数字金融、创新创业与城乡居民收入增长

Digital Finance,Innovation and Entrepreneurship and Income Growth of Urban and Rural Residents

基于2017年和2019年两年的北大数字金融研究中心的中国数字普惠金融指数、西南财经大学的中国家庭金融调查数据、中国互联网信息中心的互联网普及率和中国人民银行的小额贷款公司统计数据,采用多元回归估计、中介效应以及工具变量法,实证分析数字金融对城乡居民创新创业活动、收入增长以及收入差距的影响。结果表明,数字金融对居民收入增长具有显著正向影响,即数字金融指数每增加1个单位,居民收入会增长0.63个百分点。进一步的研究表明,数字金融主要通过增加创新和创业投入这两条路径促进城乡居民收入增长,且数字金融指数每增加1个单位,居民创新投入和创业投入分别增长1.84个百分点和0.61个百分点。异质性分析结果显示,数字金融对居民收入增长的促进作用显著为正的同时会加大城乡、农村内部以及区域收入差距,从而证实数字金融发展带来的“数字红利”和“数字鸿沟”效应。基于此,建议继续推进欠发达地区数字金融的发展,补齐发展短板,加快数字金融服务城乡居民新模式的落地。

Based on the China Digital Inclusive Finance Index from the Digital Finance Research Centre of Peking University,the China Household Finance Survey data from Southwest University of Finance and Economics,the Internet penetration rate from the China Internet Information Centre and the microfinance company statistics from the People’s Bank of China for 2017 and 2019,multiple regression estimation,mediating effects and the instrumental variables method were used to empirically analyse the impact of digital finance on urban and rural residents’ innovation and entrepreneurial activities,income growth and income disparity.The results show that digital finance has a significant positive impact on residents’ income growth,i.e.for every 1 unit increase in the digital finance index,residents’ income increases by 0.63 percentage points.Further research shows that digital finance contributes to the income growth of urban and rural residents mainly through increasing innovation and entrepreneurial input,and that for every 1 unit increase in the digital finance index,residents’ innovation and entrepreneurial input increase by 1.84 percentage points and 0.61percentage points respectively.The results of the heterogeneity analysis show that the promotion role of digital finance on residents’ income growth is significantly positive while increasing the income gap between urban and rural areas,as well as within rural areas and regions,confirming the“digital dividend”and“digital divide”effect caused by the development of digital finance. Based on this,it is recommended that the development of digital finance should be promoted in less developed regions by making up for the shortcomings in development,and accelerating the implementation of new models of digital financial services for urban and rural residents.