Research On The Impact Of Digital Finance On The Capital Allocation Efficiency Of The Real Economy

At present,the flourishing development of artificial intelligence,the Internet and other information technologies in China has promoted the rise of the digital economy,and the speed of growth of China’s digital economy has become the world top.Digital finance was born in this context.In the era of big data,information sharing has not been difficult to achieve,and with this advantage can improve the communication efficiency of buyers and sellers,reduce information risks and transaction costs in order to achieve improved economic benefits.Digital finance can give full play to its advantages and help improve the country’s comprehensive economic strength.Specifically for economies,it promotes the improvement of production efficiency mainly by playing the role of allocation of capital.Therefore,in the context of the new times,it is of great realistic meaning to explore the action mechanism of China’s digital finance on the real economy capital allocation efficiency,which is not only conducive to the next step of economic strategy deployment.Combined with previous scholars’ research,this paper will study the mechanism of the impact of digital finance on the real economy capital allocation efficiency based on the panel data of 30 provinces and cities nationwide from 2011 to 2020.This paper introduces the digital finance indicator system and the super-efficient DEA model to measure the indicators of real economy capital allocation efficiency.Firstly,a two-way fixed-effects panel model is used for empirical research and testing;secondly,the mechanism of action is investigated,including heterogeneity analysis,mediation effect test and panel threshold effect test;finally,conclusions are drawn and future development policy implications are proposed based on the conclusions.The main findings include:(1)Digital finance in China developed rapidly during 2011-2020,with obvious regional differences.2011-2020 capital allocation efficiency of the real economy in most provinces in China is still at an intermediate level,and there is a downward trend,and there is an unbalanced development of capital allocation efficiency of the real economy between regions.(2)Digital finance has a direct role in promoting the efficiency of capital allocation in the real economy.In addition,from the three dimensions of digital finance,the three dimensions have different degrees of promoting effects;from different business types,the promoting effect of Internet insurance is not as significant as that of mobile payment and Internet loan.In terms of different levels of economic development and digital facilities infrastructure construction,there is a significant promotion effect in economically developed regions and regions with low level of digital infrastructure construction.(3)For the study of intermediation effect,traditional financial development and technological innovation show certain transmission effect in the process of action,but traditional financial development shows masking effect.(4)It is known from the threshold regression results: after technological innovation crosses the threshold,the promotion of digital finance on the efficiency of capital allocation in the real economy is more obvious.