Financial Development, Digital Technology And Manufacturing Transformation And Upgradin

Manufacturing industry is the basic industry of China’s national economy.The party’s 20 th report makes a major strategic deployment for promoting the high-end,intelligent and green development of manufacturing industry.In recent years,with the continuous change of the global industrial distribution,China’s manufacturing industry is also facing increasing pressure and challenges,and the transformation and upgrading has become inevitable.Financial development is an important guarantee for the high-quality development of manufacturing enterprises and the promotion of the transformation and upgrading of the manufacturing industry,which effectively solves the financing difficulties faced in the transformation and upgrading of the manufacturing industry.In addition,with the rapid development and wide application of digital technology,digital technology also plays an important role in promoting the transformation and upgrading of the manufacturing industry.This paper summarizes the financial development,digital technology and transformation and upgrading of manufacturing related literature at home and abroad,and on the basis of related theory,from the financial structure and financial efficiency two dimensions of financial development of transformation and upgrading of manufacturing theory mechanism,and digital technology in the financial structure and financial efficiency affectthe intermediary mechanism of manufacturing transformation and upgrading.Then,this paper using China 30 provincial units from2008-2019 panel data,using the entropy method to build digital technology measurement index system,the empirical test of the relationship between financial development and manufacturing transformation and upgrading and digital technology in the intermediary effect,and according to the eastern,Midwest empirical results between the different regions between financial development and manufacturing transformation and upgrading mechanism,the difference between the digital technology intermediary mechanism.Based on the research of this paper,the following conclusions are drawn:(1)the financial structure will significantly promote the transformation and upgrading of the manufacturing industry,and the financial structure expressed by the loan-deposit ratio will play a significant role in inhibiting the transformation and upgrading of the manufacturing industry.(2)Financial structure significantly promotes the improvement of digital technology,and financial efficiency plays a significant inhibitory in on digital technology.(3)Digital technology plays an intermediary role in the impact of financial structure and financial efficiency on the transformation and upgrading of the manufacturing industry.(4)the eastern region of the financial structure and financial efficiency of the transformation and upgrading of manufacturing,the financial structure ofthe Midwest and financial efficiency are significantly promote the transformation and upgrading of manufacturing,digital technology in the east,the Midwest financial development of the process of intermediary effect.