数字普惠金融的农民增收效应及作用机制研究

Research on the Effect and Mechanism of Digital Inclusive Finance on Rural Residents'Income

文章基于2011-2018年的省级面板数据,实证检验了数字普惠金融发展对农民收入增长的影响效应及作用机制。研究结果表明:(1)数字普惠金融及各维度对农民收入增长存在显著的正向影响,采用工具变量法对内生性进行控制后的估计结果依然具有稳健性,数字金融的各项业务发展也促进了农民收入增长;(2)数字普惠金融及各维度显著促进了经营性收入、工资性收入、转移性收入及财产性收入增长,进而带动农民增收;(3)数字普惠金融及各维度显著促进了各区域的农民收入增长,尤其是对西部地区农民收入增长的作用力度最强,在不同收入分位数的群体均能从数字普惠金融发展中获益,尤其是低收入群体的获益较多,体现出数字金融促进农民收入增长具有包容性特征;(4)总体上,农村人力资本对数字普惠金融的增收效应的调节作用不显著,但是人力资本对数字金融各维度的增收效应的调节作用具有结构性差异。当前我国数字普惠金融进入深度发展阶段,应完善乡村地区数字金融基础设施建设和数字金融监管体系,加速改造农村人力资本,深化数字普惠金融与农村经济融合发展,以提高数字普惠金融发展水平,促进农村经济高质量发展,推动农民收入持续增长。

Based on the provincial panel data from 2011 to 2018,this paper empirically tests the impact of digital inclusive finance on the growth of rural residents'income and its mechanism.The results show that:(1)digital inclusive finance and its dimensions have significant positive impact on the growth of rural residents'income,and the estimation results are still robust after controlling the endogeneity using instrumental variable method.The development of various digital finance service also promotes the growth of rural residents'income;(2)digital inclusive finance and its dimensions have significantly promoted the growth of operating income,wage income,transfer income and property income,thus leading to the increase of rural residents'income;(3)digital inclusive finance and its dimensions have significantly promoted the growth of rural residents'income in various regions,especially in the western region.Groups with different income quantiles can benefit from the development of digital inclusive finance,especially the low-income groups,which reflects the inclusive characteristics of digital finance in promoting rural residents'income growth;(4)on the whole,the moderating effect of rural human capital on the income increasing function of digital inclusive finance is insignificant,but has structural differences in various dimensions of digital finance.At present,China's digital inclusive finance has reached a stage of further development.We should improve the digital financial infrastructure construction and digital financial supervision system,accelerate the transformation of rural human capital,and deepen the integration of digital inclusive finance and rural economy,so as to increase the development level of digital inclusive finance,assure the high quality of rural economic development,and promote the sustained growth of rural residents'income.