数字金融发展推动中国城市产业结构升级了吗?——来自地级及以上城市的经验证据

Has the Development of Digital Finance Promoted the Upgrading of China's Urban Industrial Structure Empirical Evidence from Cities at the Prefecture Level and Above

随着现代信息技术及其创新应用的井喷式发展,数字金融逐渐成为助推实体经济高质量发展的重要力量。文章从理论层面系统解析数字金融发展对产业结构升级的影响机理,并选取2011—2018年中国283个地级及以上城市的面板数据,运用固定效应模型和中介效应模型实证检验了数字金融发展对中国城市产业结构升级的影响和异质性效应。研究表明:数字金融发展对城市产业结构升级起到了显著促进作用,并且数字金融对产业结构高度化的影响要大于产业结构合理化,从影响渠道来看,消费升级和创新驱动在数字金融发展推动城市产业结构升级中发挥了重要传导作用。异质性效应分析显示,数字金融发展对城市产业结构升级的作用效应随数字金融维度、城市化水平、区域的不同而呈现差异。鉴于此,提出促进数字金融发展、强化数字金融赋能城市产业结构升级的相关政策建议。

With the explosive development of modern information technology and its innovative applications,digital finance has gradually become an important force to boost the high-quality development of the substantial economy.The article systematically analyzed the influence mechanism of digital finance development on industrial structure upgrading from the theoretical level,and selected panel data of 283 prefecture-level and above cities in China from 2011—2018 to empirically test the influence and heterogeneity effect of digital finance development on industrial structure upgrading in Chinese cities,using fixed-effects model and mediated-effects model.Theresults show that the development of digital finance plays a significant role in promoting the upgrading of urban industrial structure,and the impact of digital finance on the heightening of industrial structure is greater than that on the rationalization of industrial structure.From the perspective of influence channels,consumption upgrading and innovation drive play an important role in the transmission of digital finance development to promote the upgrading of urban industrial structure.Heterogeneity effect analysis shows that the effect of digital finance development on urban industrial structure upgrading varies with digital finance dimensions,urbanization levels and regions.Inthis view,relevant policy recommendations are proposed to promote digital finance development and strengthen digital finance to empower the upgrading of urban industrial structure.