inclusive finance has brought new growth points to China’s economy.Based on this,this article studies whether the total factor productivity of enterprises will be affected by digital inclusive finance,and explores the specific mechanism of action.It is hoped that the innovative development of digital inclusive finance can improve the sustainability of enterprise development,so as to achieve efficient and high-quality economic transformation in China.In order to explore the relationship between digital inclusive finance and total factor productivity of enterprises,this article,after reviewing relevant research results,analyzes the impact of total factor productivity on the development of digital inclusive finance from a theoretical perspective.Specifically,the entry point selected in this article is to improve the level of human capital and alleviate financing constraints.It studies the mechanism by which total factor productivity of enterprises is affected by digital inclusive finance,and proposes assumptions.In the empirical testing section,this article selects Chinese A-share listed companies in Shanghai and Shenzhen from2011 to 2020 as the research object,calculates their total factor productivity using the LP method,matches the provincial digital inclusive finance index with the company’s registered location,establishes a time industry double fixed model and an intermediary effect model,and studies the impact of digital inclusive finance on their total factor productivity,And analyzes the intermediary role of human capital and financing constraints between the two.This paper studies the effects of heterogeneity from the perspectives of the nature of corporate property rights,corporate size,location,and financial regulatory intensity.Through research,this article draws the following conclusions.Firstly,the total factor productivity of enterprises will be positively affected by the promotion of digital inclusive finance.Both the depth of use and the breadth of coverage are conducive to improving the total factor productivity of enterprises,with the depth of use playing a stronger role in promoting it,while the degree of digitalization has a inhibitory effect on the total factor productivity of enterprises;Secondly,the analysis of the impact mechanism shows that digital inclusive finance can improve the total factor productivity of enterprises through two paths: alleviating financing constraints and improving the level of human capital;Thirdly,the analysis of enterprise characteristic heterogeneity indicates that digital inclusive finance has a stronger promoting effect on the total factor productivity of smaller enterprises and non-state owned enterprises.The analysis of regional characteristic heterogeneity indicates that the impact of digital inclusive finance on the total factor productivity of enterprises in strong financial regulatory regions and eastern regions is more obvious.Based on the above conclusions,this article provides relevant policy recommendations: First,strengthen the construction of information infrastructure in various regions to promote the development of the digital inclusive financial industry;Secondly,financial institutions use digital technology to innovate products and services,driving the sinking of the financing market;Third,strengthen the training of talents related to digital inclusive finance;Fourth,improve the financial regulatory system,prevent and control potential financial risks,and enable digital inclusive finance to better achieve the effect of improving enterprise total factor productivity.