摘要
数字普惠金融是数字经济时代金融领域的一项重大变革,其自身的绿色属性和环境正外部性对加快构建绿色经济发展体系意义重大。本文从数字普惠金融的运行机制出发,选取2011—2019年我国288个城市的面板数据,检验了数字普惠金融对城市绿色全要素生产率的综合影响,以及资源错配的中介作用和宏观经济要素的调节作用。结果表明:数字普惠金融发展促进了绿色全要素生产率提升,且此提升作用在东部地区和重点城市更为明显;数字普惠金融可以缓解资本错配和劳动错配,通过间接作用提升绿色全要素生产率。就宏观经济要素而言,政府管理能力和城市创新环境在数字普惠金融对绿色全要素生产率增长的影响中起到了强化作用,而传统金融的深化程度则对这一影响具有弱化作用。综上,应适度超前推进数字基础设施建设并稳步进行要素市场化改革;同时,政府也要对数字普惠金融发展进行适当监管和引导,通过优化创新生态环境等措施强化其对绿色发展的促进作用。
The emergence of Digital Inclusive Finance is a major change in the financial field in the era of digital economy.Its own green attribute and positive environmental externality are of great significance to speed up the construction of green economic development system.Starting from the operation mechanism of Digital Inclusive Finance,this paper selects the panel data of 288 cities in China from 2011 to 2019 to test the comprehensive impact of Digital Inclusive Finance on urban green total factor productivity,as well as the intermediary effect of resource mismatch mitigation and the regulation effect of macroeconomic factors.The results show that the development of Digital Inclusive Finance promotes the improvement of green total factor productivity,and this improvement effect is more obvious in eastern region and key cities.Digital Inclusive Finance can alleviate capital mismatch and labor mismatch and improve green total factor productivity through indirect effects.Among macroeconomic factors,government management capability and urban innovation environment play a strengthening role in the impact of Digital Inclusive Finance on green total factor productivity growth,while the depth of traditional financial market plays a weakening role.To sum up,we should appropriately promote the construction of digital infrastructure and the marketization of factors.At the same time,the government should also properly supervise and guide its development and strengthen the role of Digital Inclusive Finance in promoting green development by optimizing the innovation ecological environment.
出处
《金融监管研究》
CSSCI
北大核心
2022年第3期54-70,共17页
Financial Regulation Research
基金
国家社科基金青年项目“数字经济驱动制造业高质量发展的内在机理及实现路径研究”(20CJY026)
河南省社会科学规划项目“‘科技与金融结合’试点政策的创新绩效评估及其对河南省的启示研究”(2019BJJ063)的资助
关键词
数字普惠金融
绿色全要素生产率
资源错配
宏观经济要素
Digital Inclusive Finance
Green Total Factor Productivity
Resource Mismatch
Macroeconomic Factors
