Research on the Impact Mechanism and Spatial Effect of Digital Finance on the Development of the Real Economy——Empirical Analysis Based on Manufacturing Data
Based on the panel data of 30 provinces in China from 2011-2021,this paper empirically tests the impact mechanism and spatial spillover effect of digital finance on the development of the real economy by using the intermediary effect model and the spatial econometric model.The research results are as follows.Digital finance can alleviate the financing constraints of the real economy and promote its development.Financial risk,human capital,and green innovation are important mechanisms for digital fi-nance to promote the development of the real economy.Reducing financial risks can alleviate the financing constraints of the real economy,enhance human capital,and promote green innovation,which can improve the development efficiency of the real econo-my.The impact of digital finance on the development of the real economy has a significant spatial spillover effect,and digital fi-nance generates a siphon effect on the development of the real economy in neighboring areas through spatial spillover effects.Based on this,it is proposed to vigorously develop digital finance,fully leverage the role of digital finance in reducing financial risks,en-hancing human capital,and promoting green innovation,improve the coordination of digital finance among provinces,and promote the rapid development of the real economy.
digital financereal economyfinancial riskhuman capitalgreen innovation
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万方数据
