数字金融、环境规制与经济高质量发展

Digital Finance, Environmental Regulation and High-Quality Economic Development

本文利用2011—2018年间中国287个地级及以上城市数据,考察数字金融和环境规制对经济高质量发展的影响。研究发现,数字金融对经济高质量发展具有显著的直接促进效应及正向空间溢出效应,环境规制对经济高质量发展有显著的直接促进效应及负向空间溢出效应,且环境规制对数字金融促进经济高质量发展还存在显著的调节作用。进一步异质性识别发现,数字金融的使用深度对经济高质量发展的直接效应和空间溢出效应显著低于覆盖广度和数字支持服务程度,同时,在东部地区数字金融对经济高质量发展的促进效应及环境规制的引导效应较中西部地区更加显著。

Based on the data of 287 cities in China from 2011 to 2018, this paper examines the impact of digital finance and environmental regulation on high-quality economic development. The results show that digital finance has significant direct promotion effect and positive spatial spillover effect on high-quality economic development. Environmental regulation has a significant direct promotion effect and negative spatial spillover effect on high-quality economic development. Environmental regulation also has a significant moderating effect on digital finance to promote high-quality economic development. Further heterogeneity identification shows that the direct effect and spatial spillover effect of the depth of use of digital finance on high-quality economic development are significantly lower than the coverage and the degree of digital support services. At the same time, the promotion effect of digital finance on high-quality economic development and the guiding effect of environmental regulation in the eastern region are more significant than those in the central and western regions.