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

In the new era of building a modern socialist country in an all-round way,the private economy bears the important task of promoting high-quality economic development.The private economy itself also faces the urgent requirements of power transformation,transformation and upgrading,improving quality and efficiency,etc.It is the inevitable choice of the private economy to turn to high-quality development under the new development environment.The digital financial developed on the basis of the emerging digital technology has injected new strength into the financial system,but the impact of this new financial form on the high-quality development of the private economy remains to be studied.This study reviews the existing literature research,and firstly analyzes the mechanism of digital finance affecting the high-quality development of private economy and the regulatory effect of business environment theoretically.Based on the provincial panel data from 2011 to 2020,the entropy method is used to calculate the comprehensive evaluation index of the high-quality development of the private economy and the comprehensive evaluation index of business environment in line with the new development concept,and the current situation is analyzed according to the calculation results.Then the study empirically tests the influence of digital finance on the high-quality development of private economy and its mechanism,and studies the regulating effect of business environment in this process.Research findings:(1)Digital finance can promote the high-quality development of private economy.From the perspective of structure,the three dimensions of digital finance can promote the high-quality development of private economy.The influence of coverage breadth is the strongest,followed by the depth of use,and the digitalization degree is the weakest.From the perspective of subregion,digital finance plays a significant role in promoting the high-quality development of private economy in the eastern and western regions,with a strong influence in the east.The influence of western and central regions is positive but not significant.(2)Path analysis shows that digital finance mainly promotes high-quality development of private economy by optimizing capital allocation,promoting industrial upgrading and leading green development.(3)The business environment has a positive moderating effect in the process of digital finance affecting the high-quality development of private economy.Under a good business environment,digital finance plays a stronger role in promoting the high-quality development of private economy.Based on the research conclusions,the following countermeasures and suggestions are put forward: promoting the development of digital finance,emphasizing the balanced development of coverage breadth,use depth and digitization degree,improving the quality of digital finance,and providing effective help for the high-quality development of private economy.Deepen regional digital finance experience exchange and cooperation,establish a trans-regional digital finance sharing and co-construction mechanism,give full play to the leading role of the eastern region with developed digital finance,and input more financial blood for the high-quality development of the private economy.By strengthening digital finance,it can optimize capital allocation,promote industrial upgrading,and lead the role path of green development,which can further promote the high-quality development of private economy.We should improve the business environment by strengthening intellectual property rights protection,improving government governance capacity and maintaining market competition order,so as to consolidate the important foundation for high-quality development of the private economy and stimulate its vitality.