数字金融对产业链韧性的影响

Research on the Impact of Digital Finance on the Resilience of Industrial Chain

随着数字技术的迅速发展,数字金融已成为新时期推动产业链韧性提升的关键内驱力。基于2012—2020年省域面板数据,运用固定效应模型、中介效应模型、调节效应模型和门限效应模型,考察数字金融对产业链韧性的影响。研究表明,数字金融对产业链韧性提升具有显著促进作用,这一结论在经过一系列稳健性检验后依然成立;数字金融对产业链韧性的影响在不同分位点处存在显著差异,伴随产业链韧性提升,数字金融作用效应逐步降低;中介机制检验发现,创新要素配置是数字金融影响产业链韧性的重要渠道;调节作用检验发现,市场分割对数字金融与产业链韧性的关系具有负向调节效应,金融监管对数字金融与产业链韧性的关系发挥U型调节效应。我国应积极加大数字化投入,围绕产业链、创新链等部署资金链,建立和完善金融资产信息库,推动金融业务数字化进程;加快落实、推进全国统一大市场建设进程,破除地区间市场壁垒,消除地方保护主义;加快数字金融监管体系变革,逐步优化金融监管交叉性强、重复率高的环节,提升数字金融监管质量和监管效率;完善创新要素配置,提高产业技术创新能力,为产业链韧性提升夯实创新基础。

With the rapid development of digital technology,digital finance has become the key internal driving force to promote the resilience of the industrial chain in the new era. Based on the provincial panel data from 2012 to 2020,the fixed effect model,intermediary effect model,regulatory effect model,and threshold effect model are used to examine the impact of digital finance on the resilience of the industrial chain. The research shows that:digital finance plays a significant role in promoting the resilience of the industrial chain,which is still true after a series of robustness tests;the impact of digital finance on industrial chain resilience is significantly different at different quantiles,and with the improvement of industrial chain resilience,the effect of digital finance is gradually reduced;the intermediary mechanism test finds that the allocation of innovation elements is an important channel for digital finance to affect the resilience of the industrial chain;and the regulatory effect test finds that the degree of market segmentation has a negative regulatory effect on the relationship between digital finance and industrial chain resilience,and the strength of financial supervision has a "U" shaped regulatory effect on the relationship between digital finance and industrial chain resilience. China should,first,actively increase digital investment,deploy the capital chain around the industrial chain and innovation chain,establish and improve the financial asset information database,and promote the digitalization process of financial business;second,China should accelerate the implementation and promotion of the construction of a unified national market,break through market barriers between regions,and eliminate local protectionism;third,China should accelerate the reform of the digital financial supervision system,gradually optimize the highly overlapping and repetitive links of financial supervision,and improve the quality and efficiency of digital financial supervision;and fourth,China should improve the allocation of innovation elements,enhance the ability of industrial technological innovation,and lay a solid foundation for innovation to improve the resilience of the industrial chain.