Research On The Impact Of Digital Finance On Industrial Structure Upgrading

In order to follow the path of high-quality economic development guided by the "dual-carbon" goal,industrial structure upgrading is an inevitable requirement for realizing the unity of economic and ecological benefits.In the post-COVID-19 era,the world economic landscape has undergone tremendous changes,and it is imperative to find new breakthroughs in upgrading the industrial structure.Efficient financial means are an important factor to promote the upgrading of industrial structure.Since traditional financial services are difficult to meet the high-quality development requirements of the real economy,financial digitalization has become an important trend of modern financial development.The development of digital finance provides the possibility to effectively promote the upgrading of industrial structure.Therefore,whether and how digital finance can help upgrade industrial structure is worth further study.After reviewing domestic and foreign research results,based on the analysis of the research status and impact mechanism of digital finance and industrial structure upgrading,this paper adopts the bi-directional fixed-effect model to investigate the effect and heterogeneity of digital finance on industrial structure upgrading according to the panel data of 31 provinces and municipalities from 2011 to 2020.At the same time,the intermediary effect model and panel threshold model are used to empirically analyze the mechanism and nonlinear impact of digital finance on industrial structure upgrading.The research results show that digital finance significantly promotes the advanced,rational and ecological industrial structure,and has a significant incentive effect on the upgrading of industrial structure.It also passes the robustness test of substituting explained variables and instrumental variable method.Through the analysis of the mechanism of action and the test of intermediary effect,technological innovation is an important transmission path for digital finance to promote the advanced,rational and ecological industrial structure.Heterogeneity analysis shows that in different dimensions,the depth of use of digital finance has the most obvious positive response to the upgrading of industrial structure,followed by the degree of digitalization,and finally the coverage breadth.In different regions,the development of digital finance in the eastern region is conducive to the advanced,rational and ecological industrial structure,while the incentive effect on the advanced and ecological industrial structure in the central and western regions is remarkable,but the incentive effect on the rationalization of the industrial structure is not obvious.The nonlinear effect test shows that the effect of digital finance on the upgrading of industrial structure has nonlinear characteristics.With the continuous improvement of the development level of digital finance and technological innovation,the promoting effect of digital finance on the upgrading of industrial structure is gradually enhanced.Finally,it puts forward policy suggestions to promote digital finance to promote industrial structure upgrading from three aspects: optimizing the development environment of digital finance,formulating differentiated digital finance development measures,and enhancing the innovation driving effect of digital finance.