数字金融支持高质量发展:理论、机制和证据  

Digital Finance Supports High-quality Development:Theory,Mechanism and Evidence

作　　者：沈艳[1] 江弘毅 胡诗云 赵家琪 黄卓[1] SHEN Yan;JIANG Hongyi;HU Shiyun;ZHAO Jiaqi;HUANG Zhuo(China Center for Economic Research/National School of Development/Institute of Digital Finance,Peking University)

机构地区：[1]北京大学中国经济研究中心/国家发展研究院/数字金融研究中心,北京100871

出　　处：《金融研究》2024年第7期20-39,共20页Journal of Financial Research

基　　金：国家自然科学基金面上项目(72271010,72273005);国家自然科学基金应急管理专项项目(72271418,72241421);高等院校稳定资助项目(20231121164738002)的部分研究成果。

摘　　要：本文通过综述数字金融支持高质量发展相关文献,明确数字金融进一步推动高质量发展的逻辑和路径。在介绍数字金融支持高质量发展的相关理论后,本文着重从数字金融支持乡村振兴、支持企业发展的直接影响角度,和数字金融提升金融体系服务实体经济能力的间接影响角度,梳理相关机制和证据,并评估数字金融在支持共同富裕中的作用。通过提炼概括数字金融服务高质量发展的主要机制,本文总结数字金融实践中的主要经验,并探讨未来的政策制定和学术研究方向。本文指出,除了深化现有各领域的研究之外,数字金融如何有效利用金融数据、如何发展数字金融基础设施、如何支持我国高水平对外开放等问题,均值得进一步探究。High-quality development is the primary task for China in recent years,and the financial system plays a key role in this process.As one of the most significant financial innovations in recent years,digital finance has provided new opportunities for financial support of high-quality development.With the rapid development of digital finance,research on this topic has become a focal point.Existing literature has examined the achievements,impacts,and challenges of digital finance development from multiple perspectives,including countries,regions,industries,sectors,enterprises,households,and individuals.However,looking towards the future,there is a lack of systematic discussion on how to develop digital finance,and in which industries,enterprises,and sectors should we focus efforts to support high-quality development better and prevent systemic financial risks.This paper aims to review the literature on how digital finance can support high-quality development,from the perspectives of theoretical foundations,empirical findings and mechanisms.With innovation as the primary driving force,it systematically reviews recent research findings on how digital finance supports high-quality development.It extracts the main mechanisms of digital finance services for high-quality development,summarizes the main experiences in digital finance practice,and discusses future policy formulations and academic research directions.To understand the mechanisms and practices of digital finance in supporting high-quality development,it is necessary to first review the corresponding theories.This paper examines the generalization of the long-tail theory,information asymmetry theory,and transaction cost theory in the field of digital finance,which helps to explain how digital finance can promote capital accumulation,improve the efficiency of capital allocation,and foster innovation.This lays the theoretical foundation for subsequent discussions.The paper further reviews the literature from two perspectives:how digital finance directly and indir

关 键 词：数字金融 高质量发展 乡村振兴 产业数字金融 共同富裕 

分 类 号：F49[经济管理—产业经济] F832