Research On The Impact Of Digital Finance On The Quality Of Economic Growth

After the reform and opening up,after forty years of rapid growth period,used to rely on the demographic dividend and massive inputs of extensive development model is no longer sustainable,by turning to high-quality high-speed development and economic development,this transformation has become the important issues facing the economy,China’s present how to promote the development of high quality become a hot topic in the academic research.With the development of the Internet,big data,artificial intelligence and other emerging technologies,digital finance came into being.As the product of the combination of digital technology and traditional finance,digital finance provides opportunities to realize the transformation of the economy.Therefore,can digital finance become a new driving force to promote the quality development of economic growth?This article first has carried on the definition of basic concept of related,secondly sums up digital financial and economic growth quality of related research literature,and then the theoretical analysis and hypothesis,the number of financial and economic growth between the mechanism of the carding quality,explore the logical relationship between the variables,enrich the relevant theoretical achievements.Then,based on the panel data of272 prefecture-level cities in China from 2011 to 2019,the entropy weight TOPSIS method was used to construct a comprehensive index system of economic growth quality from three dimensions of economic growth efficiency,growth stability and growth sustainability.The total index of economic growth quality and the sub-index of three dimensions were synthesized.The measurement results are analyzed in temporal and spatial dimensions respectively.Finally,according to the fixed effect model,the mediating effect model and the threshold effect model,the influence mechanism between digital finance and economic growth quality is empirically tested.The mechanism of digital finance on the quality of economic growth is tested.The results show that the quality of economic growth first decreases and then increases,and the contribution levels of economic growth efficiency,economic growth stability and economic growth sustainability to the quality of economic growth decrease in turn.In terms of dimensions,the three regional economic growth efficiency index first decreased,then increased,and then decreased.The stability index of economic growth showed an upward trend,and the stability of the western region was relatively poor.The sustainability index of economic growth showed an overall upward trend,and there was a significant gap between the central and western regions and the eastern regions.In addition,digital finance can improve the quality of China’s economic growth in the long run,and the effect is more significant in less developed regions.At the same time,the coverage breadth,use depth and digitization degree of digital finance have a significant impact on the quality of economic growth.In terms of transmission mechanism,the advanced industrial structure is taken as the intermediary variable,which verifies that digital finance promotes the quality improvement of economic growth by promoting the upgrading of industrial structure.The nonlinear relationship between digital finance and the quality of economic growth is further explored by using panel threshold model.The results show that when digital finance is at a low level,it will hinder the improvement of the quality of economic growth.With the further development of digital finance,it has a significant promoting effect on the quality of economic growth and this promoting effect gradually slows down.In terms of heterogeneity,from a regional perspective,digital finance plays a stronger role in promoting economic growth quality in central and western China than in eastern China.From the perspective of the development level of traditional finance,digital finance plays a stronger role in promoting the quality of economic growth in regions with underdeveloped traditional finance.The results held after multiple robustness tests.The conclusions of this paper can provide reliable empirical evidence and policy inspiration for the country to further promote high-quality economic development.