Research On The Impact Of Digital Finance On The High-quality Development Of Manufacturing Industry

The report of the 20 th Party Congress puts forward that high-quality development is the primary task of comprehensively building a modern socialist country,and that manufacturing is the lifeblood of the national economy and the foundation of the country.High-quality development of the manufacturing industry is the key to the highquality development of China’s economy,which is essentially reflected in the shift from quantitative expansion to quality improvement.With the shift of China’s economy to high-quality development,digital finance also brings challenges and opportunities for the high-quality development of the manufacturing industry,and it has become an urgent and important topic to study the impact of digital finance on the high-quality development of the manufacturing industry.This paper focuses on the influence of digital finance on the high-quality development of the manufacturing industry,and uses the entropy method to determine the level of high-quality development of the manufacturing industry based on manufacturing-related data of thirty provincial regions in China from 2012 to 2021.Firstly,a two-way fixed effects model was used to conduct a benchmark regression to empirically test the contribution of digital finance to the high-quality development of the manufacturing industry.Secondly,regional and industrial structure groupings were conducted for the full sample to empirically test the regional heterogeneity of the impact of digital finance on the high-quality construction development of the manufacturing industry.Again,the mediating mechanism of the impact of digital finance on the highquality development of the manufacturing industry is examined.Finally,the non-linear characteristics of digital finance contributing to the high-quality development of manufacturing are further verified from the perspectives of financial regulation and technological input.The possible innovations of this paper are as follows: Firstly,this paper constructs an evaluation system for the high-quality development of the manufacturing industry.Secondly,this paper investigates the direct impact and mechanism of action between digital finance and the high-quality development of manufacturing industry.Based on the results of the empirical evidence,the main conclusions drawn in this paper are as follows: Firstly,the development of digital finance has a significant role in promoting the high-quality development of manufacturing industry.Secondly,there is significant heterogeneity in the promotion effect of digital finance on the high-quality development of manufacturing industry,and the impact is more significant in the east and in regions with reasonable industrial structure.Thirdly,in the process of digital finance affecting the high-quality development of manufacturing industry,regional innovation ability and financial development level play a certain role in the transmission.Fourth,there is a double threshold effect of digital finance on the highquality development of the manufacturing industry.Only if the level of financial regulation is maintained in a reasonable range can digital finance maximise the highquality development of the manufacturing industry.With the increasing technological investment,the promotion effect of digital finance on the high-quality development of manufacturing industry shows a non-linear incremental characteristic.Finally,based on the findings of the study,corresponding policy recommendations are put forward to provide certain countermeasure references for the high-quality development of the manufacturing industry.