数字普惠金融对城市全要素生产率影响的实证研究——基于企业家精神视角

An Empirical Study on the Effect of Digital Financial Inclusion on Urban Total Factor Productivity—Based on the Entrepreneurship Perspective

本文通过获取2011~2020年中国285个城市的面板数据,运用多变量回归分析和结构方程模型,考察数字普惠金融对全要素生产率的影响。不同于以往文献通常仅关注单一影响因素的分析,本研究首次引入企业家精神作为中介变量,并考虑地区发展水平的异质性。此外,本研究创新性地引入互联网普及率作为工具变量来解决潜在的内生性问题,确保了估计结果的准确性和可靠性。研究表明:(1) 数字普惠金融的发展显著促进了全要素生产率的提升,但这种提升效果随发展程度的不同而有所差异;(2) 内在机制检验显示,企业家创新和创业精神在数字普惠金融推动全要素生产率增长的过程中发挥了部分中介效应;(3) 异质性分析结果显示,我国东、中、西、东北部四个地区的数字普惠金融对经济增长的推动力以及企业家精神承担的中介作用强度存在明显差异,其中东部地区最为显著,而东北部最弱。这一研究揭示了数字普惠金融影响全要素生产率的内在机制,并强调了企业家精神在此过程中的关键作用,对于推动我国经济高质量发展和实现中国式现代化具有启示意义。By obtaining the panel data of 285 cities in China from 2011 to 2020, using a multivariate regression analysis and a structural equation model, this paper investigates the impact of digital financial inclusion on total factor productivity. Unlike previous literature which usually focuses on the analysis of a single influencing factor, this study is the first to introduce entrepreneurship as a mediating variable, and considers the heterogeneity of regional development levels. Furthermore, this study innovatively introduced the Internet penetration rate as an instrumental variable to address the potential endogeneity issues, ensuring the accuracy and reliability of the estimated results. The study has shown: (1) the development of digital financial inclusion has significantly promoted the improvement of total factor productivity, but the effect of this improvement varies with the degree of development;(2) The intrinsic mechanism test shows that, entrepreneurs’ innovation and entrepreneurship have played a partial intermediary effect in the process of promoting total factor productivity growth of digital financial inclusion;(3) The results of the heterogeneity analysis show that, there are obvious differences in the driving force of digital financial inclusion on economic growth and the intermediary role strength of entrepreneurship in the eastern, central, western and northeastern regions of China, among which the eastern region is the most significant, while the northeast is the weakest. This research reveals the internal mechanism of digital financial inclusion affecting total factor productivity, and emphasizes the key role of entrepreneurship in this process, which has enlightenment significance for promoting the high-quality development of China’s economy and the realization of Chinese-style modernization.