数字金融如何驱动高质量经济增长?——基于技术、资本和劳动力的三重内驱机制

How does Digital Finance Drive High-quality Economic Growth?——Triple Internal Drive Mechanism Based on Technology, Capital and Labor

本文基于内生增长理论和劳动力分工理论,探究了数字金融通过技术、资本和劳动力内驱机制对经济增长的影响机理。并采用2011-2019年的省际面板数据,利用双重固定效应模型和双重差分模型研究了数字金融发展对我国经济增长的影响。研究发现:数字金融能缓解融资约束以促进技术创新;提升资源配置效率以驱动资本积累;提高商品和金融交易效率以推动劳动力分工演进来实现“脱虚向实”背景下的高质量经济增长。在数字金融提振总体和实体经济的过程中,技术和资本的驱动力在减弱,劳动力逐渐成为重要的内驱机制。此外,区域间经济特征和金融资源禀赋的差异导致数字金融通过劳动力内驱机制对东部和中部较发达地区经济增长的驱动效应明显,通过技术和资本内驱机制对西部和中部欠发达地区经济的提振作用显著。然而,随着数字金融国家战略的实施在效率和公平方面的政策效应逐步显现,区域间差异会逐渐缩小。

Based on endogenous growth theory and labor division theory,this paper explores the influence mechanism of digital finance development on economic growth through the triple internal driving mechanism of technology,capital and labor force.Then,using the provincial panel data from 2011 to 2019,this paper studies the effect of digital finance on China’s economic growth by using the Two-way Fixed Effect Model and Differences-in-Differences Model.The results show that:Digital finance can promote technological innovation by easing financing constraints;improve resource allocation efficiency to drive capital accumulation;improve commodity and financial transaction efficiency to promote labor division to achieve high-quality economic growth under the background of"from virtual to real".In the process of digital finance boosting the overall and real economy,the driving force of technology and capital is weakening,and labor force has gradually become an important internal driving mechanism.In addition,the differences of regional economic characteristics and financial resources endowments lead to the obvious driving effect of digital finance on the economic growth of the eastern and central developed regions through the internal driving mechanism of labor force,and the significant boosting effect on the economy of the western and central underdeveloped regions through the internal driving mechanism of technology and capital.However,with the implementation of the national strategy of digital finance,the policy effects on efficiency and equity gradually appear,and the regional differences will gradually narrow.