How Fintech Innovation Promotes the High-Quality Development of Real Economy——Mechanism Analysis and Spatial Measurement Based on the Efficiency of Financial Services
Fintech innovation is of great significance in enhancing the efficiency of financial services and serving the real economy.Based on the balanced panel data of 31 provinces in China from 2011 to 2021,spatial econometric modeling and mediation effect test are applied to study the direct impact,indirect effect and mechanism of the role of financial science and technology innovation on the high-quality development of the real economy.The study finds that Fintech innovation not only directly promotes the high-quality development of the real economy in the region,but also has positive spatial spillovers and presents a gradual and dynamic long-term impact on the high-quality development of the real economy in neighboring regions.The mediation effect and heterogeneity tests show that improving the efficien-cy of financial services is the main mechanism through which Fintech innovation promotes the high-quality develop-ment of the real economy.In the pilot regions for the regulation of Fintech innovation,the direct,indirect and mediat-ing effects of Fintech on the high-quality development of the real economy are significantly higher than those in non-pi-lot regions.Therefore,it is necessary to optimize the spatial layout of the Fintech industry,improve the efficiency of financial services,and deepen the pilot of Fintech innovation and regulation in order to better serve the high-quality de-velopment of the real economy.
fintechreal economyhigh-quality developmentfinancial service efficiencyspatial effectdif-ference-in-differences model
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