高质量发展中数字普惠金融促进共同富裕的机制研究

A Study on Mechanism of Digital Inclusive Finance for Common Prosperity in High-quality Development

基于中国高质量发展的内在需求,从经济增长效率与分配公平两方面阐释了数字普惠金融所蕴含的信息技术属性和金融普惠属性对推进实现共同富裕目标的理论逻辑,进而采用“数字普惠金融指数”进行实证检验。结果显示:数字普惠金融发展显著促进共同富裕,其中,金融普惠属性相较于信息技术属性对推进共同富裕的效应更为明显。数字技术在资本整合类金融业务上的效果优于资本配置类,借助数字技术优化资本配置将成为未来数字普惠金融发展的关键。地理区位、经济发展、资本配置、金融机构分布和城市双创能力存在优势的城市能够获得更大的发展红利。构建良好的外部环境、打破数字鸿沟、促进数字技术与金融业务的自我发展和良性融合是推进共同富裕的重要保障。

How to balance the economic development efficiency and social equity is the key to achieving high-quality economic development,rural revitalization,and common prosperity.Based on the inherent needs of China’s high-quality development,this paper first analyzes the theoretical logic about how the technical attributes of information and inclusive attributes of finance contained in digital inclusive finance promote and realize the goal of common prosperity from the perspectives of distribution fairness and efficiency,and then selects 277 regions in China as research samples to conduct an empirical test with the help of the “Digital Financial Inclusion Index” from Peking University.It demonstrates the theoretical mechanism of digital inclusive finance in promoting the achievement of common prosperity from the perspective of information technology attribute and financial inclusion attribute and the integration of the two.The empirical study makes a horizontal comparison of the differentiated effects of different types of digital inclusive finance business on promoting the achievement of common prosperity,based on the research on the breadth,depth and digitalization degree of digital inclusive finance.Finally,the heterogeneity of the above effects is analyzed according to the characteristics of cities.The main findings of this paper are as follows:First of all,the breadth of “universal” and the depth of “benefit” in digital inclusive finance significantly contribute to improving the efficiency of economy and narrowing the income gap between urban and rural areas by breaking the financial exclusion of traditional financial services.However,the deepening of digitalization has led to a larger digital divide and widened the income gap,highlighting the importance of good integration of digital technology and inclusive finance.Secondly,through the cross-sectional comparison of the six major businesses of digital inclusive finance,it is found that the integration effect of digital technology in capital integration financial business is better than that in capital allocation financial business,which indicates that optimizing capital allocation with the help of digital technology will become the key to the development of digital inclusive finance in the future.Thirdly,the different characteristics of cities create heterogeneous effects on the effects of economic efficiency and equity in the development of digital inclusion finance.The locations of different cities allow the eastern region to receive more economic efficiency dividends and narrow the urban-rural income gap in the central and western regions.Similarly,digital financial inclusion shows stronger positive effects in cities with higher levels of economic development.In addition,digital financial inclusion can address capital distortions by both bridging capital gaps and reallocating redundant capital,and over-allocated areas receive far more dividends than under-allocated areas.The empirical results on SMEs’ access to finance show that digital inclusive finance business improves rural income and reduces the urban-rural gap by complementing the business scope of traditional financial institutions,but its effect on total factor productivity is effective only in areas with diverse access to finance.Finally,having a strong capacity for innovation and entrepreneurship is another key for digital inclusive finance to promote common prosperity.Based on the above conclusions,this paper suggests that optimizing the structure of the digital inclusive financial system,improving the level of digital applications in rural areas,properly understanding and improving inclusive financial services,and maintaining a favorable financial environment are important cornerstones for gradually promoting common prosperity in the context of high-quality development.