| The economic development of our country has already approached the new stage and the traditional mode of production is no longer required to meet the development of our country at all.To obtain the sustainable and high-quality development,we are supposed to change the production mode.Industrial structure upgrade is promoting national economy under the new form from rapid growth to the guarantee of high quality growth and finance is the core of the modern social resource allocation.It is also an important foundation for upgrading the industrial structure.Traditional financial institutions mainly provide financial services to large enterprises,while small and medium-sized enterprises which represent new industries and new drivers are excluded from the traditional financial industry.The establishment and development of new industries are restricted by the expensive and difficult financing problem.Digital inclusive finance provides funds for vulnerable people in remote areas and small and medium-sized enterprises.It encourages financial innovation,enrich the market level,support the development of new industries,achieve reasonable allocation of resources and optimize and upgrade the industrial structure.So it is really important to explore the relationship between digital inclusive finance and industrial structure upgrading.This article first introduces the theory about financial and industrial structure upgrading,the definition of the concept of digital financial and industrial structure,combed the related literature,and described the digital finance and the situation of the industrial structure.Then describes the steady growth of financial of provinces and the provincial gap reduced by years,the tertiary industry accounted for the vast majority of provinces increases year by year and the development trend of industrial structure has changed from grade 1,grade 2 and Grade 1 to grade 2 and grade 1.The rationalization and advanced level of industrial structure in all provinces show an increasing trend,but Xizang and Guizhou provinces lag behind and even decline slightly.The advanced level of industrial structure has regional characteristics.In the empirical part,based on panel data of 270 prefecture-level cities from 2011 to 2020,this paper constructs two explained variables-rationalization of industrial structure and advanced industrial structure.Rationalization of industrial structure is the weighted average value of the output value of the three industries and advanced industrial structure is the ratio of the output value of the third industry to the second industry.This paper uses the Digital Financial Inclusion index of Peking University as explanatory variable and the control variables of prefecture-level cities at the same time.The fixed effect model is used for regression and the lag period of explanatory variables and control variables is put into the model.The results show that digital financial inclusion index significantly promotes the rationalization of industrial structure and advanced industrial structure.The digital financial Inclusion index and its three two-dimensional indexes only have a single threshold effect.When they are lower than the threshold value,the regression coefficient and significance are generally smaller,while when they are higher than the threshold value,the regression coefficient and significance are larger.In the analysis of the mediating effect of the third sector,this paper selects the urban commercial credit environment index as the mediating variable to test the mediation effect.The regression results show that it has partial mediating effect.This paper also uses three robust methods.Firstly,use the alternative explained variables,that is,use the ratio of the added value of the secondary and tertiary industries to the GDP as the proxy index of industrial structure upgrading;Secondly,use the second lag value of explanatory variables to re-analyze;Thirdly,the samples were replaced with provincial data for analysis.The regression results of the three robust methods were consistent with the above results.Based on the above research conclusions,this paper puts forward policy suggestions to promote the healthy development of digital inclusive finance and give full play to its promoting role in industrial structure from the perspectives of balanced development of national finance,structure of financial market,innovation of financial service products and supervision of digital inclusive finance.The innovations of this paper are:In respect of data selection,this paper adopts panel data of prefecture-level cities which helps to capture the differences between regions within the province.In respect of research content,this paper empirically tests the mediating effect of credit environment on the promotion of industrial structure upgrading by digital inclusive finance and enriching relevant theories of digital inclusive finance influencing the upgrading of industrial structure. |
