Research On The Impact Of Digital Finance On The Development Of High-tech Industry

The high-tech industry is a strategic leading industry that solves the key issues of advanced technology faced by China.Both the 14 th Five Year Plan and the report of the 20 th National Congress of the Communist Party of China clearly emphasize that the development of high-tech requires a large amount of investment in scientific research.Therefore,compared to general manufacturing industries,they have a greater demand for external financing,with long cycles,light assets,and high risks,which make them face strong financing constraints in China.The traditional financial model is limited by the high cost of credit risk identification and the low efficiency,resulting in the supply of financial resources falling into the "impossible triangle" of income risk balance,precise fund guidance,and commercial sustainability.Digital finance,as an advanced financial technology,provides solutions to overcome the difficulties of inclusive finance development through big data analysis.It can effectively achieve the aggregation of production factors such as capital and talent,reduce the research and development risks of high-tech enterprises,alleviate the financing constraints faced by related enterprises,and promote China’s technological innovation and the development of high-tech industries.Therefore,exploring the impact and mechanism of digital finance on the development of high-tech industries has strong practical significance..Relevant literature is combed in this paper.It shows that there is a problem with the traditional financial model in the aspects of financial resources distribution mode and total amount,financing environment,stimulating R&D and output.It not only plays an insufficient role in supporting the development of high-tech industry,but also has some problems in distorting factors and hindering innovation.However,the above problems can be effectively solved by digital finance through the exertion of technical characteristics and financial functions.Based on the panel data of 29 provinces from 2011 to 2020,this paper studies the relationship between digital finance and the development of high-tech industry.According to the theoretical analysis of the development of the status quo,this paper selects a number of indicators to construct the entropy of the intermediary variables in order to ensure the comprehensiveness of the study of intermediary variables,then uses the intermediary effect model to carry out empirical research.Finally,the hypothesis of the regional heterogeneity of digital finance supporting the development of high-tech industry is tested.The empirical results show that:(1)Digital Finance can promote the development of high-tech industry positively,which is mainly achieved by promoting the digital transformation of high-tech industry and the reform of financial system.(2)The positive effect of digital finance on high-tech industry can be transmitted through three mediating paths: easing financing constraint,improving R&D level and enhancing output capability.That is,digital finance can promote the development of high-tech industry by optimizing the environment of direct and indirect financing channels,optimizing the allocation of R&D resources,and optimizing the business model.(3)In terms of regional heterogeneity,the role of digital finance in supporting the development of high-tech industries is more significant in the eastern and central regions,where the level of economic development and the digitization process are faster.But in the relatively backward western region,there is no promotion effect.The above conclusions are basically consistent with the previous theoretical analysis,and also accord with the regional differences of digital finance and hightech industry development in our country.