Research On The Peer Effect Of China’s Digital Finance Development From A Regional Perspective

With the development of new generation information technology,and innovative technological achievements represented by digital finance have achieved rapid development and wide application,providing new momentum for high-quality economic development as an emerging financial format.Preliminary observation of the development of digital finance in China in the past 10 years shows that there is a general trend of coordinated development among regions.Is there a phenomenon of the same group in the development of digital finance in various regions? There is a lack of research on this phenomenon in the existing literature,and the research on this issue is of great significance to promoting the development and practice of digital finance in China.This thesis combines information asymmetry,risk aversion and other realities with the assumption of bounded rationality,as well as growth pole theory and social learning theory related to behavioral convergence,to explore whether there is a group effect in digital finance.In fact,mock objects are selective.The exchange of information,capital and other factors makes the adjacent or similar regions interact frequently,and it is inferred that there is a convergence in the development of digital finance between such regions.In addition,China consists of 34 provinces(autonomous regions and municipalities directly under the Central Government),but the focus of economic development in each region is different,and the level of development is quite different.The pressure of ‘Political Tournament System’ makes the regions tend to take the level of economic development as one of the evaluation criteria of competition.Therefore,it is judged that competitive imitation is also one of the important reasons for the convergence of digital finance development among regions.Based on the above ideas,this thesis makes an empirical study using the spatial panel model,which confirms that the development of digital finance has significant peer effects between ’geographically adjacent’ and ’economically adjacent’ regions,and the peer effects are derived from internal learning effect and competitive imitation,respectively.In addition,this thesis confirms that relevant policy guidance has a promoting effect on the coordinated development of digital finance between regions.The study of regional heterogeneity finds that the cohort effect of digital finance is greater in the western and eastern regions.This thesis conducts an in-depth study on the convergence tendency of digital finance development at the macro level on the basis of considering the spatial relationship between regions,providing a new perspective for digital finance and related research.