Whether Digital Financial Inclusion Can Improve Capital Misallocation or Not: A Study Based on the Moderating Effect of Economic Policy Uncertainty

Table 1

Variable definition.

variable type	Variable name	Sign	Evaluation index
Dependent variable	Capital’s diversion from the fictitious to the substantial economy	Etd (%)	The discrepancy between regional R&D investment growth rate and housing price fluctuation rate
Independent variable	Digital financial inclusion	Difi	Guo et al.’s [21] assessment of provincial digital financial inclusion total index
	Digital financial inclusion’s scope of coverage	Coverage	Provincial digital financial inclusion’s scope of coverage index
	Digital financial inclusion’s depth of usage	Usage	Provincial digital financial inclusion’s depth of usage index
	Digital financial inclusion’s digitization level	Digitization	Provincial digital financial inclusion’s digitization level index
Moderating variable	Economic policy uncertainty	Epu	Annual average of Baker et al.’s (2016) calculation of China’s monthly EPU index
Controlled variable	Economic growth rate	Gdp (%)	Actual growth rate of regional GDP
	Government’s fiscal expenditure	Finance	The ratio between government’s technology and education spendings and regional GDP
	Foreign direct investment	lnfdi	Natural logarithm of foreign direct investment