数字普惠金融对城市外商投资的影响研究

The Effects of Digital Financial Inclusion on Urban Foreign Investment

随着数字技术创新应用日益广泛,中国数字普惠金融实践愈加丰富,并且有效促进了信息共享,降低了交易成本和金融服务门槛,扩大了金融服务的范围和覆盖面,数字普惠金融服务链条更加顺畅,基础设施更加完善,制度保障更加健全。本文专注于数字普惠金融与城市吸引外商投资之间的因果关系,使用2011~2019年北京大学数字普惠金融指数及《中国城市统计年鉴》数据,采用双重固定效应和工具变量模型,实证研究了数字普惠金融对城市外商投资的影响。研究发现,数字普惠金融的发展显著提高了城市外商投资水平,在数字普惠金融的各个维度中,其覆盖广度、数字化水平,以及支付、保险、货币基金业务分类子指标进一步助推了城市外商投资的增加。通过地区的异质性分析发现,数字普惠金融发展程度越高,其对城市外商投资的贡献程度越大。因此,建议进一步提高数字普惠金融的覆盖广度和数字化程度,继续完善中西部地区的数字普惠金融建设,助力实现全面对外开放的格局,以开放促改革促发展。

With the increasingly widespread application of digital technology,China s digital financial inclusion practices have become more abundant,effectively promoting information sharing,lowering transaction costs and financial service thresholds,expanding the scope and coverage for financial services,and making the digital financial inclusion service chain smoother,the infrastructure more complete,and the system guarantee more complete.The paper focuses on the causal relationship between digital financial inclusion and cities attracting foreign investment,using the 2011-2019 Peking University Digital Financial Inclusive Index and the data of China City Statistical Yearbook,using dual fixed effects and instrumental variable models to make research on the impact of digital financial inclusion on urban foreign investment.The study found that the development of digital financial inclusion has significantly improved the level of foreign investment in cities.Among the various dimensions of digital financial inclusion,its coverage,digital level,and three sub-indices of payment,insurance,and currency funds have been promoted to a greater extent.This has contributed to the increase in foreign investment in cities.Through the analysis of regional heterogeneity,it is found that the higher the degree of digital financial inclusion,the greater the degree of its contribution to urban foreign investment.Therefore,it is recommended to further increase the coverage and digitization of digital financial inclusion,continue to improve the construction of digital financial inclusion in the central and western regions,and help to realize the pattern of all-around opening up.