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Effects of digital finance on enterprise total factor productivity: Evidence from the perspective of innovation level

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  • Guo, Xiaoxu
  • Wang, Yihan

Abstract

This study focuses on A-share listed companies in China from 2012 to 2022, aiming to analyze how digital finance affects the total factor productivity (TFP) of enterprises. The research reveals that digital finance has a significant effect on enhancing enterprise TFP; compared with state-owned enterprises, digital finance demonstrates stronger efficacy in boosting TFP among non-state-owned enterprises; furthermore, digital finance further promotes the growth of enterprise TFP by stimulating their innovation vitality.

Suggested Citation

  • Guo, Xiaoxu & Wang, Yihan, 2025. "Effects of digital finance on enterprise total factor productivity: Evidence from the perspective of innovation level," Finance Research Letters, Elsevier, vol. 72(C).
    • Handle: RePEc:eee:finlet:v:72:y:2025:i:c:s1544612324015988
    DOI: 10.1016/j.frl.2024.106569
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