Impact of Digital Inclusive Finance on the Total Factor Productivity of Sporting EnterprisesBased on the Mediating Test of Financing Constraints and Financial Risks

Based on the unbalanced panel data from A-shares Market and NEEQ-listed sporting enterprises from 2014 to 2022, this paper examines the impact of digital inclusive finance on the total factor productivity of sporting enterprises. The results show that: ① Digital inclusive finance services for sporting enterprises can promote the total factor productivity. ② The heterogeneity test shows that the digital inclusive finance has a greater impact on the improvement of total factor productivity of sporting enterprises in regions with better development of traditional finance, non-state-owned enterprises, and small and micro enterprises. ③ Alleviating financing constraints and reducing financial risks for sporting enterprises are crucial pathways through which digital inclusive finance services boost their total factor productivity. The research conclusions aim to provide suggestions for digital inclusive finance to support the high-quality development of sporting enterprises and cultivate new quality productive forces in the sports industry.