Abstract:Based on the data of China Micro and Small Enterprise Survey, Using cross-section weights fixed effect model to investigate the impact of digital Inclusive Finance on total factor productivity of small and micro enterprises in this paper, and furthermore using financing constraints as mediating variables to study the nonlinear mediating effect of this impact path. The consequence of empirical analysis shows that: the development of digital Inclusive Finance promotes the total factor productivity of small and micro enterprises significantly, but it is heterogeneous, especially in economically developed regions, central and eastern regions and large-scale small and micro enterprises; the development of digital Inclusive Finance alleviates the financing constraints of small and micro enterprises, and the alleviation of financing constraints has a nonlinear impact on the improvement of total factor productivity of small and micro enterprises; from the perspective of financing constraints, digital Inclusive Finance has played an important role in improving the total factor productivity of small and micro enterprises. When the enterprises are at a relatively high level of financing constraints, digital Inclusive Finance has the obvious effect in promoting the total factor productivity by easing the financing constraints, this kind of effect will decrease, it would restrain the promoting the total factor productivity in the low level of financing constraints. According to the research, this article gets conclusions, enlightenments and puts forward some policy recommendations.

keywords:digital inclusive finance; small and micro enterprises; total factor productivity; financing constraints