Theoretical and Empirical Analysis of Fintech Promoting Industrial Structure Upgrading
With the continuous innovation and deepening of fintech in China,it has become an important force in promoting the transformation of industrial structure.The impact of fintech on the industrial structure is mainly reflected in two aspects:First,the direct effect is reflected in improving financial service efficiency,reducing costs,and promoting the application of emerging technologies,thereby directly promoting the optimization and upgrading of the industrial structure.Second,the indirect effect indirectly promotes the upgrading of the industrial structure by promoting the development of the financial industry,expanding consumption,and enhancing the financing ability of enterprises.In terms of empirical analysis,based on the calculation of the development level of fintech in prefecture-level cities in China,a two-way fixed effects model is adopted.The test results show that fintech has a significant promoting effect on the sophistication of the industrial structure.Especially in the economically developed eastern regions,the promoting effect of fintech is more significant.At the same time,through alternative variables,lag effect tests,etc.,the article verifies the robustness of the results.Through mediation effect analysis,it is further confirmed that fintech has a positive effect on the development of the financial industry,consumption expansion,and enterprise financing,thereby indirectly promoting the optimization of the industrial structure.
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