鱼与熊掌能否兼得:数字普惠金融的商业性与公益性及作用机制

Can we have both fish and bear’s paw:The commercial and public welfare nature of digital inclusive finance and its mechanism of action

数字普惠金融的商业性目标关注金融机构的盈利和可持续发展,公益性目标则致力于解决贫困、减少不平等、提高社会福利等问题。基于我国2011—2022年的省级面板数据,测算泰尔指数,使用固定效应回归、中介效应检验、门槛效应及一系列稳健性检验探索数字普惠金融能否实现鱼与熊掌兼得,用工具变量控制内生性问题,探索其双重目标下的影响及作用机制。结果表明数字普惠金融在西部地区可以实现双重目标的兼得,公益性目标在实现过程中存在单门槛效应,减贫动力断崖式放缓。

The commercial objectives of digital inclusive finance focus on the profitability and sustainable development of financial institutions,while the public welfare objectives are dedicated to addressing poverty,reducing inequality,and enhancing social welfare.Based on the provincial panel data from China for 2011-2022,this study calculates the Theil index,employs fixed effects regression,mediation effect tests,threshold effect analysis,and a series of robustness checks to explore whether digital inclusive finance can achieve both fish and bear’s paw,using instrumental variables to control for endogeneity issues.It investigates the impact and mechanisms under its dual objectives.The results indicate that in the western region,digital inclusive finance can indeed achieve both objectives simultaneously.A single threshold effect exists in the realization process of the public welfare objective,with a cliff-like slowdown in poverty reduction momentum.Thus,the commercial objectives can aid in the achievement of public welfare goals.With a heart for public good,we can compose a new chapter in finance and build a sustainable,diverse financial market system.By following the Chinese path to modernization with Chinese characteristics in finance,we can realize rural revitalization and common prosperity.