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Impact of Digital Inclusive Finance on Industrial Structure Upgrading-Empirical Analysis Based on Systematic GMM Model

With the support of big data, cloud computing and other technologies, China's digital finance has been developing and deepening, and has been transferred from the consumer side to the production side. With its unique advantages, digital finance has not only eased the plight of traditional financial industries, but also had a great impact on the operation mode and development of other industries. To study the impact of digital inclusive finance on industrial structure upgrading, based on the panel data of 253 prefecture-level cities in China from 2011-2021, this paper uses the systematic GMM estimation method and the mediating effect model to study the impact of digital inclusive finance on industrial structure upgrading, and also to test the transmission effect of regional economic development between the two. It is found that digital inclusive finance has a significant promotion effect on industrial structure upgrading. However, digital inclusion in the previous period will have a negative impact on the current period's industrial structure upgrade. In testing for mediation effects, the regional economic development level has a certain transmission effect, but it shows a masking effect. The degree of impact of digital inclusive finance on industrial structure upgrading also varies among the three regions in the east, central and west, with the central region being the most obvious, followed by the western region and the eastern region being the weakest.

Digital Inclusive Finance, Industrial Structure Upgrade, Intermediary Effect, Systematic GMM Model

Junjie Hu, Yang Lu. (2023). Impact of Digital Inclusive Finance on Industrial Structure Upgrading-Empirical Analysis Based on Systematic GMM Model. Journal of Business and Economic Development, 8(2), 69-76.

Copyright © 2023 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License ( which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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