【摘要】 提高全要素生产率是实现高质量发展的动力源泉，数字金融作为经济发展的新引擎，是增强金融机构服务实体经济质效、助力生产率提升的重要举措。本文以中国2011—2020年286个城市为样本，考察数字金融对城市全要素生产率的影响效果及作用机制，数字金融显著促进了城市全要素生产率提升。其中，数字金融覆盖广度的作用效果最为明显，之后依次为数字金融使用深度、数字金融数字化程度。数字金融能够通过推动技术创新和优化要素配置两种效应赋能全要素生产率，创新驱动效应的贡献度大于要素配置效应。不同城市化推进模式下，数字金融对城市全要素生产率的作用存在差异。相比于政府主导型和广度推进型城市，市场主导型和深度推进型城市的数字金融对全要素生产率的提升效果更为显著。更多还原

【Abstract】 Efforts to improve total factor productivity is the driving force for high-quality development, and digital finance, as a new engine for economic development, is an important measure for financial institutions to improve the quality and efficiency of serving the real economy and boost productivity. Taking 286 cities in China from 2011 to 2020 as samples, this paper explores the effect and mechanism of digital finance on urban total factor productivity, and further tests the heterogeneity of the above conclusions based on the differences of power sources and spatial patterns in China’s urbanization process. The findings are as follows:(1) Digital finance significantly promotes the improvement of total factor productivity; The coverage of digital finance has the most obvious effect, followed by the depth of use of digital finance and the degree of digital finance digitalization.(2) Digital finance can empower total factor productivity by promoting technological innovation and optimizing factor allocation; Further using KHB method to decompose the contribution degree, it is found that the contribution degree of innovation-driven effect is greater than that of factor allocation effect.(3) Under different urbanization promotion models, the effect of digital finance on total factor productivity is different. Compared with government-led and width-promoted cities, digital finance in market-led and deep-promoted cities has a more significant effect on the improvement of total factor productivity.更多还原