He Jingshi, Mu Yang, Wang Chunsheng, Mao Yanhua
Business College, Dongguan Polytechnic, Dongguan, 523808, China.
Faculty of Finance, City University of Macau, Macau, 999078, China.
Heliyon. 2024 Jul 26;10(15):e35262. doi: 10.1016/j.heliyon.2024.e35262. eCollection 2024 Aug 15.
The "Broadband China" has enabled China to achieve leapfrog development in the construction of its high-speed broadband networks, thereby accelerating the development of digital infrastructure and unleashing the potential for financial sector growth. This has created a strong impetus for economy to shift towards high-quality development. An in-depth understanding of the empirical correlation between the development of digital infrastructure and financial progress is absent, leaving an unexplored domain of research concerning the impact of the "Broad China" strategy on financial agglomeration (), financial scale (), and digital finance ). In order to evaluate the dynamic impacts of this policy on financial development, this research builds a multi-period difference in differences (DID) model using panel data from 269 prefecture-level cities between 2011 and 2020. The study concludes that the "Broadband China" policy significantly fosters the growth of , , and , in China, and found that the "Broadband China" policy has a significant impact on the regional heterogeneity of financial agglomeration and digital finance. There are significant variations in the effects of this policy on different regions, while the regional heterogeneity differences in the impact on financial scale are relatively small. Additionally, the three mediating variables of technological innovation, fund support, and talent agglomeration play a mediating role in the mechanism of digital infrastructure on financial development.
“宽带中国”使中国在高速宽带网络建设方面实现了跨越式发展，从而加速了数字基础设施的发展，释放了金融部门增长的潜力。这为经济向高质量发展创造了强大动力。目前尚缺乏对数字基础设施发展与金融进步之间实证关联的深入理解，在“宽带中国”战略对金融集聚（）、金融规模（）和数字金融的影响方面，仍存在未探索的研究领域。为了评估这一政策对金融发展的动态影响，本研究利用2011年至2020年269个地级市的面板数据构建了多期双重差分（DID）模型。研究得出结论，“宽带中国”政策显著促进了中国、和的增长，并发现“宽带中国”政策对金融集聚和数字金融的区域异质性有显著影响。该政策对不同地区的影响存在显著差异，而对金融规模影响的区域异质性差异相对较小。此外，技术创新、资金支持和人才集聚这三个中介变量在数字基础设施对金融发展的作用机制中发挥中介作用。
