数字金融、产业集聚与全要素生产率

Digital Finance,Industrial Agglomeration and Total Factor Productivity

数字金融是“双循环”新发展格局下全要素生产率提升的重要引擎。基于此,文章利用2011—2019年我国30个省份的面板数据,通过系统GMM模型和递归效应模型检验数字金融是否通过产业集聚途径来影响全要素生产率。结果发现:(1)数字金融对全要素生产率具有显著的正向促进作用。(2)产业专业化集聚和多样化集聚均起到了部分中介效应。其中,数字金融、覆盖广度以及使用深度均通过降低产业专业化集聚程度对全要素生产率产生抑制作用,而数字化程度通过增加产业专业化集聚程度对全要素生产率产生促进作用;数字金融、覆盖广度、使用深度以及数字化程度通过增加产业多样化集聚程度对全要素生产率产生促进作用。

Digital finance is an important engine to improve total factor productivity(TFP) under the new development pattern of“dual circulation”. On this basis, this paper uses the panel data of 30 provinces in China from 2011 to 2019 to test whether digital finance affects TFP through industrial agglomeration by using systematic GMM model and recursive effect model. The results are found to be as below:(1) Digital finance plays a significant positive role in promoting TFP.(2) Industrial specialization agglomeration and diversification agglomeration have played a part of intermediary effects, among which digital finance, breadth of coverage and depth of use all inhibit TFP by reducing the degree of industrial specialization agglomeration, while the degree of digitization promotes TFP by increasing the degree of industrial specialization agglomeration. Digital finance, breadth of coverage, depth of use and digitization degree promote TFP by increasing the degree of industrial diversification agglomeration.