数字普惠金融、营商环境与企业家精神——来自中国281个城市的经验证据

Digital Inclusive Finance,Business Environment and Entrepreneurship:Empirical Evidence from 281 Cities in China

企业家精神是经济增长的重要源泉。立足于数字普惠金融蓬勃发展的背景,本文借助我国城市面板数据考察数字普惠金融对企业家精神的影响。研究发现:数字普惠金融发展有助于激发企业家精神,并且经缓解内生性问题以及一系列稳健性检验后该结论仍然成立;门槛回归结果显示,营商环境的改善正向调节数字普惠金融对企业家精神的影响。进一步研究发现,数字普惠金融对企业家精神具有边际效应递增的非线性影响,数字普惠金融的积极效果在不同区域间、《推进普惠金融发展规划(2016—2020年)》发布前后存在显著差异。基于以上研究结论,本文提出完善数字普惠金融基础设施、打好发展数字普惠金融与改善营商环境“组合拳”、实施数字普惠金融区域协调发展战略等政策建议。

Entrepreneurship is an important source of economic growth.Based on the background of the vigorous development of digital inclusive finance,this paper uses china's urban panel data to investigate the impact of digital inclusive finance on entrepreneurship.The study found that the development of digital financial inclusion helps inspire entrepreneurship,and this conclusion remains true after alleviating endogenous problems and a series of robustness tests;The threshold regression shows that digital inclusive finance has a non-linear impact of increasing marginal effect on stimulating entrepreneurship,and this impact is regulated by the business environment.Further research found that the positive effects of digital financial inclusion differ significantly between different regions and before and after the release of the Financial Inclusion Development Plan(2016-2020).Based on the above research conclusions,this paper puts forward policy suggestions such as improving the infrastructure of digital inclusive finance,playing a good role in the development of digital inclusive finance and improving the business environment"Metcalfe's Law",and implementing the coordinated development strategy of digital inclusive the business environment"Metcalfe's Law",and implementing the coordinated development strategy of digital inclusive finance.