数字金融与创业高质量发展:来自中国的证据

Digital Finance and High-quality Entrepreneurship:Evidence from

推动创业高质量发展是我国经济高质量发展的重要动力。本文将中国数字普惠金融指数与中国家庭追踪调查数据(CFPS)相结合,在对创业高质量发展进行理论界定的基础上,从支付业务和信贷业务两方面出发,全面分析了数字金融对创业高质量发展的影响及作用机制。研究发现,数字金融促进了个体创业,也推动了创业的高质量发展,该结论在考虑了内生性问题后依旧稳健。从机制上看,一方面,支付业务的发展通过促进消费数字化,扩大了企业的潜在市场规模;另一方面,信贷业务的发展通过补充和支持传统金融业务,缓解了传统信贷约束,扩大了企业的生产规模。这两方面的业务发展,增加了企业对高技能人才的需求,促进了技术进步,最终有助于创业的高质量发展。最后,本文还从政府的支持性政策方面探讨了保障数字金融推动创业高质量发展的外部条件。根据本文的研究,引导数字金融健康有序发展,充分发挥支付业务和信贷业务的作用,是贯彻党的二十大精神,促进数字经济和实体经济深度融合,推动创业高质量发展,实现中国式现代化的重要途径。

Promoting high-quality entrepreneurship is important to Chinese-style modernization.Finance is the blood of the real economy.Therefore,giving full play to the role of digital technology in financial services and accelerating the development of digital finance will help to improve the quality of entrepreneurship.Unfortunately,the literature lacks studies on the relationship between digital finance and high-quality entrepreneurship.This paper is committed to studying how digital finance affects high-quality entrepreneurship,which is important for promoting the deep integration of the digital economy and the real economy,high-quality entrepreneurship,and Chinese-style modernization.This paper theoretically and empirically analyzes how digital finance influences entrepreneurship,especially high-quality entrepreneurship,and further explores the external conditions necessary to guarantee that digital finance will promote high-quality entrepreneurship.First,from the theoretical perspective,this paper analyzes the impact of digital finance on entrepreneurship,especially high-quality entrepreneurship,and puts forward the research hypotheses about the mechanism through which digital finance affects high-quality entrepreneurship.Then,from the empirical perspective,this paper combines the index of digital financial inclusion with the China Family Panel Studies(CFPS)and analyzes the impact of digital finance on entrepreneurship,especially high-quality entrepreneurship,based on the definition of high-quality entrepreneurship.To strengthen the robustness of the conclusion,this paper also uses the instrumental variable method to carry out endogenous analysis.Further,based on the connotation of the payment business and credit business,this paper comprehensively analyzes the mechanism through which digital finance promotes high-quality entrepreneurship using the subsample regression method or interaction model.Finally,this paper discusses the external conditions for high-quality entrepreneurship from the perspective of government support policies.This paper finds that digital finance not only promotes entrepreneurship but also contributes to high-quality entrepreneurship in China.As for the mechanism through which digital finance promotes high-quality entrepreneurship,the direct factor through which the payment business promotes high-quality entrepreneurship is the digitalization of consumption.The direct factor through which the credit business promotes high-quality entrepreneurship is supplementing and supporting traditional financing and thus easing the constraints of traditional credit.In addition,for entrepreneurial enterprises,the development of the payment business and credit business has increased the demand for highly skilled talent,promoted technological progress,and realized the effective integration of capital,talent,and technology,thus promoting high-quality entrepreneurship.Therefore,the increasing demand for highly skilled talent and technological progress is the deep factor through which digital finance promotes high-quality entrepreneurship.This paper has important policy implications.First,we should continue to promote the development of digital finance to drive high-quality entrepreneurship.Second,to promote the digitalization of consumption and ease the constraints of traditional credit,it is necessary to optimize the network and power infrastructure,support the development of direct finance,and reduce enterprises'tax burden.Finally,to increase the demand for highly skilled talent and promote technological progress,we need to increase investment in science and education.These external conditions not only help to promote high-quality entrepreneurship but also contribute to high-quality economic development and the realization of Chinese-style modernization.The innovations of this paper are as follows.First,as for the theoretical contribution,this paper defines high-quality entrepreneurship from the perspectives of business effect,entrepreneurship sustainability,entrepreneurs'ability,and the innovation level of the industries,which lays a theoretical foundation for the study of the role of digital finance in promoting high-quality entrepreneurship.Second,as for the empirical contribution,by considering the endogenous problems in detail,this paper deeply studies how digital finance affects high-quality entrepreneurship from the perspectives of the payment business and credit business,and analyzes why digital finance promotes high-quality entrepreneurship by analyzing the relationships between capital,technology,and talent.Finally,as for the policy implications,this paper not only discusses how digital finance promotes high-quality entrepreneurship,but also studies the external conditions needed for this,which makes the findings more meaningful for policymakers.