数字金融对产业集聚的影响——基于中国285个城市的实证研究

The Influence of Digital Finance on Industrial Agglomeration--Empirical Study on 285 Prefecture-level Cities in China

基于中国285个城市的面板数据以及北京大学数字金融研究中心发布的2011—2018年中国数字普惠金融指数,采用固定效应模型、面板门槛模型等回归方法实证分析了中国数字金融发展与产业集聚之间的关系。研究发现,中国数字金融的发展对第二、三产业的集聚均具有长期且显著的促进作用;此外,异质性分析表明,与东部地区相比,数字金融对于中、西部地区产业集聚的影响更为显著;最后,通过对数字金融子维度的研究发现,数字金融的广度和深度都很好地促进了产业集聚的形成,但数字化便利程度与产业集聚之间存在着非线性的关系。

Based on the panel data of 285 cities in China and the China Digital Financial Inclusion Index(2011-2018)released by the Digital Finance Research Center of Peking University,this paper empirically analyzed the relationship between the development of digital finance and industrial agglomeration in China by using regression methods such as fixed effect model and panel threshold model.It is found that the development of digital finance in China has a long-term and significant promoting effect on the agglomeration of the secondary and tertiary industries.In addition,the heterogeneity analysis shows that compared with the eastern region,digital finance has a more significant impact on industrial agglomeration in the central and western regions.Finally,the analysis of the sub-dimensions of digital finance shows that the breadth and depth of digital finance promote the formation of industrial agglomeration well,but there is a nonlinear relationship between the degree of digital convenience and industrial agglomeration.