Research Article
Research on the Impact of Digital Finance on the Development of the Real Economy
@INPROCEEDINGS{10.4108/eai.8-12-2023.2344724, author={Renxiang Wang and Wang Zhou}, title={Research on the Impact of Digital Finance on the Development of the Real Economy}, proceedings={Proceedings of the 5th Management Science Informatization and Economic Innovation Development Conference, MSIEID 2023, December 8--10, 2023, Guangzhou, China}, publisher={EAI}, proceedings_a={MSIEID}, year={2024}, month={4}, keywords={digital finance; the real economy; tfp; fixed effects}, doi={10.4108/eai.8-12-2023.2344724} }- Renxiang Wang
Wang Zhou
Year: 2024
Research on the Impact of Digital Finance on the Development of the Real Economy
MSIEID
EAI
DOI: 10.4108/eai.8-12-2023.2344724
Abstract
Based on the inclusiveness, financial attributes and technological nature of digital finance, this study probes into the impact mechanism on the total factor productivity (TFP) of the real economy, analyzes the regional differences of digital finance and the intermediary effect of technological innovation. Research has shown that digital finance can improve the TFP prominently. In the mechanism test, the financial nature has the most remarkable impact on TFP, with a U-shaped relationship between technology and the real economy, and there is an "information cocoon". In heterogeneity analysis, the TFP in central region is most notably affected by digital finance, while the degree of inclusivity is lacking in the western region. Technological innovation is an important transmission variable.