Financial Technology, Big Data Enterprise Financing Constraints and Big Data Industry Development: Empirical Analysis Based on Mediating Effect and Threshold Effect

Based on theoretical analysis, we select the relevant data of 30 provinces (autonomous regions and municipalities) in China from 2013 to 2019, and empirically test the impact of financial technology on the development of big data industry and its mechanism using dynamic panel data model, mediating effect test method and threshold effect model. The benchmark regression results show that the regression coefficient of financial technology to big data industry is significantly positive at the significance level of 10%, indicating that the financial technology can directly promote the development of big data industry. The regression coefficient of the dynamic lag term of big data industry is negative, but not significant, indicating that the dynamic lag effect of big data industry is not obvious. The mediating effect test results show that the financial technology can indirectly promote the development of big data industry by alleviating the big data enterprise financing constraints. The big data enterprise financing constraints have a partial mediating effect, and the mediating effect account for 27.63% of the total effect. In addition, the threshold effect test results show that the direct effect of financial technology on big data industry is significantly enhanced when the development level of financial technology is higher than 5.8790, that is, there is a positive threshold effect of financial technology directly promoting the development of big data industry. However, the indirect effect of financial technology on big data industry is relatively weak when the development level of financial technology is higher than 5.4328, that is, financial technology indirectly promotes the development of big data industry by alleviating the big data enterprise financing constraints, which has a negative threshold effect.