Research On The Impact Of Digital Finance On The Efficiency Of Capital Allocation In Real Economy

Digital finance was born from the fusion of traditional finance and Internet information technology.According to the white paper on the development of China’s digital economy,China’s digital economy has achieved more reasonable quantitative growth and contributed to China’s GDP growth.Therefore,the development of digital finance is conducive to the development of China’s economy,and it is meaningful to study the impact and mechanism of digital finance on the efficiency of capital allocation in the real economy.This will help to further develop digital finance and increase the efficiency of capital allocation in the real economy.Based on financial function theory,financial intermediation theory and financial development theory,as well as scholars’ research on the efficiency of capital allocation in the real economy of digital finance,this paper proposes the hypotheses and the mechanism of capital allocation efficiency in the real economy of digital finance.The impact on the study.In this paper,the Wurgler model is used to calculate the efficiency of real economic capital allocation of 31 provinces from 2011 to 2017,analyze the efficiency of capital allocation of China’s real economy,and build a main regression model based on it.Industrial structure upgrade,research and development strength as a variable,built social consumption level.In addition,we will study the effects and mechanisms of digital finance on the efficiency of capital allocation in the real economy.Through empirical verification,this paper finds that the development of digital finance can promote the efficiency of capital allocation in the real economy.Digital finance can influence the efficiency of capital allocation in the real economy through three channels: industrial upgrading,research and development intensity,and social consumption level.Finally,based on the empirical results,we propose that this paper can be used as a reference to promote the development of digital finance and improve the efficiency of capital allocation in the real economy.