Abstract: Using the panel data of 41 cities in the Yangtze River Delta from 2011 to 2019 and based on the TFP measurement of private industrial enterprises in various cities, this paper applies the panel econometric model to explore the impact of digital finance on the high-quality development of the private real economy in the Yangtze River Delta from the perspective of total factor productivity. The findings of the study are as follows: (1)Digital finance can significantly improve the private real economy in the Yangtze River Delta, and there are heterogeneity differences in this effect. After a series of endogeneity and robustness tests, the conclusion is still established. (2)The improvement of the level of digital finance can stimulate the spirit of entrepreneurship, and promote the high-quality development of the private real economy through the intermediary role of the spirit of innovation and entrepreneurship. (3)The promotion effect of digital finance on the high-quality development of the private real economy has a double-threshold effect, and with the improvement of the development level of digital finance, the promotion effect is gradually enhanced.

Key words: Digital Finance, Entrepreneurial Spirit, Private Real Economy, High-quality Development

摘要： 从全要素生产率视角,运用2011—2019年长三角41个城市面板数据,在对各城市私营工业企业TFP测算的基础上,通过面板计量模型探究数字金融对长三角民营实体经济高质量发展的影响。研究发现:(1)数字金融能够显著促进长三角民营实体经济高质量发展,且这种效果存在异质性;(2)数字金融水平的提高能够激发企业家精神,通过创新精神和创业精神的中介作用,促进长三角民营实体经济高质量发展;(3)数字金融对长三角民营实体经济高质量发展的促进作用具有双重门槛效应,随着数字金融发展水平的提升,促进作用逐渐增强。

关键词: 数字金融, 企业家精神, 民营实体经济, 高质量发展