How does the development of digital financial inclusion affect the total factor productivity of listed companies? Evidence from China

•We examine how digital financial inclusion affects the total factor productivity of listed companies in China.•We confirm that the development of digital financial inclusion has negative impact on the TFP of listed companies by controlling firm fixed effects.•We find that the negative impact on the TFP may be related to increased financing constraints.•We find that the impact of digital financial inclusion on TFP is different between state-owned enterprises and non-state-owned enterprises, and also between large cities and small cities