Analysis On The Impact Of The Development Of Digital Financial Economy

With the continuous rise in the total volume of the economy,the economic structure of has emerged from real to virtual.The rapid growth of the virtual economy can cause the vanity of real industry,which is likely to constitute an economic crisis.The real economy is a solid foundation as a modernized economic system and a solid support to promote the high-quality development of our economy.It is essential to focus on the coordinated development of the real and virtual economy.As an important core competence of the country,finance must play its role and actively serve the development of the real economy.With the development of financial markets,a new financial model has been proposed,digital finance.Thanks to digital information technologies such as big data and cloud computing,digital finance possesses attributes such as "inclusion" and "accuracy" and "convenience".Among the available studies,traditional finance is relatively abundant in economic development,but there is relatively little research on digital finance in economic development,especially on the real economy versus the virtual economy.Therefore,this paper draws on digital finance,real economy and virtual economy to examine how digital finance affects the development of the real and virtual economy and whether it can provide research ideas to promote the coordinated development of the real and virtual economy.This article begins with a review of relevant theories and national and international literature,a study of the relationships of digital finance with the real and virtual economy,and an analysis of the importance of coordinated economic development.Then,it analyzes the current state of development of digital finance,the real economy and the virtual economy.Kernel density estimation and Markov chain method are used to study the dynamic development characteristics of digital financial and economic intervals and regions.Finally,based on the panel data of 31 provinces from 2011 to 2020,the empirical analysis is carried out.A common panel regression model was first built to study,and the structural and regional heterogeneity of this impact was analyzed.Since the impact of digital finance on economic development is not only influenced but also influenced by differences in economic development,a panel quantile regression model was constructed to examine whether there were differences in the impact of digital finance on economic development at different levels of economic development.The results show that: first,there are regional differences and agglomeration characteristics in the development status of digital finance in China,and the fluidity between the development status of digital finance is low,showing the convergence of clubs;Secondly,the impact has structural and regional heterogeneity.The impact of digital finance on the coordinated development of real and virtual economy is not stable.Third,the impact of digital finance on different quantiles of economic development is different.With the increase of quantiles,the impact of digital finance on the real economy and virtual economy decreases,and the impact of digital finance on the low quantiles of real economy and virtual economy is greater.Finally,based on the above research,corresponding conclusions are given and relevant policy recommendations are put forward.