Digital Finance,Entrepreneurial Effect,and High-Quality Development of the Real Economy
The digital age has catalyzed the emergence of digital finance.Positioned as a nascent segment within the financial industry,digital finance not only amplifies the overall operational efficiency of the financial sector but also offers a novel conduit for furnishing financial services to the real economy.Nevertheless,existing research predominantly fixates on digital finance's impact on macroeconomic development,often overlooking its intricate interplay with the real economy.Consequently,the precision of appraising the effects of digital finance on the real economy remains somewhat wanting.The realm of research concerning the high-caliber development of the real economy remains relatively under-served,with indicator construction and measurement methods still awaiting comprehensive refinement.There remains ample room for further exploration into the intricate relationship between digital finance and the pursuit of high-quality development within the real economy.This article utilizes panel data spanning from 2011 to 2021,covering 31 Chinese provinces.It employs spatial Durbin models,mediation effect models,and panel threshold models,considering two distinct spatial weight matrices:economic distance and geographic distance.These models are applied to investigate the direct impact of digital finance on the high-quality development of the real economy and the indirect effects mediated by the entrepreneurial mechanism.Empirical research findings reveal significant and positive effects of digital finance on enhancing the high-quality development of the real economy,along with notable spatial spillover effects.The entrepreneurial effect emerges as a pivotal mechanism driving the positive impact of digital finance on high-quality development within the real economy.Additionally,the influence of digital finance on the high-quality development of the real economy exhibits a non-linear,progressively increasing dual-threshold effect.Compared to other literature,this article makes several significant contributions:first and foremost,it integrates the concept of high-quality development and meticulously constructs a comprehensive evaluation system for high-quality development in the real economy.This system encompasses five dimensions:economic benefits,technological innovation,coordinated development,green ecology,and sustained sharing,comprising a total of 20 secondary indicators.Secondly,it elucidates the mechanism through which digital finance impacts high-quality development in the real economy,utilizing the entrepreneurial effect as the conduit.Moreover,it employs a panel threshold model to corroborate the positive moderating role of the entrepreneurial effect in the process of digital finance empowering high-quality development in the real economy,thereby enriching the existing body of literature.Thirdly,by considering the spatial attributes of variables,the article establishes spatial econometric models.These models provide a provincial-level perspective,enabling an exploration of the spatial spillover effects of digital finance on high-quality development in the real economy.Lastly,the article conducts a thorough examination of the economic implications of digital finance on high-quality development in the real economy,revealing a non-linear,progressively increasing"marginal gain"characteristic.To a certain extent,this study provides empirical evidence for the positive role of digital finance in advancing high-quality development within the real economy.It underscores the significance of developing digital finance as a crucial means to attain high-quality development in the real economy.This,in turn,offers concrete and actionable policy recommendations for China's enthusiastic pursuit of digital finance expansion and its profound impact on fostering high-quality development within the real economy.These findings lay a sturdy foundation for realizing China's distinct path towards modernization.
digital financereal economyhigh-quality developmententrepreneurial effectspatial spillover effectthreshold effect
万方数据
维普
