Digital Inclusive Finance and Enterprise Total Factor Productivity—Based on the Perspective of Enterprise Innovation and Human Capital Upgrading
DOI:
https://doi.org/10.54097/dammht06Keywords:
Digital inclusive finance; total factor productivity; enterprise innovation; human capital upgrade.Abstract
In the wave of China's financial digitalization reform, deepening the quality and efficiency of financial services to the real economy has become the key to achieving high-quality development of China 's economy. This paper selects listed companies from 2011 to 2020 as research samples to test the impact and mechanism of digital inclusive finance on total factor productivity of enterprises. The study finds that digital inclusive finance improves the total factor productivity of enterprises by promoting enterprise innovation and human capital upgrading; the heterogeneity test shows that digital inclusive finance has effectively played its ' inclusiveness ', which is more conducive to improving the total factor productivity of SMEs and medium-sized urban enterprises; further analysis shows that the impact of digital inclusive finance on the total factor productivity of enterprises has an inverted U-shaped feature. Therefore, the state should pay attention to the productivity improvement effect of digital inclusive finance, provide digital financial services according to local conditions for different regions and enterprises, and strengthen supervision to curb the impairment of financial risks on enterprise efficiency.
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