数字金融与制造业高质量发展:理论分析与实证检验

Digital Finance and High-Quality Development of Manufacturing:Theoretical Analysis and Empirical Test

制造业高质量发展是我国经济高质量发展的重中之重,本质上体现的是从数量扩张转向质量提升。加快我国制造业转向高质量发展,必须提升金融机构对实体经济的支持力度。从理论上探讨了数字金融对制造业高质量发展的作用机理和影响机制,基于2012-2021年我国30个省区市的制造业相关数据,构建了制造业高质量评价体系并对制造业高质量发展水平进行了测度,实证检验了数字金融对制造业高质量发展的影响。结论显示:数字金融的发展对制造业高质量发展具有显著的促进作用;数字金融对制造业高质量发展的促进作用存在明显异质性,在东部和产业结构合理地区的影响更为显著;数字金融对制造业高质量发展的影响过程中,区域创新能力和金融发展水平具有一定的传导作用。进一步通过门槛效应分析发现,数字金融对制造业高质量发展存在双重门槛效应,只有金融监管水平保持在合理区间,数字金融才能最大化促进制造业高质量发展。

The high-quality development(HQD)of manufacturing is the top priority in China’s high-quality economic growth,essentially representing an upgrade from quantitative expansion to qualitative enhancement.To expedite this transition,it is imperative to enhance the support of financial institutions towards the real economy.Theoretically,the present paper explores the impact mechanism of digital finance on the manufacturing HQD.Empirically,based on the manufacturing data of 30 provinces in China from 2012 to 2021,the present research examines the impact by constructing an evaluation system to measure the manufacturing HQD.The findings show that the advancement of digital finance significantly but heterogeneously promotes the manufacturing HQD,with more pronounced impact in east China and regions with rational industrial structures,while the regional innovation capacity and financial development also have a certain conduction effect.The threshold effect analysis further indicates there occurs a double threshold effect,and only by maintaining reasonable financial regulation can digital finance maximize the manufacturing HQD.