Research On The Impact Of Digital Financial Inclusion On The Upgrading Of Industrial Structure

At present,our economy has entered the high-quality development stage,and it is in the period of transformation of extensive development mode and optimization of industrial economic structure.However,the phenomenon of financial exclusion caused by information asymmetry and other problems in traditional finance occurs from time to time,which makes the transformation and upgrading of industrial structure lack sufficient financial support,and some social groups cannot obtain due financial services,especially the tertiary industry groups dominated by small and micro enterprises.Therefore,how to break the financial dilemma and dredge the path of financial support for industrial development is extremely urgent.With the development of Internet and other digital technologies,digital inclusive finance emerges at the historic moment.Compared with traditional finance,digital inclusive finance has the characteristics of both digitalization and inclusive,which can better overcome the long-standing disadvantages of traditional finance,greatly improve the availability and convenience of financial services,promote industrial development and promote the upgrading of industrial structure.Based on the Peking University Digital Inclusion Finance Index from2011 to 2020,this paper empirically explores the impact of digital inclusion finance on industrial structure from different dimensions.Firstly,Moran index is used to explore the spatial distribution characteristics of digital inclusive finance and industrial structure.Secondly,based on the fixed effect model,the influence of digital financial inclusion and its subdimensions on the industrial structure and the three industries is verified.Thirdly,with the help of mediating effect and panel threshold model,the mediating role of education development,government expenditure and Internet construction is explored and the non-linear influence of digital inclusive finance on industrial structure upgrading is tested.Finally,by eliminating special samples,replacing explained variables,shortening sample period and constructing instrumental variables,the robustness of the core conclusions of the paper is tested.The results show that there is a significant spatial positive correlation between digital inclusive finance and industrial structure,and the correlation degree is deepening year by year.Digital inclusive finance and its sub-dimension have significant positive impact on the upgrading of industrial structure.Further subdivision shows that digital inclusive finance will inhibit the development of the primary industry and promote the progress of the secondary and tertiary industries,while the subdimension also shows the inhibition of the primary industry and the promotion of the secondary and tertiary industries on the whole.Reflects the consistency of the impact of digital inclusive finance and its subdimensions on the industrial structure and the three industries;Education development,government expenditure and Internet construction play a partial intermediary effect between digital inclusive finance and industrial structure upgrading,accounting for 10.4%,9.4% and 27.9%,respectively.In China and central China,the influence of digital inclusive finance on industrial structure upgrading does not have threshold effect,but it does exist in eastern and western China.The former has diminishing marginal effect,while the latter experiences a transition from insignificant to significant.Based on the above conclusions,the paper puts forward some policy suggestions to promote the transformation and upgrading of industrial structure based on the actual situation of different regions,carefully treat the difference of influence of digital inclusive finance on the three industries,clear the action path of digital inclusive finance on industrial structure upgrading and reinvigorate the positive role of traditional driving forces on industrial structure upgrading.