数字金融发展与制造业升级——效应识别和中国经验

Digital Finance Development and Manufacturing Industry Upgrading——Effect Identification and China’s Experience

强化金融有效供给是制造业升级过程中亟待解决的重要问题。本文借助中国283个地级及以上城市数据,分析数字金融发展对制造业升级的影响。研究发现,数字金融发展能够促进制造业在规模、效率和价值链位置的升级。数字金融发展通过技术创新效应、消费需求效应来促进制造业升级,而营商环境在数字金融发展促进制造业升级过程中存在调节效应,营商环境越好,越有利于数字金融发挥对制造业升级的推动作用。进一步研究发现,在传统金融落后地区、风险规避地区、东部地区、中部地区城市以及中小城市,制造业升级受到数字金融的促进作用更明显。

Strengthening financial effective supply is an urgent problem to be solved in the process of manufacturing upgrading.Based on the data of 283 prefecture-level cities in China,this paper analyzed the impact of digital finance development on manufacturing industry upgrading.It was found that digital finance development can promote the improvement of manufacturing industry in terms of scale,efficiency and value chain position.This positive effect played a role through the channels of technological innovation effect and consumer demand effect,and business environment had a regulatory effect between the two.That is,better business environment was more conductive to this promoting effect.Further analysis found that,this positive effect was more evident in the regions with backward traditional finance or risk aversion,as well as in eastern region,central region,small cities and mediumsized cities.