| Under the background of digital technology,China’s financial system has transformed from profit seeking to the inclusive model.Driven by digital technology,the development of industrial digitalization has been gathering speed and become the main engine of economic development.Digital finance,with its advantages of low cost,wide coverage and convenience,makes up for the shortcomings of traditional finance.It guides the optimization of the allocation of inclusive financial resources,which has a profound impact on many aspects of society.The Circulation enterprises of China show the characteristics of small scale and scattered distribution,which means its development subjects to the the limitations of traditional financial services.Digital financial inclusion determines that it plays a more important role for those disadvantaged groups in the financial market.Hence,based on the requirements of high-quality development of the circulation industry,this paper discusses the impact of digital financial inclusion on the high development of the circulation industry.First of all,this paper defines the core concepts,and selects appropriate indicators to explore the development of China’s digital finance and the circulation industry.After exploring its potential relationship,The literature around digital finance and consumer change,technological innovation,and high-quality industrial development are organized.Secondly,this paper discusses the theoretical basis of the impact of digital finance on the high-quality development of the circulation industry from four perspectives which are consumer behavior theory innovation,inclusive growth practice,innovation theory practice,and market equilibrium theory expansion.On the basis of relevant theories,this paper establishes a logical analysis framework from the perspectives of credit risk,inclusiveness,development and efficiency,and explores the internal mechanisms of Fintech influence.Furthermore,this paper constructs a measurement index system for the high-quality development of the circulation industry.Based on the panel data of 213 prefecture level cities in China from 2011 to 2019,the entropy weight method is used to measure the level of high-quality development of the circulation industry.The Dagum Gini coefficient,Kernel density estimation,spatial Moran index test,high-low cluster analysis,and Markov chain transfer matrix are used to analyze the relative regional differences and spatial-temporal evolution.Through thinking about the reality,theoretical basis and dynamic mechanism of high-quality development of circulation industry,we further build a double fixed effect model to explore the impact of digital finance and its structural effect.From the perspective of circulation node cities heterogeneity,smart pilot cities heterogeneity and regional heterogeneity,this paper compares and analyzes the impact of different groups.In addition,this paper also carried out a research on the threshold effect of digital finance,in order to examine the deeper relations.This paper deals with endogeneity through instrumental variable method,and explores the robustness of conclusions by eliminating key cities,replacing core variables,and shrinking tail regression.Finally,the intermediary influence mechanism of innovation effect,entrepreneurship effect and income effect is discussed by using the intermediary effect model.The research found that: from 2011 to 2019,the high-quality development level of the circulation industry showed an overall upward trend,and the high-quality development of the circulation industry in the eastern,central and western regions has shown a stepped development.The difference level of high-quality development of the circulation industry shows a fluctuating upward trend,and the regional difference contributes the most to the overall difference.From the perspective of the evolution trend of distribution differences,the polarization characteristics of spatial distribution differences in the high-quality development of the circulation industry have eased.From the perspective of spatial evolution trend,there has always been a significant spatial positive correlation between the high quality development level of China’s circulation industry,and there is interaction between regions.From the perspective of high and low clustering,high value cluster cities are mainly concentrated in the economic belt of Beijing-Tianjin-Hebei region,Yangtze River Delta and Pearl River Delta.The abnormal cities with low values surrounded by high values are mainly distributed near the cities with high values.The low value aggregation is mainly concentrated in the central and western regions,as well as the cities with abnormal values with high values surrounded by low values.From the perspective of space-time evolution trend,the high-quality development of China’s urban circulation industry shows typical spatial autocorrelation characteristics,depicting a certain trend of "club convergence".In general,the high-quality development level of China’s circulation industry is gradually improving,and the polarization characteristics are alleviated.There is significant interaction between regions,and the development shows a certain "club convergence" feature.From the empirical results of the impact of digital finance,the development of digital finance has significantly promoted the high-quality development of the circulation industry.Promoting innovation,activating entrepreneurship,and improving income are its important intermediary influence mechanism.From the perspective of structure,the significant impact of digital finance on the high-quality development of general industry is mainly achieved through coverage and digitalization;Digital finance has a significant impact on the high-quality development of circulation industry in national and regional circulation node cities,and also has a significant impact in smart city pilot cities.From a regional perspective,digital finance has a significant effect on promoting the high-quality development of the eastern circulation industry.Further threshold test results show that digital finance has a dual threshold effect.After crossing the first threshold,the impact turns negative to positive,and after crossing the second threshold,the impact coefficient increases.Based on the above research conclusions,this paper extends the following policy recommendations: First,unswervingly promote the development of digital finance and upgrade all dimensions of digital finance,especially the coverage and the digitalization of digital finance.Second,in the impact process of digital finance,efforts should be made to support the primary stage of development.Third,optimize the environment and channels for high-quality development of the circulation industry,and narrow the gap between the eastern,central and western regions in terms.Fourth,the government should give consideration to the quantity and quality of innovation and entrepreneurship,so as to stimulate the promotion effect of digital finance on the high quality development of the circulation industry. |
