数字普惠金融会提高城市的创新水平吗?——来自我国269个城市的空间计量证据

Will digital inclusive finance promote urban innovation level?Spatial econometric evidence from China′s 269 cities

基于2011—2016年我国269个城市统计数据,运用空间面板杜宾模型从多维度剖析了数字普惠金融对中国城市创新水平的影响。研究发现:一是城市创新水平存在显著的正向空间相关效应,我国城市创新水平的空间相关性呈现"高-高"和"低-低"特征,东部城市的创新水平明显高于中西部城市,大城市的创新水平高于中小城市;二是数字普惠金融发展对城市自身创新水平具有显著的促进效应,这一效应不仅在OLS、SDM和空间联立方程模型中稳健成立,在数字普惠金融的覆盖广度、使用深度和异质性金融发展水平层面也稳健成立,数字普惠金融使用深度对城市创新水平的边际促进作用大于数字普惠金融的覆盖广度;三是本地区数字普惠金融发展会抑制非本地区的创新水平提升,从而产生虹吸效应,数字普惠金融对金融欠发达地区创新水平的边际促进作用大于金融发达区域,然而普惠效应与虹吸效应并存现象使得金融欠发达地区在"消除贫困"层面将承受更大的压力。

Based on the statistical data of 269 cities in China from 2011 to 2016,this paper applies the Spatial Panel Durbin Model to study the impact of digital inclusive finance on urban innovation level in China.The results show that,firstly,urban innovation level has a significantly positive spatial correlation,and spatial correlation of urban innovation level presents"high-high"and"low-low"characteristics.The innovation level of eastern cities is significantly higher than that of midwestern ones,while the innovation level of large cities is also higher than that of small cities.Secondly,digital inclusive finance could boost urban innovation level in a significant level,which is robustly established not only in OLS,SDM and spatial simultaneous equation model,but also in its coverage breadth and usage depth aspects as well as heterogeneous financial development aspect.The usage depth of digital inclusive finance has a larger marginal positive effect on urban innovation level than the coverage breadth.Thirdly,digital inclusive finance would inhibit the improvement of urban innovation level in other areas,causing the siphon effect.The marginal facilitation effect of digital inclusive finance in underdeveloped areas is larger than that in the developed areas.However,the coexistence of inclusive effect and siphon effect makes the financially underdeveloped areas bear heavier pressure in the aspect of"poverty elimination".