The impact and mechanism of digital finance on urban economic resilience
基于中国280个城市2011-2022年面板数据，研究发现数字金融通过促进技术创新显著提升城市经济韧性，且人力资本水平正向调节这一效应，对中东部和高韧性城市作用更强。
Enhancing the resilience of urban economy is an important way to cope with external shocks and promote high-quality development of urban economy. Based on panel data of 280 cities in China from 2011 to 2022, this paper empirically explores the impact and mechanism of digital finance on urban economic resilience through a two-way fixed effects model, mediating effect model, and moderating effect model. The results show that digital finance has a significant positive impact on urban economic resilience, with a more pronounced promoting effect in the central and eastern regions and areas with high levels of economic resilience. Mechanism testing reveals that digital finance indirectly affects the improvement of urban economic resilience through technological innovation. Moreover, we find that the level of human capital plays a positive moderating role in the process of digital finance enhancing urban economic resilience. It not only enhances the direct effects of digital finance, but also plays a positive moderating role in the indirect effects of technological innovation on urban economic resilience. Based on this, we propose targeted countermeasures and suggestions.