金融学院知识库

目前，我国迈入新征程，进入经济新发展阶段。针对金融发展偏离实体经济“脱实向虚”的现状，迫切需要建立一个现代化的金融体系，以高质量金融服务实体经济发展，由此提升经济发展质量，这亦是十四五规划的重要内容之一。在这样的背景下，深入探讨数字金融与实体经济融合对经济发展质量的影响，可以为构建现代金融体系、提升经济发展质量提供一定的借鉴。

首先，本文概括了数字金融、实体经济及经济发展质量的概念和相关理论基础，探究了数字金融与实体经济的耦合关系，阐述了数字金融与实体经济融合对经济发展质量影响的理论机理，分析了数字金融与实体经济融合对经济发展质量的影响机制。其次，以2012-2021年我国30个省份数据为样本，使用熵值法测度了我国实体经济发展水平，构建了耦合协调度模型测度数字金融与实体经济的融合程度。并构建经济发展质量评价体系，测度了我国经济发展质量。再次，将经济发展质量作为被解释变量、数字金融与实体经济融合度作为解释变量，加入一系列控制变量，通过基准回归、异质性分析和中介效应模型来研究数字金融与实体经济融合对经济发展质量的影响。研究结果表明：2012-2021年数字金融与实体经济的耦合协调度逐年增长，且2021年达到了中级协调、部分省市达到了优质协调，说明我国数字金融与实体经济存在融合发展的关系，发展趋势越来越好；我国数字金融与实体经济融合发展有着很强的区域性特征，发展水平从高到低依次为东部、中部、西部地区；数字金融与实体经济的融合对经济发展质量促进作用显著；数字金融与实体经济能够通过提升地区创新能力与推动地区产业升级，从而提升经济发展质量；区域异质性分析表明，东部地区数字金融与实体经济融合可以有效提升经济发展质量，但相比较而言，西部地区与中部地区不显著。最后，基于研究结果，本文提出深化数字金融体制改革，构建现代金融体系；因地制宜，实施差异化发展策略；优化产业结构与提升地区创新能力；加强基础设施与综合型人才队伍建设等相关建议。

At present, our country enters a new journey and enters a new stage of economic development.  In view of the current situation of financial development deviating from the real economy, it is urgent to establish a modern financial system to serve the development of the real economy with high-quality financial services, thus improving the quality of economic development, which is also one of the important contents of the 14th Five-Year Plan.  In this context, an in-depth discussion on the impact of the integration of digital finance and the real economy on the quality of economic development can provide certain references for building a modern financial system and improving the quality of economic development.

First of all, this paper summarizes the concepts and relevant theoretical basis of digital finance, real economy and the quality of economic development, explores the coupling relationship between digital finance and real economy, expounds the theoretical mechanism of the impact of the integration of digital finance and real economy on the quality of economic development, and analyzes the impact mechanism of the integration of digital finance and real economy on the quality of economic development. Secondly, taking the data of 30 provinces in China from 2012 to 2021 as samples, the entropy method is used to measure the development level of China's real economy, and the coupling coordination degree model is constructed to measure the integration degree of digital finance and real economy. The evaluation system of the quality of economic development is established to measure the quality of economic development in our country. Thirdly, taking the quality of economic development as the explained variable and the integration degree of digital finance and real economy as the explanatory variable, adding a series of control variables, this paper studies the impact of the integration of digital finance and real economy on the quality of economic development through benchmark regression, heterogeneity analysis and intermediary effect model. The results show that: from 2012 to 2021, the coupling coordination degree between digital finance and the real economy increased year by year, and reached intermediate coordination in 2021, and some provinces and cities reached high-quality coordination, indicating that there is a relationship between digital finance and the real economy in China, and the development trend is getting better and better; The integrated development of digital finance and real economy in China has strong regional characteristics, and the development level from high to low is in the eastern, central and western regions; The integration of digital finance and the real economy plays a significant role in promoting the quality of economic development. Digital finance and real economy can improve the quality of economic development by enhancing regional innovation capacity and promoting regional industrial upgrading; Regional heterogeneity analysis shows that the integration of digital finance and real economy can effectively improve the quality of economic development in the eastern region, but the western region and the central region are not significant. Finally, based on the research results, this paper proposes to deepen the reform of digital financial system and build a modern financial system; Implement differentiated development strategies according to local conditions; Optimize the industrial structure and enhance the regional innovation ability; Strengthening infrastructure and comprehensive talent team construction and other related suggestions.