数字金融与经济高质量增长:机制、效应与异质性分析

Digital Finance and Economic High-quality Growth:Analysis of Mechanism,Effect and Heterogeneity

基于信息技术与金融产业深度融合的数字金融改变了生产与消费方式,从供给侧与需求侧推动了经济高质量增长。利用我国2011—2018年31个省份的面板数据,检验数字金融对经济高质量增长的作用机制、政策效应以及异质性影响,研究发现,数字金融可以显著促进我国经济高质量增长,并运用中介效用模型验证了“数字金融—产业结构转型升级—经济高质量增长”传导机制的成立;数字金融政策的实施促进了我国东部地区的经济高质量增长;从维度异质性与边界异质性出发,发现数字金融覆盖广度、使用深度与数字支持服务程度对经济高质量增长的积极作用依次递减,数字金融对经济高质量增长的促进作用在高消费以及高技术地带更为显著。

Digital finance based on the deep integration of information technology and financial industry has changed the mode of production and consumption,and has promoted high-quality economic growth from the supply side and the demand side.This paper uses panel data from 31 provinces in China from 2011 to 2018 to examine the mechanism,policy effects,and heterogeneity effects of digital finance on high-quality economic growth.The conclusions show:First,the instrumental variable method has been used to verify that digital finance can be significant Promote high-quality economic growth in China,and use the intermediary utility model to verify the establishment of the transmission mechanism of“digital finance-industrial structure transformation and upgrading-high-quality economic growth”;second,use the double differential model to verify that the implementation of digital financial policies has promoted China High-quality economic growth in the eastern region;third,starting from dimensional heterogeneity and boundary heterogeneity,it is found that the positive effects of digital finance coverage,depth of use,and digital support services on high-quality economic growth are decreasing successively.The promotion of high-quality economic growth is more pronounced in high-consumption and high-tech areas.