The Impact of Digital Finance on Urban Total Factor Productivity——An Examination based on Innovation-driven and Factor Allocation Perspectives
Efforts to improve total factor productivity is the driving force for high-quality development,and digital fi-nance,as a new engine for economic development,is an important measure for financial institutions to improve the quali-ty and efficiency of serving the real economy and boost productivity.Taking 286 cities in China from 2011 to 2020 as samples,this paper explores the effect and mechanism of digital finance on urban total factor productivity,and further tests the heterogeneity of the above conclusions based on the differences of power sources and spatial patterns in China's urbanization process.The findings are as follows:(1)Digital finance significantly promotes the improvement of total factor productivity;The coverage of digital finance has the most obvious effect,followed by the depth of use of digital fi-nance and the degree of digital finance digitalization.(2)Digital finance can empower total factor productivity by promo-ting technological innovation and optimizing factor allocation;Further using KHB method to decompose the contribution degree,it is found that the contribution degree of innovation-driven effect is greater than that of factor allocation effect.(3)Under different urbanization promotion models,the effect of digital finance on total factor productivity is different.Compared with government-led and width-promoted cities,digital finance in market-led and deep-promoted cities has a more significant effect on the improvement of total factor productivity.
digital financetotal factor productivityinnovation-drivenelement allocationurbanization promotion model
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