数字经济、金融效率与我国经济高质量发展

Digital Economy,Financial Efficiency and High-quality Economic Development of China

高质量发展是我国新时代经济社会发展的重要指引。本文利用2008-2019年我国大陆30个省市区(未包括西藏)面板数据,在构建理论分析框架的基础上,利用动态面板系统GMM方法和中介效应方法,实证检验了数字经济对中国经济发展质量的影响及内在机制。研究结果表明:数字经济对我国经济发展质量具有显著正向影响,提高数字经济发展水平可以改善经济发展质量。研究内在机制发现:数字经济可以通过提高金融效率和缓解资本错配程度来提高经济发展质量,即存在“数字经济发展→提高金融效率与缓解资本错配→改善经济发展质量”的传导机制。

High-quality development is an important guideline for China’s economic and social development in the new era. Using panel data of 30 provinces and municipalities in China’s mainland(excluding Tibet) from 2008 to 2019, this paper empirically examines the impact of the digital economy on the quality of China’s economic growth and the underlying mechanisms based on the construction of a theoretical analysis framework by using the dynamic panel system GMM approach and the mediating effect approach. The results show that the digital economy has a significant positive impact on the quality of China’s economic growth, and that improving the level of digital economy development can improve the quality of economic growth. By studying the underlying mechanisms, it is found that the digital economy can improve the quality of economic growth by improving financial efficiency and mitigating capital misallocation, where there is a transmission mechanism of "digital economy development → improving financial efficiency and mitigating capital misallocation → improving the quality of economic growth"