| Currently,China’s economic theme is high-quality development.As the fundamental unit of a national economy,the improvement of total factor productivity of enterprises plays a crucial role in promoting China’s economic development.Supply chain finance is a financial service based on supply chain management,which has shown many advantages in improving quality and efficiency,and has become an important solution to corporate financing problems.At present,there is a lot of research on the determinants of total factor productivity and the advantages of supply chain finance,but there is still relatively little research on whether there is a connection between supply chain finance and total factor productivity.Based on this,this thesis aims to explore the impact mechanism of supply chain finance on total factor productivity of enterprises and conduct empirical testing on it.This thesis uses a two-way fixed effect model to analyze the panel data of non-financial enterprises in Shanghai and Shenzhen A-shares from 2012 to 2021.The research can be divided into four levels: first,regression analysis of how supply chain finance affects enterprises’ total factor productivity,and then explore the transmission path of supply chain finance affecting enterprises’ total factor productivity from two channels: financing constraints and innovation capability,Further examination was conducted to examine the moderating effect of five indicators on the degree of digitalization of enterprises and their refinement.Finally,heterogeneity tests were conducted on scale and region.The following conclusions have been drawn through research:(1)Supply chain finance can significantly improve the total factor productivity of enterprises;(2)Supply chain finance can affect total factor productivity through two channels: alleviating financing constraints and enhancing innovation capabilities of enterprises;(3)The degree of Digital transformation of enterprises plays a positive role in regulating.Among its detailed indicators,big data and digital technology applications play a major role;(4)From the perspective of scale characteristics,supply chain finance has a more significant incentive effect on total factor productivity of large enterprises.From the perspective of regional characteristics,supply chain finance has a more significant incentive effect on total factor productivity for enterprises in the central and eastern regions.Based on the above research,this thesis finally proposes policy recommendations on how governments,financial institutions,and enterprises can better apply supply chain finance to promote enterprise efficiency improvement. |
