| This thesis takes the impact of digital finance on total factor productivity of enterprises as the research object.The reports of the 19 th and 20 th National Congresses of the Communist Party of China continuously mentioned the need to improve China’s total factor productivity.Digital finance is a relatively new concept.At present,relevant literature at home and abroad mainly studies the impact of the development of digital finance on regional total factor productivity from the macro level,while there are still few studies on how the development of digital finance affects the total factor productivity of enterprises at the micro level.In addition,this part of the thesis mainly focuses on the two mechanisms that digital finance development affects the total factor productivity of enterprises through easing corporate financing constraints and promoting corporate innovation,and the analysis on the mechanism and path of the former influencing the latter is not rich enough.In order to make up for this deficiency,this thesis verifies financing constraints and enterprise innovation mechanism on the basis of existing studies,and explores whether digital finance also has an impact on enterprise total factor productivity through supply chain finance mechanism.This thesis uses the method of point and surface combination to analyze.The study on the impact of the development of digital finance on China’s A-share listed companies is taken as the "surface" and the study on the impact of the development of digital finance on TCL Technology is taken as the "point".The combination of point and surface analysis method is not only conducive to solving the problem of insufficient representation of cases,but also conducive to improving the science and comprehensiveness of the article.This thesis is divided into four parts.The first part is the theoretical basis and mechanism analysis,sorting out the theoretical basis related to digital finance and enterprise total factor productivity.After that,the mechanism analysis is carried out based on the theoretical basis.The second part is to measure the total factor productivity of enterprises.This thesis uses the control function method to measure the total factor productivity of enterprises.The third part is the empirical test of the impact of digital finance development on the total factor productivity of enterprises.This thesis selects China’s A-share listed enterprises from 2011 to 2021 as samples and explores the impact mechanism of digital finance development on the total factor productivity of enterprises by establishing A fixed effect model.The research shows that the development of digital finance can promote the improvement of total factor productivity of enterprises.The development of digital finance can improve the total factor productivity of enterprises by easing the financing constraints of enterprises,promoting technological innovation of enterprises,and promoting the development of supply chain finance.The fourth part is case introduction and case analysis.This thesis selects TCL Technology as the case,introduces the basic situation of TCL Technology,measures and analyzes the development degree of digital finance in Guangdong Province,total factor productivity of TCL Technology,financing constraint degree,research and development and innovation,and supply chain finance development.The OLS linear regression model is used to empirically test the quarterly data related to TCL Technology,and further demonstrate the impact of the development of digital finance on the total factor productivity of TCL Technology.Finally,combined with the above analysis,this thesis provides policy suggestions for improving the total factor productivity of enterprises and realizing the transformation of China’s economy from the aspects of promoting the development of digital finance,easing the financing constraints of enterprises,encouraging R&D and innovation of enterprises,and developing supply chain finance. |
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