Research On The Impact Of Digital Financial Inclusion On The Capital Allocation Efficiency Of China’s Real Economy

The real economy is the direct creator of material wealth,and it is also the material basis for the formation of social wealth and comprehensive national strength.A developed and stable real economy is of great significance to ensuring employment opportunities,improving people’s lives,resisting external shocks,and achieving sustained economic development and social stability.The high-quality development of China’s economy depends on the real economy,but in recent years,the real economy has been "dematerialized to virtual",overcapacity or insufficient capacity is serious,and its future development has shown a weak trend.At present,the key to curbing the trend of enterprises abandoning real investment and revitalizing the real economy is to improve the problem of low efficiency of capital allocation in the real economy.Finance is the bloodline of economic development,accurately control the overall situation of the real economy of financial services,inject development impetus into the real economy,and the rise of digital inclusive finance can optimize the scientific and reasonable allocation of financial resources to a certain extent.Digital inclusive finance is the product of the deep integration of digital technology and inclusive finance,which can better adapt to the modern economic and social development model than traditional finance,use digital technology to effectively identify the growth of the industry,improve the convenience,accuracy and security of financial services,create a good financial service ecological environment,and affect the efficiency of resource allocation in the real economy.Therefore,it is of great significance to study the influence relationship and mechanism between digital inclusive finance and the capital allocation efficiency of the real economy.This paper first sorts out the relevant research of domestic and foreign scholars on digital inclusive finance,the efficiency of capital allocation in the real economy and the relationship between the two,clarifies the conceptual connotation of the two,summarizes the relevant theoretical foundations,and deeply analyzes the mechanism of their influence from direct and indirect perspectives.Then,on this basis,the Wurgler model is used to measure the capital allocation efficiency of the real economy as a whole and in China,and the development status of the capital allocation efficiency of the real economy is explained according to the measurement results,and the impact of the total index of digital inclusive finance and the three subdivision dimensions on the capital allocation efficiency of the real economy is empirically tested by using the fixed effect model,and the results show that the development of digital inclusive finance has an obvious positive effect on the capital allocation efficiency of the real economy The GMM model tested the robustness of the empirical results.In addition,this paper also uses the intermediary effect model to further discuss how digital inclusive finance affects the capital allocation efficiency of the real economy,revealing that financial efficiency plays an intermediary role in its influence transmission process.Finally,based on the analysis of theoretical and empirical results,it is necessary to accelerate the pace of financial digitalization,strengthen the role of policy guidance,explore the development of regional differences,promote the process of financial marketization,and improve financial efficiency The level put forward countermeasures and suggestions to improve the efficiency of capital allocation in the real economy.