Research on the impact of digital finance on the high-quality development of manufacturing enterprises

• 1、School of Finance and Statistics, Hunan University, Changsha,410006

Abstract：In order to study whether digital finance plays an active role in the high-quality development of manufacturing enterprises, a high-quality development evaluation index system was established by taking the panel data of manufacturing enterprises listed in Shanghai and Shenzhen stock exchanges from 2011 to 2020 as a sample before 2011. Then, the two-way fixed effect model of fixed year and industry is used to analyze the impact of digital finance on the high-quality development of manufacturing enterprises, and further explore the impact of three sub-levels of digital finance. From the results of empirical analysis, digital finance and its three sub-levels have played a positive role in promoting the high-quality development of Chinese manufacturing enterprises. The positive effect of digital finance on the high-quality development of private manufacturing enterprises is stronger than that of state-owned manufacturing enterprises. From a regional perspective, the promotion effect of digital finance for manufacturing enterprises in the eastern region is the most significant, followed by the central region, and the western region is not significant. On the basis of the above empirical research, targeted policy recommendations are put forward, in order to make digital finance play a better role in promoting the high-quality development of my country\'s manufacturing enterprises.

Keywords： High-quality development Digital finance Manufacturing enterprises Heterogeneity