Abstract
In the digital wave of the 21st century, digital finance, as a new financial services model, has profoundly changed the global business environment. Based on data from Chinese prefecture-level cities from 2011 to 2020, this study examines the relationship among digital finance, the business environment, the upgrading of industrial structure, and the level of digital infrastructure. The results show that digital finance has a positive mediation effect on the business environment. Industrial structural upgrading plays an intermediary role in this process, while the level of digital infrastructure acts as a moderator. Heterogeneity analysis reveals that digital finance has a stronger promoting effect on the business environment in the eastern and central regions compared to the western regions.
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