Development of Digital Finance and the Integration of"Two Industries":Mechanism Identification and Effect Testing in the Context of High-Quality Economic Development
The convergence of advanced manufacturing and modern services is a fundamental necessity for the high-quality progression of the tangible economy.Digital finance,an innovative amalgamation of traditional financial sectors with digital information technology,significantly influences the amalgamation of manufactur-ing and service industries.This study employs panel data encompassing 286 cities at the prefectural level and above from 2011 to 2019.Through regression methodologies such as panel threshold models,it explores the impact of digital finance development on the depth of integration between the two industries and the underly-ing mechanisms.The research findings are as follows:(1)The progress of digital finance notably enhances the level of integration between the two industries,with technological innovation and capital allocation effi-ciency emerging as the primary mechanisms through which digital finance influences their integration.(2)The influence of digital finance on the integration of the two industries displays significant non-linear charac-teristics,resulting in varied effects at different stages of digital finance development.(3)Heterogeneity tests reveal that the catalyzing effect of digital finance development on the integration of the two industries is more pronounced in cities with higher levels of economic development,moderate industrialization,and designation as national policy pilot cities.(4)The elevation of the integration level between the two industries by digital finance will fortify the industrial groundwork,enhance the core competitiveness of industries,and ultimately foster high-quality economic development.
digital financeintegration of two industriestechnological innovationcapital allocation effi-ciency
NETL
NSTL
万方数据
