Digital Finance and Real Economic Development: Theory and Practice from Jiangsu Province

随着数字化时代金融与科技深度融合，数字金融为构建实体经济发展新格局提供了动力。本文基于2015~2022年江苏省十三市数据，采用工具变量法等进行回归分析，实证检验了数字金融对江苏省实体经济的影响及具体作用机制。研究结果表明，江苏省数字金融总指数以及降维层面指数均与实体经济正相关，数字金融扩大金融供给，提升了对实体经济的服务效率。在传导机制检验中，存在居民消费以及科技创新的正向传导作用，居民创业这一中介效应不显著；数字金融通过促进居民消费和技术创新为实体经济注入活力。异质性分析显示数字金融对实体经济的影响存在地区间差异和行业间差异。本文结合数字金融新形势，从创新发展与强化监管角度为数字金融赋能实体经济提供启示和建议。With the deep integration of finance and science and technology in the digital era, digital finance provides a driving force for building a new pattern of real economic development. Based on the data of thirteen cities in Jiangsu Province from 2015 to 2022, this paper empirically examines the impact of digital finance on the real economy of Jiangsu Province and the specific mechanism of its role by using regression analysis, such as the instrumental variable method. The results show that the total digital finance index and the descending dimension index in Jiangsu Province are positively correlated with the real economy, and digital finance expands the financial supply and improves the service efficiency to the real economy. In the transmission mechanism test, there is a positive transmission effect of residents’ consumption and technological innovation, and the mediating effect of residents’ entrepreneurship is not significant; digital finance injects vitality into the real economy by promoting residents’ consumption and technological innovation. Heterogeneity analysis shows that there are inter-regional and inter-industry differences in the impact of digital finance on the real economy. Combined with the new situation of digital finance, this paper provides insights and suggestions for digital finance to empower the real economy from the perspectives of innovative development and strengthened supervision.