Abstract
This paper empirically analyzes the impact of digital finance on entrepreneurship based on a panel data of 41 prefecture-level cities in the Yangtze River Delta region for 9 years from 2011-2019. The paper further analyzes the moderating effect of foreign direct investment and the mediating role of government intervention and innovation, and concludes with heterogeneity analyses. The empirical results show that digital finance has a significant promotion effect on entrepreneurship, and this promotion effect is diminished by the increase of foreign direct investment. Digital finance in turn can promote entrepreneurship by reducing government intervention and increasing the level of innovation. From the heterogeneity analysis, it is clear that the promotion effect of digital finance on entrepreneurship is significant only in central cities, while the negative moderating effect of FDI is significant only in non-central cities.
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