Research On The Spatial Effect Of Digital Finance On Manufacturing Upgradin

Under the background of global industry 4.0 and China’s manufacturing power strategy,China’s manufacturing industry upgrading is in full swing,but due to the pressure of high-end technology blockade,rising labor costs,and tight resources and environment,manufacturing upgrading is becoming more difficult and urgent.In the face of a series of problems such as the imbalance of China’s manufacturing industry structure,carbon lock,and financing constraints,the development of digital finance provides a possible solution.With the help of digital technology,digital finance has promoted the sharing and integration of credit information,broadened the coverage of financial services,guided the flow of funds into innovative and environment-friendly manufacturing enterprises,improved the availability of financial services for high-tech enterprises,energy-saving and low-carbon enterprises,and innovative small,medium and micro enterprises,and played an indispensable role in the upgrading of the manufacturing industry.Based on this,this thesis attempts to study the impact and mechanism of digital finance on manufacturing upgrading.This thesis first sorts out the theoretical basis of financial development and industrial upgrading at home and abroad,the driving factors and calculations of manufacturing upgrading,the concept and measurement of digital finance,and other related literature,and conducts theoretical analysis of the relationship between digital finance and manufacturing upgrading,and then uses the data of Peking University Digital Financial Inclusion Index and the website of China Bureau of Statistics from 2011 to 2020 to construct a spatial Durbin model and an intermediary effect model to empirically test the specific relationship between the two.First,the spatial Durbin model is used to study the impact of digital finance on manufacturing upgrading.Second,replace the explanatory variables for robustness testing(dealing with endogeneity problems).Then,general technological innovation and green technology innovation are introduced,and the mediating effect model and spatial Durbin model are used to test the impact mechanism and analyze heterogeneity,respectively.It is found that:(1)the development of digital finance can promote the upgrading of manufacturing industry and has a positive spatial spillover effect;(2)Digital finance can promote the upgrading of manufacturing industry through general technological innovation and green technology innovation;(3)In areas with high levels of economic development,low levels of traditional finance,and higher levels of education development,digital finance has a greater effect on manufacturing upgrading.According to the results of this thesis,in order to further promote the high-quality development of China’s manufacturing industry,the following three policy suggestions are put forward:(1)rationally standardize the use of new technology means to empower financial quality and efficiency,promote the development of digital finance,and strengthen the manufacturing capacity of financial services;(2)Vigorously cultivate technological innovation and green technology innovation,and promote digital finance to drive the upgrading of manufacturing industry through entrepreneurship and entrepreneurship;(3)Optimize economic,financial and educational endowments,and formulate different manufacturing upgrading policies.