How Digital Finance Empower Total Factor Productivity of Cultural Enterprises?——Empirical Evidence from Cultural Listed Enterprises in China
Based on the panel data of China's listed cultural enterprises from 2011 to 2021,this paper empirically explores the impact of digital finance development on the total factor productivi-ty of cultural industry and its action path.The results show that digital financial development can significantly increase the total factor productivity of listed cultural enterprises,and this promo-tional effect can be achieved by driving technological innovation,easing financing constraints and improving resource allocation efficiency.In addition,digital finance also shows the impact of bus-iness alienation due to the basic characteristics of enterprises,the quality of information disclo-sure and the degree of market competition.Therefore,it is necessary to accelerate the develop-ment of digital finance,give full play to the value discovery function and technical service advan-tages of digital finance,promote the high-quality development of cultural industry in the new de-velopment stage,and improve the overall strength and competitiveness of socialist culture with Chinese characteristics.
digital financecultural industrytotal factor productivity
万方数据
