财政压力、金融分权与数字创新

Financial Pressure,Financial Decentralization and Digital Innovation

文章采用熵值法测度2007—2020年中国293个地级城市数字创新水平,并在此基础上考察财政压力、金融分权与数字创新之间的关系。结果表明:财政压力对数字创新的影响呈现先促进后抑制的倒“U”型非线性特征。这一结论在采用赤字率作为工具变量和替换核心解释变量等稳健性检验后依然成立;东部地区与中心城市相对于中西部与外围城市,财政压力对数字创新的促进作用更显著;金融分权是财政压力推动数字创新的重要机制;财政压力对数字创新的溢出效应呈倒“U”型非线性变化态势,且在经济依赖性较强的地区作用更突出。由此,应该从实施差异化财政分权策略、适度提高金融分权水平与发挥财政和金融合力作用方面,形塑数字创新能力。

This paper uses the entropy method to measure the level of digital innovation in 293 prefecture-level cities in China from 2007 to 2020,and on this basis,examines the relationship between fiscal pressure,financial decentralization and digital innovation.The results show that:The impact of fiscal pressure on digital innovation shows the characteristics of inverted"U"nonlinearity of promoting first and then suppressing.This conclusion holds true even after using the deficit rate as an instrumental variable and replacing the core explanatory variables with robustness tests.Compared with the central and western regions and peripheral cities,the financial pressure in the eastern region and the central cities has a more significant role in promoting digital innovation.Financial decentralization is an important mechanism for fiscal pressure to promote digital innovation.The spillover effect of fiscal pressure on digital innovation shows an inverted"U"non-linear change trend,and its role is more prominent in areas with strong economic dependence.Therefore,we should build the ability of digital innovation from the aspects of implementing differentiated fiscal decentralization strategy,appropriately improving the level of financial decentralization and giving play to the role of fiscal and financial synergy.