数字普惠金融对中国实体经济发展的区域异质性影响研究:效果检验与传导机制

Research on the regional heterogeneity of digital inclusive finance on the development of China’s real economy:Development effect test and transmission mechanism

选取中国省级层面的面板数据构建计量模型,实证研究数字普惠金融对中国实体经济发展的区域异质性影响。研究结果表明:数字普惠金融总体上对中国实体经济发展具有促进作用,在不同地区具有不同影响;其非线性影响在东部地区中存在“收敛门限”,在中西部地区体现为“加速门限”;消费需求和技术创新都在传导过程中发挥一定作用,但对东部地区而言技术创新水平没有中介作用。上述研究为中国在新时代背景下因地制宜提升数字普惠金融发展水平、形成实体经济可持续发展路径提供理论依据和实证支撑。建议:提升数字普惠金融服务实体经济的效率,推动我国数字普惠金融的区域协调发展,促进数字普惠金融与区域实体经济协调发展,运用数字普惠金融刺激内需、助力技术创新,强化数字普惠金融监管。

According to select panel data at the provincial level in China to construct an econometric model,this paper researches on the regional heterogeneity of digital financial inclusion on the development of China’s real economy.In general,digital inclusive finance has a promoting effect on the development of China’s real economy,and has different effects in different regions.Digital inclusive finance has a dual threshold effect in promoting the development of China’s real economy.The analysis of regional heterogeneity finds that the nonlinear impact of digital inclusive finance has a“convergence threshold”in the eastern region and an“acceleration threshold”in the central and western regions.Consumption demand and technological innovation play a certain role in the transmission process,but the level of technological innovation has no mediating effect on the eastern region.Improving the development level of digital inclusive finance is the key to promote the development of real economy.At the same time,it is necessary to stimulate consumption,promote scientific and technological innovation,and form a sustainable real economy development path.