Fintech,Financing Constraints And Total Factor Productivity Of Enterprises

Total factor productivity means the efficiency of resource development and utilization and represents the marginal output brought by technological progress.In the report of the 19 th CPC National Congress,it was proposed to "improve the total factor productivity",and in the report of the 20 th CPC National Congress,it was further pointed out that we should "focus on improving the total factor productivity".The improvement of total factor productivity can optimize the organizational structure,promote the research and development of core technologies,and reduce the input-output ratio.As the main body promoting high-quality economic development,it is of great strategic value to explore how to improve the total factor productivity of enterprises.Traditional financial institutions have the problem of unbalanced allocation of resources when providing services,which has caused certain obstacles to the improvement of total factor productivity of enterprises.Fintech,as an emerging product in recent years,has accelerated the reform of our traditional financial institutions by making use of its features such as wider coverage,deeper use and stronger digitization.By reducing the degree of information asymmetry of enterprises in the market,broadening the financing channels of enterprises,and reducing the financing cost of enterprises,we can reduce the influence of the drawbacks of traditional financial institutions on the improvement of enterprises’ total factor productivity.Based on this,this paper studies the relationship between fintech and total factor productivity of enterprises.This paper firstly reviews the measurement methods and influencing factors of enterprise total factor productivity as well as related researches on fintech,and then theoretically discusses how fintech can improve enterprise total factor productivity by alleviating financing constraints.Secondly,it introduces the applied financial development,Solow model and resource allocation theory,and then applies the time-industry two-way fixed effect model.The data of Shanghai and Shenzhen A-share listed companies from 2011 to 2021 were selected as samples to analyze the relationship between fintech and total factor productivity.The endogeneity test was conducted by introducing the lag term and instrumental variables of explained variables.The robustness test was conducted by replacing explained variables,eliminating special values,randomly sampling samples and replacing time period.Then,from the perspectives of fintech structure,property right nature and firm size,it explores whether fintech has a heterogeneous impact on the total factor productivity of enterprises.Finally,through mechanism test,it tests the promoting effect of alleviating financing constraints on fintech and total factor productivity of enterprises.The research results show that fintech can promote the improvement of total factor productivity of enterprises by easing financing constraints,and fintech has a stronger effect on the improvement of total factor productivity of non-state-owned enterprises and smaller enterprises.Based on the research conclusions,this paper suggests that the government and other departments should encourage the further development of fintech on the premise of strict control of financial risks.The development of non-state-owned enterprises and small enterprises under the traditional financial system to develop a unique standard;We will improve fintech infrastructure and improve financial supervision and governance.At the same time,it is also suggested that enterprises should make full use of the benefits brought by fintech and invest more funds in R&D and human resources to fully improve the total factor productivity of enterprises.