新型农村金融机构设立能够促进县域经济增长吗

Does the Establishment of New-type Rural Financial Institutions Promote Counties'Economic Growth?

随着县域金融改革的不断深化,以传统银行为主导的县域金融机构体系已发生深刻变化,新型农村金融机构在促进县域经济增长方面正发挥着越来越大的作用。本文使用通过文本挖掘方法整理得到的2000-2019年中国县级行政单位内村镇银行、小额贷款公司和农村资金互助社3类新型农村金融机构设立情况数据,采用双重差分法分析新型农村金融机构设立对县域经济增长的影响。结果表明:新型农村金融机构设立对县域经济增长具有显著的促进作用,且在中西部地区和交通设施较为完善的地区,新型农村金融机构设立对县域经济增长的促进作用更强。机制分析表明,新型农村金融机构设立能够通过资金渠道与产业渠道影响县域经济增长,即通过促进县域资金回流和工业发展推动经济增长。进一步分析发现,新型农村金融机构设立存在溢出效应与协同效应。一方面,新型农村金融机构设立能够显著促进接壤县的经济增长;另一方面,新型农村金融机构设立与数字金融发展能够协同促进县域经济增长。本文为准确把握新型农村金融机构设立的经济效应,并据此在新发展阶段推动县域金融发展和乡村振兴战略实施提供了新的理论基础与经验证据。

With the deepening of financial reform in counties, the financial system dominated by traditional financial institutions has experienced a profound change as new-type rural financial institutions play an increasingly important role in promoting counties' economic growth. In this context, this paper adopts the Difference-in-differences(DID) method to analyze the influence of new-type rural financial institutions on economic growth, based on a county-level dataset of three new types of rural financial institutions including rural banks, microfinance companies, and rural mutual cooperatives in China from 2006 to 2019 collected by text-mining techniques. The results show that new-type rural financial institutions have a positive impact on counties' economic growth, and this effect is stronger in the central and western regions as well as the areas with relatively well-developed transportation systems. A following mechanism analysis shows that the establishment of the new-type rural financial institutions can stimulate the economic growth through the capital channel(i.e. the return of county funds) and the industrial channel(i.e. the development of manufacturing industries). Further analysis shows that the establishment of new-type rural financial institutions generates spatial spillover effect and synergy effect. On the one hand, the establishment of new-type rural financial institutions significantly accelerates the economic growth of neighboring counties. On the other hand, the effect of establishing new-type rural financial institutions is stronger in areas with higher levels of digital financial inclusion. This paper proposes a theoretical framework and empirical evidence of the economic effect of new-type rural financial institutions, providing policy implications for the financial development in counties and the rural revitalization in the new development stage.