数字金融发展与产业结构升级--基于城市面板数据的实证研究

The Impact of the Development of Digital Finance on the Upgrading of Industrial Structure:Empirical Research Based on Urban Panel Data

基于中国2011—2019年201个地级以上城市面板数据,运用双固定效应模型和门槛效应模型研究数字金融发展对产业结构升级的作用效果。研究发现:数字金融综合指数及三个分指数均对城市产业结构升级具有助力作用;数字金融发展对城市产业结构升级的促进作用存在时空异质性,促进作用在高经济发展水平地区和低城市化水平地区更大;数字金融发展对城市产业结构升级的影响存在门槛效应。因此,要不断发展城市数字金融,注意城市化水平对产业结构升级的异质性影响,及时调整相关政策,以升级城市产业结构。

Based on the panel data of 201 cities above the prefecture level in China from 2011 to 2019,the dual fixed effect model and the threshold effect model are used to study the impact of digital finance development on the upgrading of industrial structure.The study found that:the digital financial composite index and the three sub-indexes all contribute to the upgrading of the urban industrial structure;the promoting effect of digital finance development on the upgrading of the urban industrial structure is heterogeneous in time and space,greater in areas with high economic development level and those with low urbanization level;there is a threshold effect on the influence of digital finance development on the upgrading of urban industrial structure.Therefore,it is necessary to continuously develop urban digital finance,focus on the heterogeneous impact of urbanization level on the upgrading of the industrial structure,and adjust relevant policies in a timely manner to upgrade the urban industrial structure.