Abstract: Based on the panel data from 1826 counties in China spanning from 2017 to 2022, this study employs the entropy evaluation method, the fixed effects model, and the threshold model to investigate the impact of rural financial geographic structure on rural entrepreneurship development under the moderating effect of digital finance. Research has found that the geographical structure of rural finance can significantly promote the development of rural innovation and entrepreneurship. Digital finance leverages the external value of rural financial geographic structure through the catfish effect and spillover effect. Under the regulation of digital finance, the impact of rural financial geographic structure on rural innovation and entrepreneurship development shows a trend of “from scratch, exponential increase”. The heterogeneity analysis shows that the geographical structure of rural finance and digital finance in the eastern, central, and western regions are in a state of“complementarity” “filling gaps” and“substitution”, respectively. In addition, the dominant industrial structure and factor endowment determine the systematic differences in rural financial demand, and relying on a balanced development industrial structure can better achieve the regulatory effect of digital finance. Digital finance has a regulatory effect on various sub dimensions of rural financial geographic structure, and special attention should be paid to optimizing the layout of branches and the degree of correlation formed. Therefore, we should have a correct understanding of the mismatch and interaction between the geographical structure of rural finance and digital finance, adjust the supply structure of rural finance according to local conditions, promote the transformation and upgrading of industrial structure based on regional resources and industrial advantages, and focus on improving the level of“coverage”and“network connection”, so as to create a competitive and complementary ecological environment for rural financial supply.

Key words: rural finance, geographic structure, rural entrepreneurship, digital finance, dynamic regulation