Enhancement Effect and Impact Mechanism of Digital Inclusive Finance on Total Factor Productivity of Sports Goods Manufacturing Enterprises

Based on the data of A-share sports goods manufacturing listed companies from 2011 to 2022, this study systematically analyzes the enhancement effect and impact mechanism of digital inclusive finance on the total factor productivity of sports goods manufacturing enterprises. It is found that digital inclusive finance has such functions as payment settlement, resource allocation, risk avoidance, and information transmission, which help improve the total factor productivity of sports goods manufacturing enterprises. This conclusion still holds true after conducting robustness and endogenous tests. And the enhancement effect on the enterprises with large scale, recognized as high-tech enterprises, and located in Beijing, Shanghai, Guangzhou, and Shenzhen is more significant. Mechanism testing shows that digital inclusive finance plays an enhancing role by alleviating financing constraints and promoting corporate innovation. It is necessary to expand the application scope of digital inclusive finance, promote the development of sports goods manufacturing enterprises, formulate differentiated digital inclusive finance promotion strategies according to local conditions, promote the digital transformation of enterprises, and encourage innovation in financial product service models.