传统金融可得性、数字金融与企业全要素生产率  

Availability of Traditional Finance, Digital Finance and Firm Total Factor Productivity

作　　者：代方艳 

机构地区：[1]云南财经大学金融学院,云南 昆明

出　　处：《可持续发展》2024年第12期3128-3140,共13页Sustainable Development

摘　　要：本文以2011~2021年上市制造业企业为研究对象,基于金融地理结构角度研究传统金融可得性对企业全要素生产率的影响;同时引入数字金融,探讨传统金融与数字金融的关系。实证结果表明:第一,传统金融可得性提高能显著提高企业全要素生产率,主要通过降低融资成本、缓解融资约束途径实现;第二,在异质性检验中,国有六大银行对企业全要素生产率的促进作用更强;传统资源可得性对国有或东部地区企业全要素生产率的促进作用更强;第三,数字金融也能促进企业全要素生产率的提高,且与传统金融发挥互补作用;第四,在传统金融发展水平较低的地区,数字金融的促进作用更强;在数字金融发展水平较低的地区,传统金融的促进作用更强。本文研究结论为信贷资源结构性配置失衡、企业高质量提供了发展启示。This paper takes listed manufacturing enterprises from 2011 to 2021 as the research object, and studies the impact of traditional financial availability on the total factor productivity of enterprises from the perspective of financial geographical structure. At the same time, digital finance is introduced to explore the relationship between traditional finance and digital finance. The empirical results show that: first, the improvement of the availability of traditional finance can significantly improve the total factor productivity of enterprises, which is mainly achieved by reducing financing costs and alleviating financing constraints. Second, in the heterogeneity test, the six major state-owned banks have a stronger role in promoting the total factor productivity of enterprises. The availability of traditional resources has a stronger effect on the total factor productivity of enterprises in the state-owned or eastern regions. Third, digital finance can also promote the improvement of enterprise total factor productivity and play a complementary role with traditional finance. Fourth, in areas with a

关 键 词：传统金融可得性 金融地理结构 数字金融 企业全要素生产率 

分 类 号：F83[经济管理—金融学]