Research On The Impact Of Digital Finance On The High-quality Development Of Regional Economy In Guangdong Province

At present,the era of digital economy is coming,and the wave of Digital transformation of the financial industry has arrived.At the same time,the rapid growth of China’s economy inevitably leads to environmental damage and resource waste.The so-called "financial stability and economic stability,financial vitality and economic vitality",as the lifeblood of the real economy,finance plays a crucial role in serving the real economy.As a new model of financial development,digital finance plays an indispensable role in high-quality economic development.As a pioneer and window of China’s reform and opening up,Guangdong Province has achieved tremendous success in economic development,becoming an important engine and demonstration area for national economic development.Digital finance has also experienced rapid development in Guangdong Province.As a major economic and financial province in China,exploring how digital finance in Guangdong Province can serve the real economy and achieve high-quality economic development in practice can provide reference and reference for the economic development of other regions.Therefore,studying the impact of digital finance on promoting high economic development in Guangdong Province and proposing reasonable suggestions has important practical significance.The article revolves around the two core themes of "digital finance" and "high-quality economic development",and the main content follows the approach of "literature review-relevant concepts and theoretical foundations-theoretical analysis-empirical research-conclusions and inspirations".Firstly,by reviewing literature,this article clarifies the relevant research on digital finance and high-quality economic development,and further proposes relevant theoretical foundations,based on which theoretical analysis is made.Then,the entropy method is used to calculate the weights of all indicators and the comprehensive score of high-quality economic development in each region.Then,based on the panel data of 21 prefecture level cities in Guangdong Province from 2011 to 2020,the paper uses the fixed effect model to analyze the impact of digital finance on high-quality economic development in Guangdong Province,as well as the structural and dynamic effects of digital finance,and then conducts robustness tests by changing the model,adding tool variables and changing the time period,and further explores its impact mechanism with the mesomeric effect model,Finally,a panel threshold model was used to explore the nonlinear relationship between digital finance and high-quality economic development in Guangdong Province.The research results indicate that: firstly,digital finance has a direct and significant promoting effect on the high-quality economic development of Guangdong Province,and the breadth of digital finance coverage,depth of digital finance use,and level of digitalization all have a significant positive impact on the high-quality economic development of Guangdong Province;Secondly,in the process of digital finance affecting the high-quality economic development of Guangdong Province,credit constraints have a certain transmission effect,that is,digital finance can promote high-quality economic development by alleviating credit constraints;Thirdly,digital finance in Guangdong Province has a sustained impact on the high-quality development of the economy,which will gradually decrease over time.Fourthly,there is heterogeneity in the impact of digital finance on the high-quality development of the economy in Guangdong Province.In economically developed areas or areas with poor network coverage,the impact of digital finance on the high-quality development of the economy is relatively small,and vice versa;When the logarithm of the digital finance index is less than 4.3603,the impact between the two is more significant when the logarithm of the core explanatory variable digital finance development level is used as the threshold variable;When the logarithm of the digital finance index is between 4.3603 and 5.5569,the impact between the two is relatively flat;When the logarithm of the digital finance index is greater than 5.5569,the impact between the two is more significant.Finally,based on the exploration of the research results,the article proposes strategies and suggestions to promote high-quality economic development in Guangdong Province from five perspectives: digital finance risk prevention,regional differences,policy support,professional talent cultivation,and infrastructure construction.