Digital Finance,Factor Allocation Efficiency,and Common Prosperity——Empirical Testing Based on Mediation Effect,Threshold Effect,and Spatial Spillover Effect Models
As the essential requirement of Chinese path to modernization,digital finance,with digital technology and innovative financial services,has gradually become an important driving force for achieving the goal of common prosperity.The article is based on the perspective of factor allocation efficiency,using data from prefecture level cities in China from 2011 to 2022 as samples,and empirically testing the impact of digital finance on common prosperity using mediation effect,threshold effect,and spatial spillover effect models.Research has found that the development of digital finance has a significant direct promoting effect on common prosperity,and there is a mediating effect of factor allocation efficiency in this process.Specifically,digital finance can promote the development of common prosperity by improving the efficiency of capital and labor factor allocation.Meanwhile,under the threshold variable of digital infrastructure lev-el,the impact of digital finance on common prosperity exhibits non-linear characteristics of threshold effect and increasing marginal utility.Further research shows that digital finance can promote the improvement of common prosperity levels in neighboring cities through radiation and learning effects,with significant spatial spillover effects.
digital financecommon prosperitymediating effectthreshold effectspatial spillover effects
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