Research On The Influence Of Digital Finance On The High-Quality Development Of Urban Economy

The transition of China’s economy from a period of rapid expansion to one of superior growth has been widely accepted,with finance being a major factor in its expansion.The integration of digital technology and finance,known as digital finance,has seen a remarkable rise in its inclusiveness and precision,meeting the requirements of a more advanced economic stage and making noteworthy contributions to regional growth,industrial structure enhancement,and social inclusion.Consequently,digital finance has become a vital factor in sustaining the economic growth of the modern age.How does digital finance influence the multi-dimensional driving effect of high-quality urban economic development? What is the mechanism of the specific influence path? If we can answer these questions,we will be able to better understand the importance of digital finance in reshaping the financial system and promoting high-quality economic development.The "Peking University Digital Inclusive Finance Comprehensive Index" is the initial explanatory variable employed in this paper to gauge the advancement of digital finance.Quantitatively assessing the quality of urban economic development in multiple dimensions is based on the five concepts of innovation,coordination,green,open,and sharing.Entropy and comprehensive evaluation techniques are employed to construct a high-grade development index system of national urban economic standing.Investigating the mechanism,effects and characteristics of digital finance’s influence on the highquality development level of urban economy from theoretical and empirical levels,the fixed-effect model,moderating effect model and panel threshold model were employed to analyze the panel data of 265 prefecture-level cities from 2011 to 2020.The robustness test still affirms the conclusion that digital finance can foster the high-grade growth of urban economies;moreover,the effect of digital finance on the quality of urban economy is also evident.is heterogeneous in different geographical locations,city levels and resource-endowed cities;(3)The level The regulation of human capital by digital finance has a significant effect on the high-quality development of urban economies,with certain thresholds in place.When the threshold value is exceeded,digital finance is positively associated with the high-grade development of urban economies;however,when the threshold value is surpassed,the positive correlation is more pronounced and displays a growing trend.Innovatively,this paper employs the search volume of digital finance in Baidu Index as a substitute variable for digital finance measurement,thus offering a novel approach to measuring digital finance level in the future.This paper’s end furnishes a reference for constructing the digital finance theoretical system and a theoretical foundation for advancing the high-caliber growth of urban economies.