Research On The Impact Of China’s Financial Development On Total Factor Productivity

China’s economy has entered a stage of high-quality growth from a stage of high-speed growth.In the past,the economic growth model that relied on factor input was difficult to meet the new situation of high-quality economic development.The Chinese economy can continue to maintain sustained and stable growth only if it shifts from increasing the quantity of the economy to improving the quality of the economy.Since the endogenous growth theory,total factor productivity has become one of the important indicators used by many scholars to judge the quality of economic growth.The improvement of total factor productivity is inseparable from the support of financial development.However,it is still unclear whether different aspects of China’s current financial development can serve and promote total factor productivity.In this context,clarifying the impact of different aspects of China’s financial development on total factor productivity will help to fully realize the concept of financial services for the real economy and make China’s financial development better meet the needs of today’s social development;another The aspect provides corresponding empirical evidence for how China is currently transforming its economic growth pattern.Based on this,this paper first divides financial development into two aspects of scale and efficiency,and examines the impact of the size and efficiency of the banking sector,the size and efficiency of the stock market on total factor productivity,and the results show the impact of the size of the banking sector and the stock market on total factor productivity.Not significant,and the efficiency of the banking sector and the stock market can effectively promote the improvement of total factor productivity.This conclusion is still established after a variety of robustness tests.Secondly,the paper discusses the mechanism of the effect of banking sector and stock market efficiency on total factor productivity.The results show that the efficiency of the banking sector promotes the improvement of total factor productivity by reducing financing constraints.The efficiency of stock market promotes the improvement of total factor productivity by reducing financing constraints and agency problems.Finally,this paper tests heterogeneous enterprises and the results show the efficiency of the banking sector.It will help to improve the total factor productivity of private enterprises,traditional industry enterprises and capital-intensive industries.Theefficiency of the stock market will help to improve the total factor productivity of state-owned enterprises,emerging industry enterprises and high-tech enterprises.