数字普惠金融的民生福祉效应:“红利”与“鸿沟”

The Well-being Effect of Digital Inclusive Finance“:Dividend”and“Gap”

数字普惠金融比传统金融具有更好的地理穿透性,为增进民生福祉,破解“胡焕庸线魔咒”提供了可能,但较少有文献对此进行系统研究。论文基于中国民生发展指数和数字普惠金融指数,利用空间统计与计量方法,从市级层面系统考察了数字普惠金融的民生福祉效应,并分析了以胡焕庸线为界的区域异质性特征。研究发现:数字普惠金融指数和民生福祉指数具有明显的空间分布异质性特点,呈现“高值向东南集聚、低值向西北集聚”的趋势。数字普惠金融与民生福祉皆存在显著的空间关联性,空间集聚特征明显且呈两极分化格局,胡焕庸线仍是两者的重要空间分界线;高-高集聚主要分布在胡焕庸线东南侧的沿海城市,低-低集聚主要分布在靠近胡焕庸线两侧的城市。数字普惠金融显著增进了民生福祉,发挥出“数字红利”的普惠作用;该作用在胡焕庸线东南侧城市显著高于西北侧城市,但两侧差距在缩小,这说明区域“鸿沟”在缩小,“胡焕庸线魔咒”有望破解。此外,研究还显示数字普惠金融的覆盖广度和使用深度是增进民生福祉的主要驱动力,而且后者的作用大于前者。因此,要加快西部地区数字基础设施与相关技术发展,提升胡焕庸线西北侧城市数字普惠金融的覆盖广度与使用深度,以增进区域民生福祉均衡性和可及性。

Digital inclusive finance has better geographical penetration than traditional finance,which makes it possi⁃ble to improve the nation-wide well-being and break the“curse of Hu Huanyong Line”,while there is no literature dis⁃cussing it.This paper uses spatial statistics and econometric methods to empirically study the impact of digital inclusive finance on the level of well-being development,and analyzes the regional heterogeneity characteristics bounded by the Hu Huanyong line.The result shows that there was significant spatial correlation for both digital financial inclusion in⁃dex and livelihood well-being index.The two indexes had clear spatial agglomeration characteristics and presented a polarized pattern,with the Hu Huanyong Line remaining the spatial dividing line;the high-high agglomeration was mainly distributed in the coastal cities,which also locate on the southeastern side of the Hu Huanyong Line,and lowlow agglomeration was mainly distributed in the cities near Hu Huanyong Line.Digital inclusive finance has significant⁃ly improved people’s well-being,and its“digital dividend”effect was significantly higher in the cities on the south⁃eastern side of Hu Huanyong Line than that in the cities on the northwestern side,but the gap between the two sides was narrowing.This indicates that the regional“divide”is shrinking,and the“Hu Huanyong Line Curse”is expected to be cracked.The coverage breadth and use depth of digital inclusive finance were the main driving forces for improv⁃ing people’s well-being,and the latter played a greater role than the former.Therefore,it is necessary to promote the development of digital infrastructure and related technologies on the northwestern side of the Hu Huanyong Line,and enhance the coverage breadth and use depth of digital inclusive finance in these cities,so as to promote the balance and accessibility of regional people’s well-being.