Research On The Influence Mechanism Of Digital Inclusive Finance On The Transformation And Upgrading Of Manufacturing Industry

The necessity of promoting China’s manufacturing industry to move towards the mid to high end of the global value chain,breaking through the "low end lock in",and reshaping international competitive advantages is becoming increasingly prominent.As a new financial format,digital inclusive finance is considered to provide better financial support for the innovative development of the manufacturing industry,and is a prerequisite for China’s manufacturing industry to achieve overtaking on curves.This paper uses provincial panel data from 2011 to 2020 to build a relatively complete research framework on the impact of digital inclusive finance on the transformation and upgrading of manufacturing industry.From the perspective of supply side and demand side,this paper studies the two-way driving role of digital inclusive finance,and tests the regulatory mechanism of financial human capital in this process.Research has found that digital inclusive finance can significantly promote the transformation and upgrading of the manufacturing industry.From the perspective of the impact path,digital inclusive finance promotes the transformation and upgrading of the manufacturing industry on the supply side by increasing capital supply and alleviating corporate financing constraints.On the demand side,digital inclusive finance leverages consumer upgrading to drive the manufacturing industry towards the mid to high end.Financial human capital plays an important regulatory role in the process of digital finance promoting the upgrading of the manufacturing industry.Therefore,it is necessary to broaden the application scenarios of digital inclusive finance in all aspects and dimensions,and expand the coverage of financial services;Increase investment in infrastructure construction such as digital information technology,and expand the depth and breadth of digital inclusive finance coverage;Accelerate the layout of digital inclusive finance in China,promote the digital reform of traditional financial institutions through digital technology,and provide sufficient financial supply for the transformation and upgrading of the manufacturing industry;Financial institutions should innovate their financial products,improve their product system,increase the accessibility of residents’ finance,and provide convenience for alleviating residents’ high-level consumption constraints,thereby promoting consumption upgrading and driving the transformation of the manufacturing industry;Build a diversified talent cultivation mechanism,promote deep cooperation between schools and enterprises,and leverage the effectiveness of financial human capital in promoting digital inclusive finance to promote the transformation and upgrading of the manufacturing industry.