数字普惠金融缓解城乡资本配置扭曲的效果研究

Research on Effect of Digital Inclusive Finance in Alleviating Distortion of Urban and Rural Capital Allocation

提升资本配置效率是实现高质量发展的重要途径。通过测算2011—2020年省级层面资本配置扭曲程度发现:数字普惠金融发展能够降低资本配置扭曲,但相较于农业资本配置扭曲,数字普惠金融降低非农业资本配置扭曲的效果更好;数字普惠金融通过增强银行业竞争进而降低资本配置扭曲;数字普惠金融的广度、深度和数字化程度都有助于降低资本配置扭曲,但普惠金融深度对农业资本配置扭曲的影响不显著;地区金融发展程度越高,数字普惠金融降低资本配置扭曲的效果就越好。因此,可以通过加强农村地区的数字普惠金融创新、提升农村地区资本配置能力和促进区域间资本配置效率,切实提高数字普惠金融缓解城乡资本配置扭曲的效果。

Improving the efficiency of capital allocation is an important way to achieve high-quality development. By measuring the distortion degree of capital allocation at the provincial level from 2011 to 2020, it is found that the development of digital inclusive finance can reduce the distortion of capital allocation, but compared with the distortion of agricultural capital allocation, the effect of digital inclusive finance to reduce the distortion of capital allocation of non-agricultural industries is better. Digital inclusive finance reduces capital allocation distortion by enhancing competition in the banking industry;the breadth, depth and digitalization degree of digital inclusive finance can help to reduce the distortion of capital allocation, but the depth of inclusive finance has no significant impact on the distortion of agricultural capital allocation;the higher the degree of regional financial development, the better the effect of digital inclusive finance to reduce the distortion of capital allocation. Therefore, it is possible to effectively improve the effect of digital inclusive finance in alleviating the distortion of urban and rural capital allocation by strengthening the innovation of digital inclusive finance in rural areas, improving the capital allocation capacity in rural areas, and promoting the efficiency of capital allocation between regions.