数字金融对居民收入分配的影响及传导机制研究——来自我国287个地级市的证据

The Impact and Transmission Mechanism of Digital Finance on Resident Income Distribution:Evidence from 287 Municipal Level Cities in China

本文使用我国2013—2020年287个地级市的面板数据,实证检验了数字金融对居民收入分配的优化效应。研究发现,数字金融能够优化居民的收入分配状况,该结果经一系列稳健性检验后依然成立;机制分析表明,数字金融通过缓解融资约束、吸引外资流入和改善就业结构来优化居民收入分配。异质性分析表明,新质生产力、市场化水平和居民受教育程度会影响数字金融对居民收入分配的优化效应,具体表现为,新质生产力发展水平越高的地区,数字金融对居民收入分配的优化作用更强;市场化水平越高,数字金融对居民收入分配的优化效应越强;而居民受教育程度差距越大,数字鸿沟越大,越会抑制居民收入分配的改善。本文结论表明数字金融有望成为优化居民收入分配的重要工具,但数字金融是一把“双刃剑”,未来应加强对数字金融的监管与规范,缩小居民间的数字鸿沟,加快完善数字基础设施。

This paper utilizes panel data from 287 municipal level cities in China from 2013 to 2020 to empirically examine the effect of digital finance on optimizing resident income distribution.The study finds that digital finance can enhance the income distribution among residents,and this result remains robust after a series of tests.Mechanism analysis indicates that digital finance optimizes income distribution by alleviating financing constraints,attracting foreign capital inflows,and improving employment structures.Heterogeneity analysis reveals that the impact of digital finance on income distribution varies with the level of new quality productivity,marketization,and residents'education levels.Specifically,regions with higher levels of new quality productivity and marketization see stronger positive effects of digital finance on income distribution.Conversely,greater disparities in residents'education levels and a wider digital divide inhibit improvements in income distribution.The conclusions of this paper suggest that digital finance has the potential to be a significant tool for optimizing income distribution among residents.However,digital finance is a"double-edged sword".In the future,efforts should be made to strengthen the regulation and standardization of digital finance,reduce the digital divide among residents,and accelerate the improvement of digital infrastructure.