Based on the industrial and commercial registration information data from January 2016 to December 2020, this paper investigates the regional differences, dynamic evolution, and influencing factors of entrepreneurial activity. The results show that: (1) The eastern coast, the northern coast and the southern coast are in the first grade. The middle reaches of the Yangtze River, the middle reaches of the Yellow River and the southwest are in the second grade. (2) The regional gap is shrinking as a whole, but there is a large gap between major cities and other cities, and the gap between the eight zones has not been narrowed. (3) The gap between major cities and other cities is larger, the gap within eight regions is narrowing but still larger than that between eight regions. (4) Digital economy, industrial upgrading, convenient transportation and financialization have widened the gap between regional groups, marketization and financial expenditure have narrowed the gap between regional groups. Factors other than the digital economy are narrowing the gap between all cities. (5) The variables with the largest explanation rate are digital economy and marketization, followed by industrial structure and financialization. Financialization explains the differences between major cities and other cities to a greater extent.