| From the 19 th Party Congress,where high-quality development was first proposed,to the 20 th Party Congress,which emphasized adherence to the theme of promoting highquality development,the importance of high-quality development in the future economic and social development of China is fully reflected.Digital technologies such as big data,cloud computing,Internet of Things and blockchain have developed rapidly in recent years,spreading to various fields of the traditional financial industry,and digital finance has emerged,promoting the integration of the financial sector with Internet technology,playing the role of stock finance,and strongly contributing to the high-quality development of China’s economy.The 20 th Party Congress report in October 2022 pointed out the need to promote coordinated regional development and build a complementary advantageous and The regional economic layout of high-quality development.Total Factor Productivity(TFP)is the core indicator to measure the quality development of China’s economy,and is also the fundamental way and important source of economic growth.Previous scholars have found that digital finance has a certain role in enhancing TFP,but previous studies are not systematic enough,and there is still room to explore the spatial effects of digital finance on regional structural TFP.To further investigate the extent of the impact of digital finance on structural TFP,the part from which the impact originates,and whether there are spatial spillover effects between regions,this paper uses 237 cities in China from 2012 to 2019 as the research sample,and uses the Peking University Digital Inclusive Finance Index municipal index to study the total digital finance index and the three aspects of coverage breadth,usage depth and digitization on regional structural The impact of TFP.Based on innovation economic development theory,digital wisdom economic producer theory,polarization effect and trickle-down effect,TFP is measured and decomposed into technical efficiency index,technical progress index and scale efficiency index by DEA-Malmquist index method.Based on the spatial Durbin model,the spatial effect of digital finance on regional structural TFP is studied empirically.The main findings of the study are as follows:(1)The development of digital finance can improve regional TFP,and its impact on TFP is mainly reflected in promoting technological progress,followed by improving scale efficiency in the national and eastern regions;in the central and western regions,its impact on TFP is mainly reflected in improving scale efficiency,followed by promoting technological progress.(2)Nationwide,in the east,mid and west regions,the development of urban digital finance can improve the TFP of the city,but the development of digital finance in neighboring cities in the eastern region suppresses the TFP of the city.nationwide,in the east,mid and west regions,the development of digital finance in the city and neighboring cities cannot improve the technical efficiency of the city.Nationwide and in the eastern region,the development of digital finance in both the city and the neighboring cities can promote the technological progress of the city;in the eastern region,the development of digital finance can promote the technological progress of the city,but the development of digital finance in the neighboring cities can inhibit the technological progress of the city;in the central region,the development of digital finance in both the city and the neighboring cities can promote the technological progress of the city;in the western region,the The development of digital finance can promote the technological progress of this city,but the development of digital finance in the neighboring cities all have no significant impact on the technological progress of this city.(3)In the digital financial decomposition index,coverage can improve the overall level of TFP in China,and the direct effect,indirect effect and total effect are significant.The direct effect is obvious in the eastern and central regions,while the indirect effect and total effect are obvious in the western regions;The depth of use can improve the overall level of TFP in China,which is mainly reflected in the direct effect.The direct effect is obvious in the eastern and central regions,while the indirect effect is reflected in the spatial heterogeneity in the eastern and western regions;Digital degree has no significant spatial effect on TFP.The innovations of this paper are:(1)Based on innovation economic development theory,number wise economy producer theory,polarization effect and trickle-down effect,this paper uses DEA-Malmquist index method to decompose TFP into three sub-indices to explore the impact of digital finance on regional structural TFP.(2)This paper measures and decomposes TFP by taking GDP as the output variable and the capital stock of fixed assets,the total number of employees in urban secondary and tertiary industries,and science and technology expenditure as three input variables.(3)Empirical aspects.This paper considers the spatial effect,constructs a spatial Durbin model,decomposes the effect of digital finance on regional structural TFP into direct effect,indirect effect and total effect,and explores the spatial effect of digital finance on regional structural TFP. |
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