数字金融、要素配置效率与共同富裕——基于中介效应、门槛效应和空间溢出效应模型的实证检验

Digital Finance,Factor Allocation Efficiency,and Common Prosperity--Empirical Testing Based on Mediation Effect,Threshold Effect,and Spatial Spillover Effect Models

共同富裕作为中国式现代化的本质要求,数字金融以数字化技术与创新的金融服务,逐步成为推动共同富裕目标达成的重要动力。文章基于要素配置效率的视角,以我国地级市2011-2022年的数据为样本,运用中介效应、门槛效应和空间溢出效应模型实证检验了数字金融对共同富裕的影响。研究发现:数字金融的发展对共同富裕具有显著的直接促进作用,并且要素配置效率在该过程中存在中介效应,具体表现为数字金融可以通过提高资本和劳动要素配置效率的途径来促进共同富裕的发展。同时,在数字基础设施水平这一门槛变量的作用下,数字金融对共同富裕的影响具有门槛效应和边际效用递增的非线性特征。进一步研究表明:数字金融可以通过辐射效应和学习效应促进邻近城市共同富裕水平的提升,存在显著的空间溢出效应。

As the essential requirement of Chinese path to modernization,digital finance,with digital technology and innovative financial services,has gradually become an important driving force for achieving the goal of common prosperity.The article is based on the perspective of factor allocation efficiency,using data from prefecture level cities in China from 2011 to 2022 as samples,and empirically testing the impact of digital finance on common prosperity using mediation effect,threshold effect,and spatial spillover effect models.Research has found that the development of digital finance has a significant direct promoting effect on common prosperity,and there is a mediating effect of factor allocation efficiency in this process.Specifically,digital finance can promote the development of common prosperity by improving the efficiency of capital and labor factor allocation.Meanwhile,under the threshold variable of digital infrastructure level,the impact of digital finance on common prosperity exhibits non-linear characteristics of threshold effect and increasing marginal utility.Further research shows that digital finance can promote the improvement of common prosperity levels in neighboring cities through radiation and learning effects,with significant spatial spillover effects.