Abstract: Based on the panel data of listed enterprises in the Yangtze River Economic Belt from 2011 to 2021, an OLS model was used to examine the impact of digital financial inclusion on enterprises' total factor productivity. The impact mechanism of digital inclusive finance was identified, on enterprise total factor productivity from five dimensions of "innovative development, coordinated development, green development, open development, and shared development". The moderating effect of the external factors of "market-government" on the total factor productivity of enterprises was examined. The results showed that: (1) digital inclusive finance significantly promoted the total factor productivity of enterprises, with relatively significant effects on upstream and midstream enterprises and limited effects on downstream enterprises. (2) Digital inclusive finance effectively enhanced total factor productivity of enterprises by increasing R&D investment, promoting digital transformation, strengthening corporate green governance, expanding overseas business and improving employee compensation. (3) The enabling effect of digital inclusive finance was significantly enhanced by the external factors of "market-government". To further enhance the total factor productivity of enterprises in the Yangtze River Economic Zone, it is necessary to strengthen the digital innovation and entrepreneurship ecosystem, optimize the financial service system, and improve the financial regulatory system.