Developing digital finance to promote industrial development is an important way to achieve high-quality development of the real economy.Based on the panel data of 31 provinces,autonomous regions and municipalities directly under the central government(excluding Hong Kong,Macao and Taiwan)in China from 2011 to 2021,this paper empirically analyzes the impact and intermediary effect of digital finance on regional industrial development from the perspectives of emerging digital finance and digitalization of traditional banks.The results show that the development of digital finance significantly promotes the development of industry,which is most obvious in the developed eastern regions,but not in the central and western regions and the less developed regions in the northeast.Compared with traditional bank digitization,emerging digital finance plays a leading role in promoting industrial development.The mediation effect test shows that R&D investment plays a mediating role in the impact of digital finance on industrial development.This mediating effect mainly occurs through emerging digital finance,while the mediating effect of traditional bank digitization is not significant.Therefore,this article proposes policy recommendations such as further strengthening the construction of digital finance,improving the supervision system of digital finance and balancing the development level of regional digital finance to better promote the development of local industry.
digital financeindustrial developmentmediation effectbank digitization
NETL
NSTL
万方数据
