数字金融创新、双循环联动与新质生产力

Digital Financial Innovation,Double Circular Linkage and New Quality Productive Forces

选取2011—2022年我国268个地级及以上城市面板数据,实证分析数字金融创新对新质生产力的影响机制与作用关系。基准回归结果显示,数字金融创新对新质生产力存在显著的积极影响。异质性检验结果表明,数字金融创新对新质生产力的助推作用存在城市地理位置异质性,这一影响效应在沿海城市表现得更为突出。机制效应检验结果显示,双循环联动是数字金融创新推动新质生产力发展的关键传导机制。据此,提出有效提升数字金融创新水平、全面发挥双循环联动效应、制定差异化数字金融创新策略的具体措施,为我国培育新质生产力提供理论借鉴及政策指引。

This study empirically examines the impact mechanism and relationship between digital financial innovation and new qu-ality productivity based on panel data from 268 prefecture-level and above cities in China from 2011 to 2022.The benchmark regression results show that digital financial innovation has a significant positive impact on new quality productivity.The heterogeneity test results show that the propulsive effect of digital financial innovation on new quality productivity exists in urban location heterogeneity,and this impact effect is more prominent in coastal cities.The mechanism effect test results show that the dual-circulation linkage is the key tran-smission mechanism for digital financial innovation to promote new quality productivity.Accordingly,this study proposes specific measu-res to effectively enhance digital financial innovation levels,fully leverage the dual-circulation linkage effect,and formulate differentiated digital financial innovation strategies,providing theoretical reference and policy guidance for China to cultivate new quality productivity.