Digital Finance Empowering New Quality Productivity: Theoretical Logic, Key Issues, and Practical Pathways

在新时代的征程中，培育与发展新型生产力是一项关键任务。数字金融的快速发展为促进金融服务实体经济、推动科技创新的引领作用及加速新型生产力的形成，提供了前所未有的机遇。本文构建了新质生产力指标体系，并采用熵权法测度了2012年~2022年全国30个省的新质生产力发展水平，并实证分析了数字金融对新质生产力的影响及作用机制。数字金融的发展显著促进了新质生产力的提升，其推动作用通过加速技术突破、促进产业转型与升级，以及创新生产要素配置等途径得以实现。异质性分析表明，东部和中部地区受益于数字金融的促进作用更为明显，且在金融监管水平较高的地区，数字金融推动新质生产力提升的效果尤为显著。In the new era, cultivating and developing new types of productive forces is a critical task. The rapid development of digital finance provides unprecedented opportunities to enhance financial services for the real economy, promote technological innovation, and accelerate the formation of new quality productivity. This paper constructs an indicator system for new quality productivity and employs the entropy weight method to measure the development levels of new quality productivity across 30 provinces in China from 2012 to 2022. An empirical analysis is conducted to examine the impact of digital finance on new productive forces and its underlying mechanisms. The results show that the development of digital finance significantly contributes to the enhancement of new quality productivity. This influence is achieved through accelerating technological breakthroughs, driving industrial transformation and upgrading, and innovating the allocation of production factors. Heterogeneity analysis reveals that the promotion effect of digital finance is more pronounced in the eastern and central regions, with the impact being particularly significant in areas with higher levels of financial regulation.