数字经济、金融发展与经济韧性

Digital Economy,Financial Development and Economic Resilience

基于2011—2019年中国211个地级及以上城市面板数据,测度演化论视角下经济韧性及数字经济发展水平,运用固定效应模型、中介效应模型、面板门槛模型和空间杜宾模型研究数字经济对经济韧性的影响及金融发展在其中的中介效应。研究发现:数字经济的发展能够显著促进经济韧性;作用机制上,数字经济通过扩大金融规模、提升金融效率进而强化经济韧性;异质性分析发现数字经济对经济韧性的影响在经济水平较高地区、城市群中更强。进一步研究发现,数字经济对经济韧性的影响具有空间溢出效应;金融发展应当围绕实体经济才能够有效提升区域经济韧性。

Based on the panel data of 211 prefecture-level cities or above in China from 2011 to 2019,this paper measures economic resilience and digital economy level from the perspective of evolution.Fixed effect model,mediation effect model,panel threshold model and spatial model are used to study the effect of digital economy on economic resilience and the mediating effect of financial development.The study finds out that the development of digital economy can significantly promote economic resilience.In terms of mechanism,the digital economy strengthens economic resilience by expanding financial scale and improving financial efficiency.The heterogeneity analysis has found that the impact of digital economy on economic resilience is stronger in regions with higher levels of financial development,regions with higher economic levels,and cities in urban agglomerations.Further research finds that the impact of digital economy on economic resilience has spatial spillover effects.Financial development should focus on the real economy in order to enhance regional economic resilience effectively.