数字金融能畅通国内国际双循环吗——基于国内大循环为主的效率提升视角

Can Digital Finance Smooth Domestic and International Dual Circulation?——From the Perspective of Improving Domestic Circulation Efficiency

利用数字金融服务“双循环”新发展格局是金融供给侧改革的重要内容。本文基于2011—2018年中国280个地级及以上城市的面板数据,并以国内大循环效率提升为视角,实证检验了数字金融对国内国际双循环的影响,得出如下结论:数字金融发展提升了国内大循环效率,进而畅通了国内国际双循环。并且,相较于贫穷地区,这种畅通作用在富裕地区更为突出。同时,加大环境规制力度将会强化数字金融对国内国际双循环的促进作用。机制检验显示,数字金融可以通过提高创新能力和创业活力促进国内国际双循环。据此,从推动数字金融服务实体经济、数字金融中心建设、创新创业高质量发展等方面提出政策启示。

Using digital finance to serve the new development pattern of "dual circulation" is an important part of the financial supply-side reform.Based on the panel data of 280 prefecture-level and above cities in China from 2011 to2018,and from the perspective of the improvement of domestic circulation eficiency,this paper empirically tests the impact of digital finance on the domestic and international dual circulation,and draws the following conclusions:The development of digital finance has improved the efficiency of the domestic cycle,thus smoothing the domestic and international dual circulation.Moreover,this smoothing effect is more prominent in rich areas than in poor areas.At the same time,increasing environmental regulation will strengthen the positive impact of digital finance on smooth domestic and international circulation.The mechanism test shows that digital finance can promote the domestic and international dual circulation by improving innovation capabilities and entrepreneurial vitality.Based on this,policy implications are put forward in terms of promoting digital financial services to the real economy,the construction of digital financial centers,and the high-quality development of innovation and entrepreneurship.