数字普惠金融与中国经济的包容性增长:理论分析和经验证据  

Digital Financial Inclusion and Inclusive Growth of Chinese Economy:Theoretical Analysis and Empirical Evidence

作　　者：任太增[1] 殷志高 REN Taizeng;YIN Zhigao(School of Business,Henam Normal University,Xinxiang 453007,Henan)

机构地区：[1]河南师范大学商学院,河南新乡453007

出　　处：《管理学刊》2022年第1期23-35,共13页Journal of Management

基　　金：河南省高等学校哲学社会科学基础研究重大项目(2019-JCZD-011)。

摘　　要：数字普惠金融的出发点与包容性增长理念具有高度契合性,基于中国2011—2018年地级市数据、中小企业数据和2014-2018年家庭追踪调查数据,运用固定效应模型、现金-现金流敏感性模型以及Probit模型对数字普惠金融与包容性增长的关系进行实证检验。研究表明:数字普惠金融及其三个子维度对中国经济的包容性增长均具有显著的促进作用;且在地方政府效率、市场发育程度以及城市创新活力较高的地区,数字普惠金融对包容性增长的促进作用更加明显;另外,数字普惠金融可以通过缓解中小企业融资约束和促进低收入家庭创业实现经济的包容性增长。本文丰富了数字普惠金融的经济效应研究,也为全面理解经济包容性增长的驱动因素提供了经验支持。The starting point of digital financial inclusion is highly consistent with the concept of inclusive growth. Based on the prefecture-level cities data, SMEs data from 2011 to 2018 and CFPS data from 2014 to 2018, this paper uses fixed effect model,cash-cash flow sensitivity model and Probit model to conduct theoretical analysis and empirical test on the relationship between digital financial inclusion and inclusive growth. Studies have shown that: digital financial inclusion and its three dimensions have a significant role in promoting the inclusive growth of China’s economy;and in areas with high local government efficiency,market development and urban innovation vitality, the role of digital financial inclusion in promoting inclusive growth is more obvious;in addition, digital financial inclusion can achieve inclusive economic growth by alleviating the financing constraints of SMEs and promoting the entrepreneurship decision of low-income families. This paper has enriched the research on the economic effects of digital financial inclusion and provided empirical support for a comprehensive understanding of the drivers of inclusive growth.

关 键 词：数字普惠金融 包容性增长 企业融资约束 家庭创业决策 

分 类 号：F49[经济管理—产业经济] F124