Research on the Impact of Digital Finance on the High-Quality Development of Regional Economy: An Empirical Analysis Based on Provincial Panel Data

As a product of the combination of digital technology and traditional finance, the vigorous development of digital finance in the context of the digital economy era will certainly have a great impact on the high-quality development of the economy. Based on the panel data of 31 provinces from 2011 to 2020, this paper adopts the entropy value method to determine the economic development index of the region, and applies the two-way fixed effect model to explore the impact of the development of digital finance on the regional economic development. It is found that the rapid development of digital finance has a positive role in promoting the economic development of the region and changes with the level of openness to the outside world as well as the level of human capital, and that the innovation effect update of the region plays an intermediary role as an intermediary variable in the impact of digital finance on the economic development of the region. There is significant heterogeneity in the economic development of digital finance on different regions, with the highest in the east and the lowest in the center. Reasonable suggestions are made for the better development of the economy of each region, thus promoting the high-quality development of the economy of each region.