Does Digital Finance Innovation Promote High-quality Development of Real Economy?:Based on Mechanism Analysis and Spatial Econometrics of Financial Service Efficiency
The Central Financial Work Conference stressed that the fundamental purpose of financial services is to serve the real economy.As a product of the integration and innovation of digital technology and financial industry,digital finance is of great significance to improve the financial service efficiency and support the high-quality development of the real economy.Based on the balanced panel data of 31 provincial-level regions in China from 2011 to 2021,and by constructing the high-quality development index system of real economy and the nested spatial weight matrix,using the spatial econometric model,the dynamic Durbin model and the mediating effect test method,this paper empirically studies the direct impact.the spillover effect and the mechanism of digital finance innovation on the high-quality development of the real economy.It is concluded that digital finance innovation can not only directly promote the high-quality development of the real economy in same region,but also has a positive spatial spillover effect,which showing a gradual and dynamic long-term impact on the high-quality development of the real economy in neighboring areas.The mediating effect test shows that digital finance innovation promotes the high-quality development of the real economy mainly by mechanism of improving the financial service efficiency.In the FinTech innovation supervision pilot areas,the direct impact,the spillover effect and the mediating effect of digital finance innovation on the high-quality development of the real economy are significantly higher than those in the non-pilot areas.Therefore,it is necessary to steadily promote the pilot of FinTech innovation supervision,optimize the spatial layout of digital financial industry and unblock the transmission mechanism of digital finance to promote the high-quality development of the real economy.
digital financehigh-quality developmentfinancial service efficiencyreal economyspatial spillo-ver effect
NETL
NSTL
万方数据
