数字金融对区域创新能力提升的影响研究——基于长三角城市群的实证检验

Research on the Impact of Digital Finance on the Improvement of Regional Innovation Ability:Empirical Test based on Yangtze River Delta Urban Agglomeration

文章以长三角区域26个城市构成的城市群为例,通过动态面板回归测度分析,实证探讨数字金融对区域创新能力提升的影响。结果表明:数字金融可以显著推动区域创新能力提升,且数字金融各子维度发挥的推动作用具有异质性,其中覆盖广度的推动作用最大,使用深度的推动作用次之,金融数字化程度的作用最小。进一步采用GMM方法检验发现,在数字金融对区域创新能力影响机制中,地区信贷资源配置、城市基础设施建设、居民消费水发挥了显著的中介作用,且三者的中介效应依次递减。

This paper takes the urban agglomeration composed of 26 cities in the Yangtze River Delta as an example,discusses the impact of digital finance on the improvement of regional innovation ability empirically through dynamic panel regression measurement analysis.The results show that digital finance can significantly promote the improvement of regional innovation ability,and the promotion role of each sub dimension of digital finance is heterogeneous,in which the promotion role of coverage is the largest,the promotion role of use depth is the second,and the role of financial digitization is the smallest.Further using GMM method,it is found that in the impact mechanism of digital finance on regional innovation ability,regional credit resource allocation,urban infrastructure construction and residents’consumption level all play a significant intermediary role,and the intermediary effects of the three decrease in turn.