Digital finance and upgrading of industrial structure: Prefecture-level evidence from China

Based on the panel data of 251 prefecture-level cities in China from 2011 to 2020, this paper discusses the impact of digital finance development on industrial structure upgrading and its spatial effects. The results show that the development of digital finance has played a significant role in promoting the upgrading of urban industrial structure, and the impact of digital finance on the upgrading of industrial structure is greater than the rationalization of industrial structure, innovation drive plays an important role in promoting the upgrading of urban industrial structure with the development of digital finance.