The Impact of Digital Finance on Urban Innovation:Mechanisms and Effects
This paper uses the mediating effect model,moderating effect model,and instrumental variable to study the im-pact and mechanism of digital finance based on urban panel data.The results show that digital finance can enhance urban innovation by improving the efficiency of the financial sector,easing corporate finance constraints,and stimulating entrepre-neurship.Further research shows that digital finance can more notably enhance urban innovation in third-and fourth-tier cities and cities with a high share of the private individual economy.In addition,differences in innovation environments,such as financial regulation,political and business relations,and patent protection,can affect the innovation dividends of digital finance.
digital financeurban innovationenvironment of innovation
NETL
NSTL
万方数据
