数字普惠金融对县域城乡资本要素一体化的影响——基于新二元转型视角  

Impact of Digital Inclusive Finance on the Integration of Urban and Rural Capital Factors in Counties:Based on the Perspective of New Binary Transformation

作　　者：许月丽[1,2] 纪晓丹 XU Yueli;JI Xiaodan(School of Economics and Trade,Guangdong University of Foreign Studies;Southern China Institute of Fortune Management Research,Guangdong University of Foreign Studies)

机构地区：[1]广东外语外贸大学经济贸易学院 [2]广东外语外贸大学华南财富管理研究中心基地

出　　处：《数量经济技术经济研究》2024年第2期193-212,共20页Journal of Quantitative & Technological Economics

基　　金：国家社会科学基金重大项目(21&ZD113);国家社会科学基金重点项目(23AJY013)的资助。

摘　　要：基于要素市场统一是城乡融合的重要基础,而传统二元转型仅强调农村向城市单向储蓄转移的矛盾,本文在一个新二元转型框架下,研究数字金融能否通过资本下乡促进乡村振兴战略中的县域城乡融合发展问题,研究选择的视角是数字金融有无通过促进城市部门向农村部门的储蓄转移而放松了农户的融资约束,这打破了传统二元转型框架中储蓄流动的假定。研究发现,利用数字金融改善农村金融市场,对促进县域内资金由城市向农村的流动是重要的,且不同维度数字金融指标的作用效果存在差异。机制检验表明,数字金融促进资本下乡的可持续动力机制,是数字金融对农村金融市场摩擦弱化所诱致的农村投资边际收益水平的提高。同时,数字金融促进资本下乡的效果受农户类型和区域等异质性因素的影响。本文研究得出了通过进一步推进数字金融发展以提高资本下乡的内生动力、县域城乡融合战略应分类实施以及加速传统金融业的数字化改造来构建结构合理和高效的农村金融体系等政策含义。The integration of urban and rural areas within a county is a regionally balanced development path with important Chinese characteristics under the background of the rural revitalization strategy.Due to the differences in traditional informal institutions and comparative advantages of factors,the focus of urban-rural integration is not on the consistency of governance structure and industrial form but on the construction of a unified large market for the flow and exchange of factors and products under the influence of market mechanisms.Considering the core position of finance in the economy,the urbanrural flow of financial resources is a key component of this process.Unlike the assumption of a one-way capital flow from rural to urban areas in traditional binary economic models,this study investigates the rapidly developing digital finance in recent years and obtains some significant conclusions and inspirations on the mechanism and role of promoting the flow of urban capital to rural areas.This study first constructs a credit allocation model for rural financial markets under the dual economic environment of urban and rural areas.Using this model,it explains the conditions under which digital inclusive finance promotes the flow of urban funds to rural areas.The core logic of the reverse flow mechanism of funds between urban and rural areas is that the initial rural credit market was a market with severe friction,but in rural areas,the exclusive information of community capital can be used to weaken this financial friction.At this time,the funding source for rural areas can only be within the department.For external departments such as cities,the marginal risk return of rural investment is difficult to offset loan costs.This means that although it is marginally feasible for farmers to use their savings internally,there is an insufficient supply of funds within rural areas,and the flow of funds from urban sectors to rural areas needs to meet a probability risk threshold of an independent investment project success.

关 键 词：数字普惠金融 县域城乡融合 储蓄流动 融资约束 

分 类 号：F832[经济管理—金融学]