Table 4.
Mechanism tests: Digital finance and industrial upgrading.
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Industrial structure index | Ratio of tertiary industry to secondary industry | Tertiary industry efficiency | Manufacturing | |
| DFI*Post13 | 0.0007*** | 0.0075*** | −0.0003 | −0.0010*** |
| (0.0003) | (0.0018) | (0.0003) | (0.0003) | |
| Baseline controls | Yes | Yes | Yes | Yes |
| City FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Province-by-year FE | Yes | Yes | Yes | Yes |
| Adjusted R2 | 0.9009 | 0.8859 | 0.8533 | 0.9102 |
| N | 1883 | 1919 | 1670 | 1878 |
***
represent the significant levels of 1%. Parentheses indicate standard errors clustered at the city level. The baseline control variables are consistent with column (4) in Table 2.