Informal Finance,Industrial Transformation,and High-quality Economic Development
Informal finance is endogenous to the private economy and is the main channel to meet the financing needs of private enterprises,gradually becoming an important driving force for promoting China's economic development.Based on the literature review and summary of the relationship between informal finance and high-quality economic development,the mechanism of the role of informal finance in high-quality economic development is explored from the perspective of industrial transformation,including transforming development mode,optimizing economic structure and transforming growth momentum;Considering the spillover effect of informal finance,a theoretical analysis is conducted to examine its spatial effects on high-quality economic development.At the same time,the scale of informal finance and high-quality economic development are measured,using data from 30 provinces from 2004 to 2021 as samples.Further empirical tests are conducted on intermediary channels,regional heterogeneity,and spatial effects using mediation effect models and spatial econometric models.It finds that,firstly,informal finance has a significant promoting effect on high-quality economic development,and there are significant mechanisms of action through transforming development modes,optimizing economic structures,and transforming growth drivers;Secondly,there is heterogeneity in the mechanism of the role of informal finance in promoting high-quality economic development.In the eastern and central regions,informal finance can promote high-quality economic development by optimizing industrial structure and transforming industrial growth drivers,while in the western regions,it has an impact on high-quality economic development through three paths:transforming development mode,optimizing industrial structure,and transforming industrial growth;Thirdly,informal finance has a positive spatial spillover effect on high-quality economic development,which means that informal finance not only promotes high-quality local economic development,but also has a positive impact on high-quality economic development in neighboring areas.Based on the above conclusions,the following suggestions are proposed:Firstly,encourage private capital to flow towards innovative and technology-based small and medium-sized enterprises.Secondly,formulate informal financial policies that are suitable for regional development and narrow the gap in regional development.Thirdly,accelerate the legislation related to informal finance and further regulate the development of informal finance.
informal financehigh-quality economic developmentmechanism of actionregional differencesspatial effect
NETL
NSTL
万方数据
