Digital Finance And Regional Total Factor Productivity——Mechanism Identification And Heterogeneity Analysis

For a long time,technological progress has been regarded as the source of economic growth,and total factor productivity(TFP)as a manifestation of technological progress determines the quality of economic growth.How to improve TFP and promote the transformation of economic growth from "extensive" to"intensive" is the key to solving the economic growth dilemma and achieving sustainable development.Existing documents have confirmed that the role of the financial system in promoting economic development has become increasingly prominent,and whether digital finance,as a new financial model,can rely on the advantages of precise resource allocation and refined risk pricing to promote the increase of TFP.The answer has important theoretical and practical significance.From the perspective of digital finance,based on China’s provincial-level macroeconomic data from 2011 to 2017,this article mainly examines the main mechanisms,heterogeneity,and economic consequences of TFP in regions affected by digital finance.The empirical analysis is as follows:First,the fixed-effect panel regression model is adopted as the main research method,and it is concluded that the better the regional digital finance development is,the more beneficial it is to increase the regional TFP growth rate.Various methods are further used to deal with the possible endogenous problems.The robustness of the conclusion is tested.Secondly,through the intermediary effect model,the influence mechanism of digital finance in enhancing the regional TFP growth rate is explored.This paper finds that digital finance increases the regional TFP by promoting regional technological innovation and human capital level.Third,using the moderating effect model,the article found that the higher the legal environment,the more serious the lack of traditional financial services,and the higher the level of regional supervision,the more helpful it is to increase the regional total factor growth rate.Finally,from the perspective of regional economic fluctuations,the economic consequences of the development of digital finance are further analyzed.The empirical analysis shows that the development of digital finance can alleviate the fluctuations of regional economic development and is conducive to the steady growth of the regional economy.The research conclusions of this article provide a new perspective for the high-quality and sustainable development of the regional economy.The article also provides reliable empirical evidence and policy inspiration for the development and optimization of digital finance,the promotion of the implementation of the "Digital China" development strategy,and the improvement of the financial regulatory framework.