| Entrepreneurial activities in the hometown are an important initiative to resolve the imbalance between urban and rural development and to resolve the contradiction between the growing needs of our people for a better life and the unbalanced and insufficient development in the new era,while entrepreneurship of returning entrepreneurs is an important driving force to realise hometown entrepreneurial activities.Entrepreneurship of returning entrepreneurs reflects the entrepreneurship displayed by groups in a region motivated by returning entrepreneurship.As such,it will not only show the innovative spirit of the entrepreneur,but also the characteristics of the returning entrepreneur.As a country with a large population,the labour force moves frequently from region to region,but the main source of labour mobility is from migrant workers and returning to their hometowns,while entrepreneurship in returning to their hometowns is scarce,and one of the main reasons for this is the lack of capital.For the traditional financial system,financial services are an extreme imbalance of development in urban and rural areas,and these have become obstacles to the further development of entrepreneurship in returning to the hometowns.In recent years,with the application of digital technologies such as big data,cloud computing,artificial intelligence and blockchain in the financial business,the challenges of traditional financial inclusion have been largely solved.Driven by these technologies,digital finance has taken advantage of the ease of use and has continued to improve its layout,improving the financing environment for micro and small enterprises.Digital finance can provide financial support for returning entrepreneurs,and returning entrepreneurs can make full use of the new elements of data and take advantage of their information in the entrepreneurial process,allowing them to keep abreast of changes in consumer demand,as well as achieving their goals of sustainable development and maximizing value for their businesses.Therefore,under the current situation of social and economic development,returning entrepreneurship has gradually developed into one of the key paths for rural revitalization.Digital finance plays an increasingly important role in the development of rural economy.In order to achieve high-quality rural economic development,it is necessary to gain a comprehensive understanding of the characteristics of regional returning entrepreneurship,and it is also necessary to study the impact of digital finance on regional returning entrepreneurship.The specific research in this paper is as follows:First,definition of concepts related to digital finance and regional returning entrepreneurship.This section begins by defining two key concepts in the study of the impact and mechanisms of digital finance on regional returning entrepreneurship,which are digital finance and regional returning entrepreneurship.Secondly,it is theoretically shown that there is a spatial spillover effect of digital finance on regional returning entrepreneurship,which is manifested in the unevenness and spatial correlation of regional returning entrepreneurship.Finally,theoretically,the moderating effect of digital finance on regional entrepreneurship of returning entrepreneurs has been explained.These provide a theoretical basis for subsequent analysis of the impact of digital finance on entrepreneurship in regional returning businesses.Second,the measure of regional returning entrepreneurship.Expand entrepreneurship to returning entrepreneurs,and research into the field of regional returning entrepreneurship.In order to comprehensively evaluate regional returning entrepreneurship,this section divides regional returning entrepreneurship into three components,namely entrepreneurship,innovation and hometown spirit.Then,a hierarchical system of indicators for regional entrepreneurial spirit of returning home has been constructed.Then,the authors used factor analysis to process the weights of the various elements and indicators and to quantify the situation and heterogeneity of the regional returning entrepreneurship.The results of the study show that regional returning entrepreneurship shows strong geographical characteristics,with the eastern region being the highest,the central region the second highest and the western region the lowest.When analysing the individual elements,the spirit of innovation and entrepreneurship show significant differences across different regions,with only the spirit of returning entrepreneurship showing no significant differences between the East,Central and Western regions,both of which have been on an upward trend.Thirdly,the impact of digital finance on the entrepreneurial spirit of returning entrepreneurs in the region.This section uses regression models to analyse the extent to which digital finance affects returning entrepreneurship and its heterogeneity across regions.The results suggest that returning entrepreneurs going to work in regions with higher levels of digital finance development can inhibit the cultivation of regional returning entrepreneurship.The development of digital finance has dampened the innovative spirit of migrant workers who are motivated to return home to start their own businesses.But digital financial development has enhanced their entrepreneurial spirit.In considering the regional differences between the eastern,central and western parts of the country,for migrant workers in the eastern and western provinces,digital financial development has promoted their entrepreneurial spirit.For migrant workers in the central provinces,digital financial development promotes the spirit of returning to their hometowns.Fourth,the study of the spatial spillover effects of digital finance on the returning entrepreneurship.This section uses the spatial Durbin model to analyse the spatial spillover effects of digital finance on returning entrepreneurship.The study shows that there is a significant spatial auto-correlation of regional returning entrepreneurship.Digital finance has a significant and positive spatial spillover effect on regional returning entrepreneurship.And the entrepreneurship of returning entrepreneurs in the surrounding areas has a catalytic effect on the entrepreneurship of returning entrepreneurs in the region.In considering the regional differences between the east,central and west of the country,the spatial spillover effect of digital finance on entrepreneurship in returning entrepreneurs varies widely across the East,Central and West.Digital finance in the eastern provinces has a significant and positive spatial spillover effect on entrepreneurship for returning entrepreneurs,and in the central provinces has a significant and negative spatial spillover effect on entrepreneurship for returning entrepreneurs.Then,there is no significant spatial spillover effect of digital finance on entrepreneurship in the western provinces for returning entrepreneurs.Fifth,the study of the moderating effect of digital finance and regional returning entrepreneurship.In this section,the authors use a fitted moderating effect test model to analyse how regional returning entrepreneurship can be moderated through digital finance,in terms of the level of economic development,the level of innovation and the level of legal system,respectively.The results show that there is a significant positive moderating effect of the level of innovation,the level of legal system and the level of economic development in the relationship between digital finance and regional returning entrepreneurship.The moderating effect of the level of legal system is the largest,and the moderating effect of the level of economic development is following,and the moderating effect of the level of innovation is the smallest.The sub-dimensions show that the moderating effects of the level of innovation,the level of the legal system and the level of economic development across the different dimensions of regional returning entrepreneurship.There are also differences in the moderating effects on the development of digital finance from different perspectives.There were significant differences in the moderating effects of the adjustment variables in different regions.Based on the above research,this paper considers the regional heterogeneity from the perspective of provinces in order to improve the returning entrepreneurship;Vigorously improve the financial system and develop efficient and convenient digital financial services;Pay attention to the balanced development of digital finance and narrow the digital divide;Formulate differentiated policies,Give full play to the positive regulatory role of economic development level,innovation level and legal system level in digital Finance on regional returning entrepreneurship,and put forward policy suggestions to promote digital finance to better play its role in regional returning entrepreneurship. |
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