Development of Financial Technology and Embedding of Digital Global Value Chain:Mechanism Discussion and Empirical Evidence
The development of financial technology is a powerful driving force for innovation and exploration in the fi-nancial field,and also an important component of embedding a new chapter in the digital global value chain.Using 264 cities in China from 2007 to 2023 as observation samples,this study empirically examines the impact and mechanism of financial technology development on digital global value chain embedding.The main conclusions are as follows:there is a significant positive correlation between financial technology development and digital global value chain embedding,and this conclusion still holds true after multiple robustness tests.The identification results of the mechanism of action show that the develop-ment of financial technology can drive the embedding of digital global value chains to a higher level through two paths:alle-viating the mismatch of financial resources and enhancing the potential of international markets.The heterogeneity analysis results indicate that compared to the central,western,northeastern regions,regions involved in processing trade,and regions with low innovation and entrepreneurship levels,the development of financial technology has a stronger supportive effect on the embedding of digital global value chains in the eastern,regions involved in general trade,and regions with high innova-tion and entrepreneurship levels.
Development of financial technologyEmbedding into the digital global value chainMismatch of financial resourcesInternational market potential
万方数据
维普
