数字金融发展、金融错配度与企业全要素生产率

Digital Financial Development,Financial Mismatch and Firms’Total Factor Productivity

数字金融为经济高质量发展注入新活力,给企业全要素生产率提升带来新契机。基于2011—2022年中国沪深A股上市公司以及北京大学数字普惠金融研究中心地级市层面数字金融指数,构建双向固定效应模型,实证分析数字金融发展对企业全要素生产率提升的具体影响效应。研究结果显示:数字金融发展对企业全要素生产率提升存在显著促进作用,并采用内生性检验与稳健性检验后,结论仍然成立。异质性结果表明,这种促进作用在不同区域和不同企业性质间展现出显著差异。进一步机制检验发现,数字金融发展可以通过缓解金融错配度、提高资产回报率来促进企业全要素生产率提升。因此,研究结论拓宽了企业全要素生产率的提升路径,为企业提升全要素生产率提供理论支撑与实践借鉴。

Digital finance injects new vitality into the high-quality development of the economy and brings new opportunities for enterprises'total factor productivity improvement.Based on China′s A-share listed companies in Shanghai and Shenzhen and the digital finance index at prefecture-level city level of Digital Inclusive Finance Research Centre of Peking University from 2011 to 2022,a two-way fixed effect model is constructed to empirically analyse the specific effects of the development of digital finance on the enhancement of enterprises'total factor productivity.The results of the study show that there is a significant promotion effect of digital financial development on enterprise total factor productivity enhancement,and the conclusion still holds after using endogeneity test and robustness test.Heterogeneity results show that this promotion effect exhibits significant differences across regions,enterprise natures.Further mechanism tests find that digital financial development can promote firms'total factor productivity by alleviating the degree of financial mismatch and increasing the return on assets.Therefore,the findings of the study broaden the path of enterprise total factor productivity enhancement and provide theoretical support and practical reference for enterprises to enhance total factor productivity.