数字金融发展提升“两山”转化水平了吗?——来自西部民族地区的经验证据

Has the Development of Digital Finance Improved the“Two Mountains”Transformation Level?Empirical Evidence From the Western Ethnic Regions

在数字经济的大背景下,利用数字金融打破“资源诅咒”效应,提升西部民族地区“两山”转化水平,将“生态高地”转变为“经济高地”,对于实现全体人民共同富裕至关重要。本文利用2011—2020年我国西部民族地区省际面板数据,实证考察了数字金融发展对“两山”转化水平的影响和作用机制。基准回归结果表明,数字金融发展显著提升了我国西部民族地区“两山”转化水平。从分项指标来看,数字金融发展对“金山银山”的提升作用显著大于其对“绿水青山”的影响。异质性分析结果表明,在市场一体化程度更深、人力资本水平更高和资源禀赋更好的地区,数字金融发展对“两山”转化水平的提升作用更明显。机制分析结果表明,数字金融发展可以通过提高技术创新能力和促进产业结构优化升级提升“两山”转化水平。本文的研究为进一步提升我国西部民族地区“两山”转化水平,实现全体人民共同富裕提供了决策参考。

It is necessary to consolidate the ecological basement of“lucid waters and lush mountains”and enhance the value creation of“invaluable assets”.In western ethnic regions,the key ecological functional areas in China,the transformation process of“lucid waters and lush mountains”into“invaluable assets”has been hindered.In the current digital economy environment,using digital finance to break the“resource curse”effect,stimulate the“resource gospel”effect,and improve the“Two Mountains”transformation level in the western ethnic regions of China is very important to realize the modernization of harmonious coexistence between human beings and nature.However,existing literature on the influencing factors of improving the“Two Mountains”transformation level is fragmented,especially that on the impact mechanism of digital finance on the“Two Mountains”transformation level.This paper takes the western ethnic regions as the research object.We find that the development of digital finance has significantly improved the“Two Mountains”transformation level in the western ethnic regions of China,and digital finance has a significantly stronger role in promoting the“invaluable assets”than its impact on the“lucid waters and lush mountains”.The regression results are robust after using the instrumental variable method to solve endogeneity and adopting a series of robustness tests such as changing the measurement method of explanatory variables,omitted variables analysis,and dynamic effect analysis.Furthermore,the results of heterogeneity analysis show that when the degree of market integration,the level of human capital and the level of resource endowment are higher,digital finance has a more obvious effect on the improvement of the“Two Mountains”transformation level.This paper contributes to existing literature in two aspects.First,this paper extends the research scope of the influencing factors of the“Two Mountains”transformation level from a new perspective of digital finance.Second,different from existing research focusing on the theoretical analysis of the influencing factors of the“Two Mountains”transformation level,this paper measures the“Two Mountains”transformation level in the western ethnic regions of China,and empirically tests the effect and mechanism of the development of digital finance on the“Two Mountains”transformation level.By quantifying the“Two Mountains”transformation level and combining theory and empirical evidence,this paper provides a new path for improving the“Two Mountains”transformation level in the western ethnic regions of China,and a scientific basis for promoting the high⁃quality development of digital finance and the common prosperity for all people.