数字普惠金融、资本错配与地区间收入差距

Digital Financial Inclusion,Capital Misallocation and Regional Income Disparity

地区间收入差距的扩大是地区发展不平衡的集中体现。数字普惠金融的发展是否起到了缩小地区间收入差距的作用依然存在争论,其作用机制同样值得进一步讨论。本文基于2007-2018年中国城市面板数据,实证研究了数字普惠金融对地区间收入差距的影响。实证表明:(1)数字普惠金融与地区收入差距存在着显著的正“U”型关系。(2)数字普惠金融与地区间资本错配存在着显著的倒“U”型关系。数字普惠金融发展到一定程度才能通过降低地区间资本错配来缩小地区间的收入差距。(3)扩展分析结果表明,数字普惠金融与前沿技术差距之间存在显著的倒“U”型关系。在替换核心变量度量方式以及考虑可能的内生性问题以后,主要研究结论依然成立。

The expansion of income gap between regions is the concentrated embodiment of unbalanced regional development.It is still controversial whether the development of digital inclusive finance has played a role in narrowing the income gap between regions,and its mechanism is also worthy of further discussion.Based on the panel data of Chinese cities from 2007 to 2018,this paper empirically studies the impact of digital financial inclusion on regional income disparity.Empirical findings:(1)there is a significant positive U-shaped relationship between digital financial inclusion and regional income gap.(2)There is a significant inverted U-shaped relationship between digital financial inclusion and inter-regional capital mismatch.This requires digital financial inclusion to cross the threshold to reduce the inter-regional income gap though reducing the inter-regional capital misallocation.(3)The paper also finds that there is a significant inverted U-shaped relationship between digital financial inclusion and frontier technology gap.After changing the measures of the core variables and considering possible endogeneity problems,the main findings are robust.