| With the development of new technologies such as cloud computing and Big Data,digital finance came into being,increased the coverage of resources,realized the networked sharing and accurate matching of financial resources,accelerated the penetration into various industrial fields,gave birth to new business forms and models,and brought new opportunities for the transformation of traditional industries and the construction of modern industrial system.Therefore,the development of digital finance is bound to bring new features to the upgrading process of industrial structure.The existing literature studies the economic growth effect,poverty reduction effect and innovation effect of digital finance,but the exploration of industrial structure upgrading and related problems is not deep enough.In the context of the integrated development of digital finance and industry,digital finance will affect the process of industrial structure upgrading,but the specific impact mechanism,whether there is spatial effect and whether there is heterogeneity need to be discussed.Based on this,in the new development stage,it is of great theoretical and practical significance to study the effect of digital finance on the upgrading of industrial structure.This paper makes an analysis from both theoretical and empirical aspects.In terms of theory,it arranges and analyzes the relevant literature on digital finance,industrial structure upgrading and the relationship between them.Based on the relevant theories of digital finance and industrial structure,it discusses the impact mechanism and spatial spillover effect of digital finance on industrial structure upgrading.In the empirical aspect,based on the panel data of 272 cities,this paper constructs the industrial structure upgrading index,introduces the Peking University Digital Inclusive Finance Index as the proxy variable of digital finance,and systematically studies the effect of digital finance on industrial structure upgrading through the methods of two-way fixed effect model,intermediary effect model and Spatial Durbin Model;Using instrumental variable method and changing variable measurement method to test the robustness;In the expansibility analysis,the research is carried out from three perspectives: regional heterogeneity,urban hierarchical heterogeneity and sub dimension of digital finance.The main conclusions of this paper are as follows: first,digital finance can directly promote the upgrading of industrial structure.After introducing instrumental variables and changing variable measurement methods,the conclusion is still valid,and the promotion effect has the characteristics of dynamic superposition in a period of time;Second,digital finance can promote the upgrading of industrial structure by promoting urban innovation and entrepreneurship and stimulating consumer demand;Third,digital finance and industrial structure upgrading have significant positive spatial correlation.Digital finance can produce positive spatial spillover effect on industrial structure upgrading,that is,digital finance in adjacent areas can promote the upgrading of industrial structure in this region;Fourth,the promotion effect of digital finance on the upgrading of industrial structure is significant in the eastern and central regions and the first,second and third tier cities,while the effect is not significant in the western and northeast regions and the fourth and fifth tier cities;Compared with the depth and digitization of digital finance,the coverage of digital finance can significantly promote the upgrading of industrial structure.The research conclusion provides policy enlightenment for the formulation of digital finance development strategy and the transformation and upgrading of industrial structure during the 14 th Five Year Plan period.Combined with the research conclusions,this paper puts forward corresponding policy suggestions: promoting the deep-seated construction of digital finance and its dimensions;Based on the construction of digital finance,optimize the innovation and entrepreneurship environment and consumer market;Formulate differentiated regional development strategies according to local conditions;From point to area,enhance the linkage development of various regions. |
