Research On The Impact Of Digital Finance On High-quality Economic Developmen

With the economic development of China gradually entering a new normal,the report to the 19 th National Congress of the Communist Party of China put forward the concept of "highquality development" for the first time and pointed out that the economy of China is in a stage of transition from high-speed to high-quality development.The report of the 20 th National Congress of the Communist Party of China even emphasizes the promotion of high-quality development,and clearly states that achieving high-quality development is one of the essential requirements of Chinese-style modernization.It calls for strengthening the deep integration of the digital economy and the real economy,and better serving the real economy with the lead of digital finance.However,it is a long and arduous task to explore the path optimization of highquality economic development,and it is one of the main tasks to explore the characteristic path of modern economic development in line with The Times.Finance is the core of modern economic development,and digital finance is an advanced stage of rapid development of finance with the help of the Internet.With the application of information technology such as big data and artificial intelligence in the financial field,the financial industry of China has entered the digital era.Its digital technology effect and financial innovation effect meet the requirements of driving economic development from the quality level.In this context,it is of great theoretical and practical significance to study the impact of digital finance on high-quality economic development.This paper reviews the relevant literature of digital finance and high-quality development of economy,and expounds the basic connotation of digital finance and high-quality development of economy.Firstly,the comprehensive level of high-quality economic development is measured by constructing a reasonable index system and applying entropy weight TOPSIS method.Secondly,it theoretically analyzes the influence mechanism and heterogeneity of digital finance on high-quality economic development.In addition,the spatial panel model is used to empirically test the impact of digital finance on high-quality economic development,the general panel model is further used to test the transmission mechanism of digital finance on high-quality economic development,and the dynamic panel data model is used to explore the heterogeneous impact of digital finance on high-quality economic development.The findings are as follows: first,both the overall level and the sub-dimension development of digital finance have a significant enhancement effect on regional economic development.Furthermore,digital finance also has a spatial spillover effect on high-quality economic development.Second,digital finance promotes high-quality economic development through investment of capital,technological innovation and human capital.Third,the impact of digital finance on high-quality economic development is heterogeneous.The impact of digital finance on high-quality economic development is characterized by resource endowment heterogeneity,that is,the impact of digital finance development on high-quality economic development is better in resource-based cities than in non-resource-based cities.The influence of digital finance on high-quality economic development is characterized by heterogeneity of regional development scale,which means that compared with first-tier and second-tier cities,digital finance brings more space for high-quality economic development to non-first-tier and second-tier cities.