The Impact of Digital Finance Development on Urban Economic Resilience — An Empirical Study on the Mechanism and Heterogeneity Effects Based on Data from 2012 to 2022

Based on balanced panel data comprising 2409 observations from prefecture-level cities in China (2012–2022), this study applies fixed-effects models, mediating effect models, and heterogeneity analysis to empirically investigate the mechanisms and differential impacts of digital finance development on urban economic resilience. Results indicate that digital finance exerts a statistically significant positive effect on urban economic resilience. Mechanism analysis demonstrates that digital finance indirectly strengthens economic resilience through fostering industrial co-agglomeration and stimulating entrepreneurial activity. Heterogeneity analysis further reveals that this enhancing effect is markedly stronger in economically advanced cities and provincial capitals.