数字金融与金融运营效率--基于动态DEA与PVAR模型的因果关系研究

Digital Finance and Financial Operation Efficiency--Research on Causality Based on Dynamic DEA and PVAR

本文基于中国31个省(直辖市、自治区)2014-2019年平衡面板数据考察数字金融与金融运营效率的动态关系。研究表明,数字金融与金融运营效率的因果关系主要体现在银行业,数字金融对银行运营效率具有逐渐增强的促进作用,较低的银行运营效率对数字金融发展的驱动力逐渐提升,数字金融和银行运营效率均存在自我增强机制。数字金融与银行运营效率的双向影响在金融集聚度高的区域与银行主导区域显著存在。数字货币基金对金融全行业运营效率具有逐渐趋弱的负向影响,在西部地区和金融集聚度低的区域尤为明显。

This paper examines the dynamic relationship between digital finance and financial operation efficiency based on the balanced panel data of 31 provinces(municipalities,autonomous regions)in China during 2014-2019.The research shows that the causal relationship between digital finance and financial operation efficiency is mainly reflected in the bank-ing industry;the digital finance has a gradually enhanced role in promoting bank operation efficiency;the driving force of lower bank operation efficiency on the development of digital finance increases gradually.There is a self strengthening mechanism in both digital finance and bank operation efficiency;the two-way influence of digital finance and bank opera-tion efficiency is significant in the regions with high financial concentration and the regions dominated by banks;digital monetary funds have a gradually-weakening and negative impact on the operation efficiency of the whole financial indus-try,especially in the western regions and regions with low financial concentration.