数字金融提升我国资本要素配置效率研究  

A Study of Digital Finance Promoting the Capital Allocation Efficiency From the Perspective of Capital Mismatch Correction

作　　者：张宗新[1] 张帅[2] ZHANG Zongxin;ZHANG Shuai

机构地区：[1]复旦大学经济学院 [2]吉林大学东北亚学院

出　　处：《社会科学》2022年第11期129-139,共11页Journal of Social Sciences

基　　金：国家自然科学基金面上项目“基于机器学习算法优化的中国资本市场系统性风险监测、预警和管控研究”(项目编号:72073035)的阶段性成果。

摘　　要：如何发挥数字经济提升资本配置效率,是当前我国经济高质量增长所面临的重要课题。文章从资本要素错配纠偏的视角,探究数字金融提升资本配置效率的相关机制,并进一步利用省际面板数据模型进行实证研究。结果表明:(1)数字金融的发展可以显著减少金融市场摩擦,改善资本要素错配,提高资本配置效率;(2)内在机制检验表明,数字金融通过推动技术进步和产业结构升级来改善资本错配问题;(3)门槛效应检验显示,数字金融对资本错配改善效果总体呈现出动态趋势性上升态势。At the current stage of high-quality economic development in China,how digital economy improves capital allocation is a major issue which needs to be considered.From the perspective of capital mismatch correction,this paper explores the internal mechanism between digital finance and capital mismatch by using inter provincial panel data to analyze the empirically test.The research has found:(1)The development of digital finance has significantly reduced financial frictions,improved the mismatch of China’s capital resources and the efficiency of capital allocation;(2)The internal mechanism test shows that digital finance improves capital mismatch by promoting technological progress and industrial structure upgrading;(3)The impact of digital finance on capital mismatch has a dynamic upward trend.

关 键 词：数字金融 资本配置效率 要素错配 中介效应 门槛效应 

分 类 号：F832[经济管理—金融学]