Fintech,Financing Constraints And Total Factor Productivity

The smooth flow of technology,industry and finance is an important basis for the improvement of total factor productivity,and financing constraints are one of the key links restricting this smooth process.As an important direction of supply-side structural reform in the financial sector,Fintech is considered to be an effective means to solve financing constraints and an important way to improve the ability of financial services to serve the real economy.At present,whether the rise of Fintech can alleviate the constraints of enterprise financing,and how to improve the total factor productivity of enterprises in turn,the related problem remains to be further explored.Based on this,this paper focuses on Fintech,financing constraints and enterprise total factor productivity.First of all,starting from the theory of competition effect and economies of scale,this paper systematically analyzes the mechanism of financial technology on the total factor productivity of enterprises,and proposes to regard financing constraints as an intermediary variable to analyze the effect of financial technology on the total factor productivity of enterprises through financing constraints.path.Secondly,this article uses the "data mining method",selects 24 keywords from five dimensions,and uses python to crawl the number of news items in cities and years corresponding to keywords,and sums up the number of news items in different years in each region,as a regional fintech The measure of the index.The OP method is used to calculate the total factor productivity of the enterprise.At the same time,the common practice is adopted,and the SA index is used as the proxy variable of the enterprise financing constraint(FC).Then,build a benchmark regression model and a mediating effect model with financing constraints as the mediating variable for empirical testing.Finally,conclusions and suggestions are put forward based on the empirical results.Research shows: Fintech can improve the level of total factor productivity of enterprises,and this conclusion is still valid after excluding the data of municipalities and performing random sample selection and other robustness tests;Fintech can improve the level of total factor productivity by easing the financing constraints faced by enterprises;Compared with state-owned enterprises,the positive impact of financial technology on private enterprises is more significant;the negative effect of financial technology on total factor productivity becomes more obvious with the increase of enterprise scale.Through empirical research,the paper makes the following recommendations: On the one hand,enterprises should make full use of the advantages of digital technology and increase the research and development and application of financial technology to alleviate financing difficulties,thereby promoting the improvement of total factor increase the research and development and application of financial technology to alleviate financing constraints,thereby promoting the improvement of total factor productivity.On the other hand,the government should guide the development of financial technology,inject market vitality into small,medium and micro enterprises,use technology to empower the real economy,quickly and accurately play the role of financial technology in financial services for the real economy,and promote high-quality development of the real economy.