The Impact of Digital Finance on High-Quality Enterprise Total Factor Productivity -A Comprehensive Study by Supply Chain Finance Mechanisms

This study validates the financing constraints and enterprise innovation mechanisms while exploring whether digital finance development also affects enterprise total factor productivity (TFP) through supply chain finance mechanisms. This study uses Chinese A-share companies from 2011 to 2021 as samples and applies a fixed effects model to examine the impact of digital finance on total factor productivity and its transmission channels. Using data from A-share listed companies from 2011 to 2021 as the sample, this study verifies the impact of digital finance development on enterprise TFP. Enterprise total factor productivity is the dependent variable, while the level of digital finance development serves as the core explanatory variable. Control variables include asset-liability ratio, enterprise age, asset return rate, ownership structure, dual-role management, proportion of shares held by the largest shareholder, and enterprise size. This article utilizes data from Chinese A-share companies from 2011 to 2021 as samples to empirically examine the impact and mechanisms of digital finance development on enterprise TFP.