Nonlinear Effects Of Fintech,Egional Financial Stability And High-quality Economic Development

With the deepening implementation of the digital China construction project,fintech has entered the "fast lane" of innovation and development.It has become a powerful force driving innovation,transformation and high-quality development of China’s economy.While fintech is stimulating new drivers for high-quality economic development,it also spawns new financial risks due to its own characteristics.At present,instability and uncertainty at home and abroad are on the rise.Under the premise of effectively maintaining regional financial stability,developing fintech prudently and safely is of vital importance to strive for high-quality development.Firstly,this thesis attempts to integrate fintech,regional financial stability and high-quality economic development into a unified framework for analysis and puts forward the relevant theoretical basis,influence mechanism and nonlinear effects of fintech and regional financial stability on high-quality economic development,and attempts to explore the nonlinear moderating role of regional financial stability in the process of fintech affecting high-quality economic development.Secondly,this thesis uses Dagum’s coefficient to measure and analyze the development status of the overall and regional differences in China’s fintech development level.The regional financial stability index system and the high-quality economic development index system are obtained through general screening.On this basis,the regional financial stability index and the high-quality economic development index are synthesized.Among them,two new indicators are added to the high-quality economic development index system:carbon emission intensity and the proportion of new energy power generation.Furthermore,the empirical study based the non-linear effects among fintech,regional financial stability and high-quality economic development on the fixed effect model,random effect model and panel smooth transition model.Finally,the thesis summarizes the main research conclusion and brings forth corresponding policy suggestions.Great effort should be made to safely develop fintech and firmly built the risk prevention and control wall of regional finance,so as to comprehensively promote high-quality economic development.The result indicates that:(1)fintech plays a pivotal role in promoting high-quality economic development;(2)There is a positive improvement effect of regional financial stability on high-quality economic development;(3)The interaction between fintech and regional financial stability is good for promoting high-quality economic development;(4)An inverted "U" shaped nonlinear feature is a characterized of fintech affecting the high-quality economic development.When the regional financial stability is higher than the threshold value,the positive effect on high-quality economic development gradually weakens.But on the whole,fintech still plays a pivotal role in developing high-quality development.