An Empirical Study On The Development Of Digital Inclusive Finance And The Upgrading Of Industrial Structure

With supply-side structural reform and further optimization of industrial structure,China still exists problems of imbalanced and insufficient industrial development.The discrimination and exclusion of traditional finance against small and medium-sized enterprises and vulnerable groups prevent them from effectively resolving the structural problems in China’s industrial upgrading.Therefore,there is an urgent need for a digital and better-serviced financial form that serves the industrial ecology,namely digital inclusive finance.It has advantages such as low cost,low threshold,and high efficiency,which can benefit small and medium-sized enterprises and vulnerable groups,stimulate innovative behavior,and increase the probability,thereby having an important impact of the service and high-tech industries.Therefore,it is necessary to study how digital inclusive finance can affect industrial structural upgrading.This thesis first reviews relevant studies,analyzes the relationship and impact path between them based on financial exclusion theory and industrial structural upgrading theory,and puts forward hypotheses.Then,based on the provincial-level industrial structural upgrading index system from 2011 to 2019,this thesis empirically analyzes the nonlinear impact of digital inclusive finance on industrial structural upgrading,verifies the transmission effects of enterprise technological innovation and business manage and residents’ cost through mechanism tests,and examines the heterogeneity of digital inclusive finance’s impact on industrial structural upgrading.Finally,summarizes the results and proposes some recommendations.This research has found that:(1)Digital inclusive finance has a significant promoting effect on industrial structure upgrading,and the breadth of coverage within its sub-dimensions has the greatest effect.However,this effect is nonlinear,and as the level of digital inclusive finance improves,its promoting effect becomes greater.There is a double threshold effect of digital inclusive finance and its breadth of coverage on industrial structure upgrading,with threshold values of 24.61 and 37.11,25.53 and 39.53,respectively.For every one-unit increase in them,the level of industrial structure upgrading is increased by 0.030 and 0.037,0.026 and 0.040 units,respectively,while there is no significant threshold effect on industrial structure upgrading with depth and degree of digitization.(2)Mechanism analysis shows that digital inclusive finance can promote industrial structure upgrading by encouraging regional technological innovation,improving the manage efficiency of small and medium-sized enterprises,and promoting cost structure among residents.(3)Heterogeneity analysis shows that digital inclusive finance in the central,eastern,northeastern,and western regions has a significant promoting effect on industrial structure upgrading.In regions with stronger financial constraints,digital inclusive finance has a significant positive impact on industrial structure upgrading,while its impact on industrial structure upgrading is not significant in regions with weaker financial constraints.According to the above conclusions,the recommendations as following: First,increase the construction of digital inclusive finance role in promoting the modern industrial system.Second,strengthen the function of digital inclusive finance in promoting enterprise technological innovation and cost structure upgrading,improve the manage performance of enterprises,and promote industrial development.Third,strengthen the interconnection of regional financial resources,strengthen the role of digital inclusive finance in supporting industries in financially constrained areas,and achieve coordinated development between digital finance and industry.