Financial Science And Technology Investment,Digital Economy Development And Manufacturing Upgrading

China’s manufacturing sector has grown quickly in recent years,and its overall strength has advanced steadily to take the top spot in the world.As of 2021,the added value of China’s manufacturing industry has reached a staggering 31.4 trillion yuan,accounting for about 30 percent of the world’s total,a major breakthrough.This significant accomplishment is inextricably linked to technological and scientific innovation,which is the essential component of industrial transformation and upgrading,which can change the mode of economic development and support sustainable economic development.Under the innovation-driven environmental impact,the digital economy is one of the core areas of the new economy,and the national financial investment is of great significance to its development.What is the mechanism by which national and provincial investments in science and technology affect the growth of the digital economy?Based on the relevant theoretical foundations of financial science and technology investment,digital economy development and manufacturing upgrading,this paper determines the research direction of this paper through literature combing.The research question for this paper is then put forth after analyzing the influence mechanism between the three,and the scale and structure of financial science and technology investment were analyzed respectively.Secondly,the level of manufacturing upgrading and the development of the digital economy were assessed using the entropy method,and uses the intermediary effect to introduce the digital economy development into the correlation model between financial science and technology investment and manufacturing upgrading,and finally uses the PVAR model to deeply analyze the intrinsic relationship between financial science and technology investment,digital economy development and manufacturing upgrading.The results show that the growth rate of China’s financial investment in science and technology is unstable,the development of digital economy and the upgrading level of manufacturing industry are generally not high,and the regional differences are large,showing a situation of "high in the east and low in the west".Secondly,financial investment in science and technology can significantly promote the upgrading of the manufacturing industry,but there is a lag,and its impact will gradually weaken in the long run.In addition,it is found that financial investment in science and technology can promote the development of digital economy,and can indirectly promote manufacturing upgrading through the development of digital economy,that is,there is an intermediary effect;In terms of regions,the mediation effect mechanism in the eastern region is significantly stronger than that in the central and western regions.From the perspective of the dynamic relationship between financial science and technology investment,digital economy development and manufacturing upgrading,only there is a two-way causal relationship between the development of digital economy and manufacturing upgrading,and the mutual impact between the three will gradually weaken in the long run,and eventually converge to 0;Financial science and technology investment and manufacturing upgrading come from their own impact,while the development of digital economy comes from financial science and technology investment.Finally,this paper puts forward corresponding rationalization suggestions for the above research conclusions.Increase financial investment in science and technology,and optimize the structure of financial science and technology investment;Strengthen the construction of digital infrastructure and improve the development of the digital economy;Improve the level of technological innovation and optimize the structure of the manufacturing industry;Promote the coordinated development of financial investment in science and technology and the digital economy,and accelerate the upgrading of the manufacturing industry.