Digital Finance,Debt Leverage and Total Factor Productivity of Enterprises
Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2019,the inherent relationship and impact mechanism of digital finance on total factor productivity of enterprises are explored.The empirical results show that digital finance has a significant promoting effect on improving the total factor productivity of enterprises.After considering endogeneity issues and a series of robustness tests,the conclusion still holds water.The total factor productivity of non-state-owned enterprises,small-scale enterprises,and enterprises located in the eastern and central regions is more significantly affected by the development of digital finance.An important channel for the development of digital finance to enhance the total factor productivity of enterprises is achieved by reducing their debt leverage ratio.Therefore,dur-ing the period of economic transformation,it is necessary to guide digital finance to become a new driving force for enterprise development.
万方数据
维普
