数字金融对我国居民部门杠杆的影响研究——基于空间面板数据模型  

The Impact of Digital Finance on Household Leverage of China:Based on Spatial Panel Data Model

作　　者：叶仁道[1] 林雅 徐艾菂 YE Ren-dao;LIN Ya;XU Ai-di(School of Economics,Hangzhou Dianzi University,Hangzhou Zhejiang 310018,China;School of International Business,Zhejiang Yuexiu University,Shaoxing Zhejiang 312000,China)

机构地区：[1]杭州电子科技大学经济学院,浙江杭州310018 [2]浙江越秀外国语学院国际商学院,浙江绍兴312000

出　　处：《杭州电子科技大学学报（社会科学版）》2022年第1期26-33,41,共9页Journal of Hangzhou Dianzi University：Social Sciences

基　　金：国家社会科学基金项目(21BTJ068);浙江省哲学社会科学规划课题(22NDQN284YB)。

摘　　要：金融新业态依托数字化技术正在变革居民部门金融市场参与模式。文章利用核密度估计和莫兰指数方法考察中国居民部门杠杆特征,并构建空间杜宾模型研究数字金融对居民部门杠杆的直接效应和溢出效应。研究表明,居民部门杠杆具有全局空间集聚性;数字金融以“普惠”禀赋纾解居民部门融资之困,并通过收入效应和信息效应的合力影响居民部门资产负债结构;地区数字金融发展对本地区居民部门杠杆有提升作用,而对空间近邻地区有负向溢出效应,且该负向溢出在数字金融发展引领区更强,这将加剧杠杆区域分化问题。进一步研究表明,提升数字化程度是缓解居民部门杠杆分化有效方式,也是促进数字金融包容性发展的有力抓手。Digital finance,a new financial format based on the digital technology,is changing the mode of financial market participation,especially that of household sector.Based on the kernel density estimation and Moran’s index,this paper examines the characteristics of China’s household leverage.And the spatial Durbin models are constructed to study the direct and spillover effects of digital finance on the household leverage.The results show that the household leverage presents a global spatial autocorrelation.By the natural“inclusive”endowment,the digital finance alleviates the financing restriction of household sector and affects their balance sheet through the combination of the income effect and the information effect.The development of the regional digital finance can improve the leverage of the local household sector,but has a negative spillover effect on the spatial neighboring areas.And this negative spillover is stronger in the leading area of digital finance development,which will aggravate the regional differentiation of leverage.Further research shows that improving the degree of digitalization is an effective way to alleviate the leverage differentiation of the household sector,and also a strong hand to promote the inclusive development of digital finance.

关 键 词：数字金融 居民部门杠杆率 空间杜宾模型 机理分析 

分 类 号：F129.9[经济管理—世界经济]