Based on the 2012-2022 panel data from 119 commercial banks in China,the intrinsic relationship between digital finance and total factor productivity of banks was examined using a two-way fixed effects model and mechanism analysis method.It is found in the research that the development of digital finance has a significant positive effect on promoting the total factor productivity of commercial banks,and this conclusion still holds after a series of robustness tests;Heterogeneity analysis shows that the development of digital finance can significantly improve the total factor productivity of urban commercial banks,while the effect on the total factor productivity of state-owned banks,joint-stock banks,and rural commercial banks is not significant.Meanwhile,digital finance has a better effect on improving the total factor productivity of smaller banks in comparison with large-scale commercial banks;The impact mechanism results indicate that digital finance empowers banks to improve total factor productivity mainly through business innovation channels,that is,digital finance achieves the improvement of bank total factor productivity by increasing intermediate business income.
digital financetotal factor productivity of commercial banksheterogeneity analysisintermediary mechanism
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