| Since the reform and opening up,foreign direct investment has played an important role in my country’s economic development.Companies supported by the foreign direct investment have relatively advanced technology and a relatively mature management system,which can have a demonstrative effect on other enterprises.It also makes a difference in driving the common development of other enterprises.In the previous researches on the factors affecting FDI,some scholars have proposed the role of financial development in promoting the introduction of FDI,and digital finance,as a new development way of Chinese finance with the help of digital carriers,has similar characteristics to the traditional financial industry,but also has its own characteristics.It is of great theoretical and practical significance to study whether the development of digital finance can increase the region’s ability to attract FDI,which can make a better supplement to the existing research,and help the digital finance play a better supporting role in the real economy.This paper first analyzes various possible mechanisms by which digital finance affects the attractiveness of regional FDI.Digital finance may increase the region’s ability to attract FDI by improving business,expanding market scale and reducing investment costs.Secondly,this paper analyzes the current situation of the development level of digital finance and the scale of FDI in major regions in my country,and preliminarily analyzes the relationship between them through descriptive statistics.Finally,this paper further verifies the relationship between them by establishing a panel data model and a spatial Durbin model,and explores their spatial spillover effect,and uses the stepwise regression method to test the above-mentioned impact mechanism.The research results show that:(1)without considering the spatial spillover effect,the development of digital finance has a significant effect on the attraction of FDI in the region;(2)in the case of considering the spatial spillover effect,the development of digital finance has an effect on the attraction of FDI in the region.(3)in the case of considering the spatial spillover effect,the development of digital finance has a significant negative effect on the attraction of FDI in other regions;(4)Digital finance will increase the region’s attractiveness to FDI through improving business channels,expanding market size channels and lowering investment cost channels.Based on theoretical analysis and empirical research results,this paper gives some further advice as follows:promoting the development of digital finance and adapting it to the level of regional economic development,balancing the development level of digital finance between regions,and giving full play to the role of digital finance in improving enterprise operations,expanding market scale and reducing transaction costs.Corresponding policy suggestions are put forward in the aspects of intelligent and humanized development of digital finance and strengthening the review of FDI investment. |
