数字金融、市场分割与资本要素错配  

Digital Finance,Market Segmentation and Capital Factor Misallocation

作　　者：李香菊[1] 刘硕 边琳丽[2] Li Xiangju;Liu Shuo;Bian Linli(School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710061,China;School of Management,Yulin University,Yulin Shaanxi 719000,China)

机构地区：[1]西安交通大学经济与金融学院,西安710061 [2]榆林学院管理学院,陕西榆林719000

出　　处：《统计与决策》2023年第17期137-142,共6页Statistics & Decision

基　　金：国家社会科学基金重点项目(19AJY024);陕西省教育厅项目(20JK0457);榆林市社会科学专项资金规划一般项目(YLSKGH2022-11)。

摘　　要：数字金融的发展对资本要素在区域间高效流动和资源配置效率具有重要作用。文章基于2011—2019年287个地级市的面板数据对数字金融、市场分割和资本要素错配之间的关系进行了实证检验。研究发现,数字金融发展水平提升能够抑制资本要素错配程度;要素市场分割会对资本要素错配程度产生正向调节作用。异质性分组回归结果显示,市场化程度较低的地区和远离港口的内陆地区更容易受到要素市场分割的影响。在下一步改革进程中,应当通过提高地区数字金融发展水平、加速全国统一大市场建设、推进地区市场化进程和对外开放程度来提升区域间资本要素配置效率。The development of digital finance plays an important role in the efficient flow of capital factors between regions and the efficiency of resource allocation.Based on the panel data of 287 prefecture-level cities from 2011 to 2019,this paper empirically tests the relationship between digital finance,market segmentation and capital factor misallocation.The research finds that the improvement of the development level of digital finance can inhibit the degree of capital factor misallocation,and that the factor market segmentation has a positive moderating effect on the degree of capital factor misallocation.Heterogeneous grouping regression shows that regions with lower marketization degree and inland regions far from ports are more susceptible to factor market segmentation.In the next step of reform process,the efficiency of inter-regional capital factor allocation should be improved by improving the development level of regional digital finance,accelerating the construction of a unified national large market,and promoting the regional marketization process and the degree of opening up.

关 键 词：数字金融 市场分割 资源错配 市场化程度 

分 类 号：F832.7[经济管理—金融学]