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Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select Research on the Impact of Digital Finance Development on the Total Factor Productivity of Enterprises DUAN Jun-shan, GAO Wen-yu Contemporary Finance & Economics    2022, 0 (5): 51-62.   Abstract （370）            Knowledge map    Save In the context of Chinese financial system undergoing digital transformation, it is of great significance to explore the impact of digital finance development on the TFP of enterprises and its action mechanism. By making use of the panel data of A-share listed companies from 2011 to 2018 and employing the two-way fixed effect model, this paper conducts an empirical test. The findings show that the development of digital finance has effectively promoted the TFP of enterprises. In terms of structure, the covering range of digital finance is the major driving force, followed by the depth of usage, while the degree of digitization shows a U-shaped relationship with the total factor productivity of enterprises. With the help of multiple intermediary effect models, it is found that to relieve the financing restrictions and to promote innovation is the driving mechanism of digital finance development to compel the improvement of TFP of enterprises, in which the key is to promote innovation. In addition, in the identification of heterogeneous characteristics, it is found that the development of digital finance is more conducive to improving the total factor productivity of large-scale enterprises, enterprises in areas with higher marketization process, and enterprises in areas with lower regulatory intensity. Therefore, it is suggested to analyze the structural differences of digital finance in driving the growth of TFP of enterprises, and to improve the capability and efficiency in serving the real economy through financial innovation. Reference | Related Articles | Metrics | Comments（0） Select Can Online Platform Interaction of Exchanges Improve Total Factor Productivity of Enterprises? ZHU Di Contemporary Finance & Economics    2022, 0 (5): 63-74.   Abstract （206）            Knowledge map    Save Improving total factor productivity of enterprises is crucial for their high-quality development. By making use of the interaction data between investors and listed companies on the two online platforms of Shenzhen Stock Exchange's“Easy Interaction”and Shanghai Stock Exchange's “e-Interaction”from 2010 to 2019, this paper conducts an empirical test. The findings show that the level and quality of online interaction between investors and listed companies through the network platforms of stock exchanges significantly and positively correlate with total factor productivity of enterprises. The result of mechanism tests indicates that the interaction on the network platforms enhances total factor productivity of enterprises mainly by the two means of increasing the information content in stock prices and improving corporate governance. Therefore, it is suggested that the medium and small investors should actively and rationally participate in the interactions on the network platforms of the exchanges, that listed companies should effectively improve the level and quality of interactions, and that regulatory authorities should strengthen their supervision on the network platforms, so as to realize the improvement of the total factor productivity of enterprises. Reference | Related Articles | Metrics | Comments（0） Select Research on Happiness Effect and Its Mechanism of Digital Finance LIU Hao-jie, ZHANG Guang-sheng Contemporary Finance & Economics    2022, 0 (4): 52-64.   Abstract （174）            Knowledge map    Save The quality of digital finance development has an important influence on the level of residents' sense of happiness. Based on the self-determination theory and using the data of China General Social Survey from 2010 to 2017, this paper empirically tests the influence and mechanism of digital finance on Chinese residents' subjective well-being. The findings show that the influence of digital finance on subjective well-being is u-shaped, that is, the early low level of digital finance has reduced residents' subjective well-being, but the high level of digital finance in the middle and later period can effectively improve the subjective well-being. This means that the development of digital finance has two sides: it may harm the interests of residents and reduce the level of subjective well-being, and it may also enhance the level of subjective well-being by improving the efficiency and fairness. Therefore, it is necessary to establish a complete digital finance development and supervision system. The results of the mechanism study show that digital finance can have an effect on the subjective well-being by affecting individual's economic position, mental condition and subjective social status. Therefore, under the conditions of improving the regulatory system, the construction of digital finance should be continuously strengthened, and the enterprises should be guided to establish a multi-category financial service system through financial and tax policies, so as to enhance the residents' subjective well-being. Reference | Related Articles | Metrics | Comments（0） Select Development of Digital Inclusive Finance and Business Startups of Migrant Population: Evidences from the China Migrants Dynamic Survey LIN Yao-peng, LIN Liu-lin, GAO Qi, LIU Wei-tao Contemporary Finance & Economics    2022, 0 (4): 65-75.   Abstract （304）            Knowledge map    Save To realize high-quality employment and income growth for the floating population is an important step to promote new urbanization and common prosperity. By making use of the data of 2011-2017 China Migration Dynamic Survey (CMDS) and China Digital Inclusive Financial Index, this paper conducts a study based on the two-way fixed effect and the mediation effect model. The findings show that the development of digital inclusive finance will hinder the entrepreneurship of the floating population. This inhibitory effect is due to the fact that the development of digital inclusive finance has increased the“non-entrepreneurial”employment income of the floating population and narrowed the relative income gap between the“entrepreneurship”and“non-entrepreneurship”of the floating population. The results of further test show that urban cultural diversity may weaken the income effect of the development of digital inclusive finance, thereby strengthening its hindering effect on the entrepreneurial behavior of the floating population. This shows that in order to expand the economic pie, narrow the income distribution gap, and ultimately achieve common prosperity through inclusive development, it is necessary not only to optimize the supporting role of digital inclusive finance to the entrepreneurship of floating population, and to expand their“non-entrepreneurship”income-increasing channels, but also to promote urban internal integration to reduce the negative effects of cultural exclusion. Reference | Related Articles | Metrics | Comments（0）