How Does Digital Finance Affect Manufacturing Industry Agglomeration?—A Concurrent Analysis of the Heterogeneous Impacts Across Different Urban Clusters
How Does Digital Finance Affect Manufacturing Industry Agglomeration?—A Concurrent Analysis of the Heterogeneous Impacts Across Different Urban Clusters
The formation of manufacturing industry clusters is of great significance for improving production efficiency and driving regional economic growth.Digital finance,by promoting the integrated development of"digital industrialization"and"industrial digitization",has profoundly transformed the organizational structure and operational methods of the manufacturing industry.This paper explores the impact of digital finance on manufac-turing agglomeration from the perspective of urban clusters,based on data from five major urban clus-ters(Beijing-Tianjin-Hebei,Pearl River Delta,Yangtze River Delta,Middle Reaches of the Yangtze River,and Chengdu-Chongqing)from 2011 to 2019.The study finds that digital finance has a significant positive impact on manufacturing agglomeration,with dimensional heterogeneity in its effects.Specifically,the promotion mainly stems from the expansion of digital finance coverage,and the impact of digital finance varies across different urban clusters.The enhancement of regional technological innovation capability and the improvement of local human capital levels play a mediating role in the process by which digital finance promotes manufacturing agglomeration.Based on empirical results,this paper proposes corresponding policy recommendations:each region should formulate digital finance development policies according to local economic conditions,implement regional development coordination strategies,and achieve deep integration of digital finance with the real economy.
关键词
数字金融/制造业集聚/城市群/技术创新/人力资本/区域协调发展
Key words
Digital finance/Manufacturing agglomeration/Urban clusters/Technological innovation/Human capital/Regional coordinated development
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