数字金融发展与中国居民包容性创业实现——来自县域层面数字金融与传统金融关系的证据

Digital Finance and Inclusive Entrepreneurship in China:County-level Interaction of Digital Finance and Traditional Finance

本文基于中国家庭金融调查数据、北京大学数字普惠金融指数和银行营业网点数据,在县域层面研究了数字金融发展与家庭创业发生的关系,并通过深入考察数字金融发展与传统金融发展的相互作用关系,分析数字金融作为普惠金融实现的重要模式,是否能因其更强普惠性而推动包容性创业实现。研究发现,数字金融发展表现出对家庭创业的显著促进效应,特别是数字金融的覆盖广度提升和数字支持服务程度改善的作用明显。就数字金融发展与传统金融发展的相互关系来说,数字金融发展在传统金融服务弱的地区对家庭创业有更强促进效应,体现出数字金融的更强普惠性。异质性分析显示,数字金融发展对经济欠发达地区和对社会弱势群体家庭表现出更为明显的创业促进效应,说明数字金融可以在家庭创业领域推动社会公平的实现,有助于包容性创业格局的形成,并且数字金融的创业包容性增长效应会因传统金融服务的改善而强化。

Based on matching from China Household Finance Survey Data, Peking University Digital Financial Inclusion Index, and data of commercial bank branch, this study investigates the relationship between the development of digital finance and household entrepreneurship, through a more in-depth examination of the interactive effect between the development of digital finance and traditional finance. Results show that the development of digital finance, especially the improvement in the coverage and level of digital support services, has a significantly positive effect on family entrepreneurship. In counties with weak traditional financial services, digital finance has stronger relationship with family entrepreneurship. Heterogeneity analysis reveals that the development of digital finance has a more significant effect on entrepreneurial promotion for families in underdeveloped regions or from socially disadvantaged groups, suggesting that digital finance can enhance social equity in the field of family entrepreneurship and contribute to social inclusiveness. Moreover, this enhancing effect will be strengthened by the improvement of traditional financial services.