“新基建”背景下数字金融的区域创新效应  

The Regional Innovation Effect of Digital Finance

作　　者：杜传忠 张远 Du Chuanzhong;Zhang Yuan

机构地区：[1]南开大学经济与社会发展研究院产业经济研究所 [2]南开大学经济学院

出　　处：《财经科学》2020年第5期30-42,共13页Finance & Economics

基　　金：国家社会科学基金重点项目“工业化后期与新产业革命交汇下的我国制造业与服务业融合发展研究”(19AJY012);国家社会科学基金重点项目“中国制造业关键技术缺失、成因及创新突破路径研究”(19AZD015)的部分成果。

摘　　要：本文在"新基建"部署进行的背景下,基于直接和间接的双重维度,尝试厘清数字金融影响区域创新的作用机制,并结合2011-2016年中国267个城市数字金融指数和城市创新力数据对提出的理论假说进行实证检验。研究发现:数字金融发展具有显著的创新效应,能够成为提高区域创新水平的新动能,在考虑了内生性和稳健性问题后该结论依然成立;异质性分析表明,在商事制度改革前、高人力资本水平城市和二、三线城市,数字金融的创新效应更加显著;机制分析表明,数字金融不仅可以直接促进区域创新水平,还能够通过供给侧和需求侧两个渠道影响区域创新:一是改善银行信贷的创新效应,二是提高居民消费水平。Based on the dual dimensions of innovation supply and innovation demand, this paper clarifies the mechanism of digital finance influencing regional innovation, and empirically tests the theoretical hypothesis with the data of 267 cities’ digital finance index and urban innovation power from 2011 to 2016. It is found that the development of digital finance has a significant innovation effect and can become a new driving force to improve the level of regional innovation.The conclusion is still valid after considering the endogenous and robustness issues. The heterogeneity analysis shows that the reform of commercial system, the level of human capital and the level of city will have different degrees of impact on the innovation effect of digital finance. The mechanism analysis shows that the digital finance can not only directly promote the level of regional innovation, but also influence regional innovation through two channels: one is to improve the innovation effect of bank credit, the other is to improve the level of residents’ consumption. The conclusion of this paper provides enlightenment for the country how to use digital finance to improve the level of innovation.

关 键 词：数字金融 银行信贷 消费需求 区域创新 

分 类 号：F832[经济管理—金融学]