Digital Finance and New Quality Productivity: Theoretical Logic and Mechanism Test

Based on panel data from 30 provinces in China from 2011 to 2022, this paper explores the impact of digital finance on new quality productivity and its mechanisms. The study finds that digital finance significantly promotes new quality productivity. The mechanism analysis reveals that digital finance enhances new quality productivity by facilitating industrial structure upgrading and technological innovation. The threshold effect results indicate that the development of digital finance has a dual threshold effect on new quality productivity, with the promotion effect showing an increasing marginal effect as the level of digital finance rises. Heterogeneity analysis further shows that the promoting effect of digital finance on new quality productivity exhibits significant regional differences. The research conclusions of this paper provide valuable insights for boosting high-quality economic development in China and improving the level of new quality productivity development.