A Study On The Impact Of Digital Finance On Total Factor Productivity Of SMEs

SMEs are the most dynamic part of the national economy,and enhancing the total factor productivity of SMEs is the key to achieving high-quality economic development,while the financing constraints faced by SMEs are an important factor limiting their ability to enhance total factor productivity.The combination of digital technology and financial services has promoted the development of digital finance,alleviated the problem of financing constraints for SMEs,and contributed to the enhancement of total factor productivity of SMEs.Therefore,it is of great importance to study the relationship between digital finance and total factor productivity of SMEs.Therefore,this paper takes the total factor productivity of SMEs as an entry point and explores how digital finance affects the total factor productivity of SMEs by using the chain multiple mediating effects model.To investigate the relationship between digital finance and total factor productivity of SMEs,this paper summarizes the relevant literature,clarifies the mechanism of the role of digital finance on total factor productivity of SMEs theoretically,and puts forward the corresponding hypotheses.This paper takes 2011-2020 as the sample interval and selects 263 listed SMEs from the CSI 1000 companies as the research subjects.Through the methods such as the moderated chain multiple intermediation effect model,we analyze the role of digital finance on the total factor productivity of SMEs in China and test the intermediary transmission effects of financing constraints and innovation R&D in the influence process.Robustness tests and endogeneity tests were also conducted,and finally,heterogeneity analysis was performed.The results show that(1)digital finance has a positive impact on the total factor productivity of SMEs;(2)digital finance can affect the total factor productivity of SMEs through the chain multiple intermediary effect mediated by financing constraints and innovation R&D.There are three transmission intermediaries:financing constraints,innovation R&D and the chain intermediary of financing constraints and innovation R&D.Among them,the strongest mediating effect is for financing constraints and the weakest mediating effect is for innovation R&D;(3)equity concentration plays a moderating effect in the chain multiple intermediation model of digital finance affecting SME total factor productivity;(4)from the heterogeneity analysis,digital finance has a stronger promoting effect on SME total factor productivity in non-SOEs,central and western regions and regions with lower financial marketization.On this basis,this paper proposes countermeasures to promote the benign development of digital finance and enhance the total factor productivity of SMEs in China:(1)the government should create a favorable environment for the development of digital finance to better serve enterprises;(2)SMEs must grasp the dividends of digital finance and continuously improve their digital capabilities;(3)financial institutions should gradually promote the application of digital finance in all kinds of financial services.finance applications in various financial services,accelerate the organic integration of digital technology and financial business,and provide better financial services for long-tail users.