信贷寻租、数字金融与区域创新

Credit Rent-Seeking,Digital Finance and Regional Innovation

本文以内生增长理论和代理理论为基础,构建了一个动态一般均衡模型,旨在深入探讨信贷寻租对区域创新的影响,并考察数字金融对信贷寻租创新效应的调节作用。利用世界银行对企业寻租行为的调查报告构建数据集进行实证检验,并借助工具变量法和指标替代法进行了稳健性检验。研究发现:(1)在市场机制不完善的环境下,信贷寻租作为一种非正规经营活动,对区域创新产生了扭曲的积极影响,但这种影响伴随着高风险和不公平。(2)数字金融在信贷寻租与区域创新的关系中发挥了重要的调节作用。随着数字金融的发展,信贷寻租对区域创新的扭曲激励会减弱,这意味着数字金融有助于转变信贷寻租所导致的区域创新扭曲增长模式。(3)数字金融的调节作用具有地区差异。在服务业较为发达的城市或非中心城市中,数字金融的调节作用更为显著。基于这些发现,本文建议构建有效支持实体经济创新的普惠性金融体系,促进数字金融高质量发展,以消解信贷寻租引发的市场扭曲现象,引导更多金融资源配置到区域创新活动。

Based on endogenous growth theory and agency theory,a dynamic general equilibrium model is constructed to deeply explore the impact of credit rent-seeking on regional innovation and test the moder ating effect test of digital finance on the effect of credit rent-seeking innovation..The World Bank rent-seeking survey report is used to construct a data set for empirical testing,and the instrumental variable method and indicator substitution method are used for robustness testing.The study found that:(1)In an environment with imperfect market mechanisms,credit rent-seeking,as an informal business activity,has a distorted positive impact on regional innovation,but this impact is accompanied by high risks and unfairness.(2)Digital finance plays an important regulating role in the relationship between credit rent-seeking and regional innovation.With the development of digital finance,the distorted incentives for regional innovation caused by credit rent-seeking will weaken,which means that digital finance can help transform the distorted growth model of regional innovation caused by credit rentseeking.(3)There are regional differences in the effects of digital financial supervision.In cities with more developed service industries or non-central cities,the regulatory role of digital finance is more significant.Based on this,this article recommends building an inclusive financial system that effectively supports innovation in the real economy,promotes high-quality development of digital finance,eliminates market distortions caused by credit rent-seeking,and guides the allocation of more financial resources to the real economy.real economy.Regional innovation activities.