Research On The Impact Of Digital Finance On Manufacturing Total Factor Productivity

The report of the 20 th National Congress of the Communist Party of China clearly stated that "speeding up the construction of a modern economic system" will raise the development of a new type of real economy to a new level.The report pointed out that it is necessary to continue to deepen the reform of the financial supply side,so that the financial industry can better serve the real economy and comprehensively improve the efficiency and level of services.Digital finance,as a financial activity based on digital technology and modern information network,promotes efficiency improvement and financial structure optimization through the effective use of information and communication technology,has become a new driving force for industrial structure adjustment,economic digital transformation and the development of new real economy.,New engine.At present,my country’s economy has shifted from a stage of high-speed growth to a stage of high-quality development.Among them,the high-quality development of the manufacturing industry is the most important thing.As a highly comprehensive evaluation index,total factor productivity is the key to the high-quality development of the manufacturing industry.The source of power,improving the total factor productivity of the manufacturing industry is also one of the main directions of high-quality development.Therefore,it is of great significance to explore the impact of digital finance on the total factor productivity of the manufacturing industry.By combing the relevant literature on digital finance and total factor productivity at home and abroad,this paper analyzes the basic functions of digital finance on the premise of the externality of digital finance,and discusses the transmission mechanism of digital finance to total factor productivity of manufacturing industry.Then,based on the preliminary analysis of the current situation and problems,the relevant data of 30 provinces,municipalities and autonomous regions in China were selected to comprehensively evaluate the development level of digital finance;The efficiency SBM model measures and analyzes the total factor productivity of the manufacturing industry in various provinces in China;moreover,using the well-measured data to construct a panel data model,empirically analyzes the impact of digital finance on the total factor productivity of the manufacturing industry,and compares the manufacturing The total factor productivity of the industry is decomposed into technological change and technical efficiency change,and further analyzes the path of digital finance on the total factor productivity of the manufacturing industry;finally,from the perspective of space,it analyzes the development level of digital finance and the spatial agglomeration of the total factor productivity of the manufacturing industry Then construct the spatial Durbin model to explore the spatial spillover effect of digital finance on the total factor productivity of the manufacturing industry.The results show that: In terms of the development pattern of digital finance,the development level of digital finance in various provinces in China shows significant differences.The development level of digital finance in the developed eastern coastal provinces and cities is relatively high and higher than the national average level,and the development level of the central region is at a medium level.The average level is similar,and the development level of the western region is low and lower than the national average level;secondly,in terms of the measurement of total factor productivity of the manufacturing industry,the total factor productivity also shows a gradual decline from the east to the west,showing a trend of "high level in eastern region","medium level in middle region" and "low level in western region" development situation;moreover,in terms of the impact of digital finance on the total factor productivity of the manufacturing industry,it is shown that the development level of digital finance has a significant positive impact on the total factor productivity of the manufacturing industry,and the industrial structure and opening up Both levels have a positive impact on the total factor productivity of the manufacturing industry,while the fixed asset investment rate and the level of government fiscal expenditure have a negative impact on the total factor productivity of the manufacturing industry;then,in the role of digital finance on the total factor productivity of the manufacturing industry On the one hand,digital finance promotes the improvement of the total factor productivity of the manufacturing industry through the two paths of improving the technical level and efficiency level of the manufacturing sector;finally,in terms of introducing a spatial econometric model for analysis,the development level of digital finance and the total factor productivity of the manufacturing industry are both There is a significant positive spatial correlation,and the development level of digital finance in the region has a significant positive impact on the total factor productivity of the manufacturing industry in the region.In addition,the development level of digital finance in adjacent regions also has a positive impact on the total factor productivity of the manufacturing industry in the region.Positive spatial spillover effect.Finally,based on the research conclusions obtained in this paper,relevant research inspirations are obtained.