金融科技发展是否削弱了国内市场分割?——来自消费品市场和资本品市场的证据

Does the Development of Fintech Weakened Domestic Market Segmentation? Evidence from Consumer Goods Market and Capital Goods Market

基于我国2011—2020年29个省(区、市)数据以及沪深A股上市公司数据,从理论与实证两个方面探讨金融科技发展对国内市场分割的影响及其内在机理。研究发现:金融科技发展能够明显削弱国内市场分割。具体而言,消费者层面的金融科技发展能够有效削弱消费品市场分割,企业层面的金融科技发展能够有效削弱资本品市场分割。机制分析表明,消费者层面的金融科技能够有效提高居民消费水平,并提高企业销售能力,从而削弱消费品市场分割;企业层面的金融科技能够提高企业的信贷资金配置效率以及地区的投资效率,从而削弱资本品市场分割。“十四五”时期,应确保金融科技健康发展,加快国内统一大市场建设,助推我国“双循环”新发展格局构建和国民经济高质量发展。

Based on the data of 29 provinces(autonomous regions and municipalities)in China from 2011 to 2020 and the data of Shanghai and Shenzhen A-share listed companies,this paper discusses the influence of fintech development on domestic market segmentation and its internal mechanism from theoretical and empirical perspectives.It is found that fintech development can significantly weaken domestic market segmentation.Specifically,fintech development at the consumer level can effectively weaken the segmentation of consumer goods market,while fintech development at the enterprise level can effectively weaken the segmentation of capital goods market.Mechanism analysis shows that fintech at the consumer level can effectively improve residents'consumption level and enterprises'sales ability,thus weakening the segmentation of consumer goods market.Fintech at the enterprise level can improve the efficiency of credit capital allocation of enterprises and investment efficiency of regions,thus reducing capital goods market segmentation.During the 14th Five-Year Plan period,we should ensure the healthy development of fintech,accelerate the improvement of a unified domestic market,and promote the construction of China's"double circular economy"and the realization of high-quality economic development.