数字金融何以释放产业结构红利:理论机制与实证检验

How Digital Finance can Releases the Dividends of Industrial Structure:Theoretical Mechanism and Empirical Test

文章基于2011—2020年中国省级层面和企业层面的面板数据,多维考察了数字金融的发展对产业结构的赋能效果和影响机制,并进一步探究了数字金融和绿色金融在释放产业结构红利方面的协同效应。结果显示:数字金融的发展通过推动产业结构高级化和合理化从而释放产业结构红利,在考虑内生性偏误并经过稳健性检验后,该结论仍然成立。机制分析结果表明,数字金融能够从供需两端发力,在需求端拉动居民消费,在供给端缓解融资约束进而推动企业创新,最终打通内循环堵点,促进产业结构优化升级。进一步地,从联动共生性和耦合协调性两个角度探究数字金融与绿色金融的协同关系,发现二者协同发展更有利于产业结构红利的释放。

Based on the panel data of China's provincial level and enterprise level from 2011 to 2020,this paper investigates the empowering effect and influencing mechanism of the development of digital finance on industrial structure in multiple dimen-sions,and further explores the synergistic effect of digital finance and green finance in releasing industrial structure dividends.The results show that the development of digital finance releases the dividends of industrial structure by promoting the upgrading and rationalization of industrial structure,and that after considering the endogenous bias and passing the robustness test,the con-clusion is still valid.Mechanism analysis shows that digital finance can exert force from both ends of supply and demand,stimulate residential consumption on the demand side,alleviate financing constraints on the supply side,and can also promote enterprise in-novation,and finally open up the internal circulation blockage,and promote the optimization and upgrading of industrial structure.Furthermore,the paper explores the synergistic relationship between digital finance and green finance from the perspectives of linkage symbiosis and coupling coordination,finding that the synergistic development of the two is more conducive to the release of industrial structure dividends.