How does Sci-tech Finance Affect the Structural Upgrading of China's Service Industry?

Xiangru Shi

doi:10.54097/hbem.v9i.9253

Authors

Xiangru Shi

DOI:

https://doi.org/10.54097/hbem.v9i.9253

Keywords:

Sci-tech Finance; Industrial Structure Upgrading; Producer Services; Two-way Fixed Effect Model.

Abstract

Combined with the rise of science and technology finance(sci-tech fin) in the current digital age, this paper selects panel data of 30 provinces and cities from 2011 to 2020 to build a two-way fixed effect model, and empirically analyzes the influence of fintech on the structural upgrading of Chinese service industry. The results show that sci-tech finance significantly positively pushes forward the structural upgrading of the service sector with regional heterogeneity, which is specifically manifested in the positive promoting effect on the central and western areas. Additionally, the level of financial regulation and government expenditure can enhance the influence of sci-tech finance on the service industry structure promoting. Based on this, the paper puts forward some policy suggestions on developing sci-tech finance and deepening the combination of technology finance and service industry.

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