空间外溢视域下数字金融影响城镇居民消费的机制

Mechanisms of the Effect of Digital Finance on Urban Residents Consumption from the Perspective of Spatial Spillover

通过构建数字金融影响城镇居民消费的理论模型,推导出数字金融影响城镇居民消费的机制,并基于北京大学数字普惠金融指数和中国170个地级及以上城市的面板数据,构建地理与经济距离嵌套矩阵下的空间杜宾模型(SDM),检验数字金融发展影响城镇居民消费的机制。研究发现:数字金融的发展水平对本市城镇居民消费有显著的促进作用,但对邻近城市城镇居民消费有一定的负向影响;数字金融影响城镇居民消费的三大机制城镇居民收入、金融服务覆盖率和支付便利性,均通过实证检验,且三大机制传导过程都伴随着明显的空间外溢效应。研究结论可以为数字金融发展促进居民消费扩容提质提供经验证据。

Through constructing a theoretical model of digital finance affecting urban residents consumption,this paper proposes three mechanisms of the influence of digital finance on urban residents consumption.Based on the Peking University Digital Financial Inclusion Index and panel data from 170 cities in China,a Spatial Dubin Model(SDM)under the nested matrix of geographic and economic distance is constructed to examine the above mechanisms.The findings are:(1)The high level of digital finance development exerts significant promoting effect on the consumption of urban residents in the sample city,yet brings also certain negative impacts in the neighboring cities.(2)The three major mechanisms of digital finance affecting urban residents consumption(urban residents income,financial service coverage,and payment convenience respectively)proposed by the theoretical model have all passed empirical tests,and the transmission process of the three mechanisms is accompanied by obvious spatial spillover effects.The research results offer important references for the digital finance advancement and empirical evidences for promoting residents consumption.