Digital Finance and Urban Innovation ——Evidence from China's Municipal Level
Wu Xiaofei1, Yue Zhonggang2, Zhou Qin1
1. School of Economics and Management,Southeast University,Nanjing 211189,China; 2. School of Economics,Nanjing University of Posts and Telecommunications,Nanjing 210023,China
Abstract：With the help of information technology,digital finance affects the development of urban innovation through new financial products.Based on the panel data of 289 cities in China from 2011 to 2018,this article explores the impact of digital finance on urban innovation capabilities and its mechanism.The results show that digital finance has significantly improved the innovation capabilities of cities.By further dimensionality reduction of digital finance,it is shows that the coverage of digital finance is more conducive to enhancing the innovation capabilities of cities than the depth of use of digital finance.The mechanism analysis shows that digital finance promotes the development of urban innovation by promoting capital agglomeration and high-quality labor agglomeration.In addition,there are obvious regional differences in the impact of digital finance on urban innovation.The research conclusions of this paper provide policy implications for the development of digital finance,urban innovation development and inclusive development.
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