数字普惠金融对制造业企业新质生产力的影响及作用机理  

The Impact and Mechanism of Digital Inclusive Finance on the New Quality Productivity of Manufacturing Enterprises

作　　者：师栋楷 SHI Dong-kai(School of Economics,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学经济学院,山西太原030006

出　　处：《经济问题》2024年第12期78-87,共10页On Economic Problems

基　　金：国家社会科学基金一般项目“金融集聚促进实体经济发展的微观机理与实现路径研究”(19BJL016)。

摘　　要：基于2011—2022年中国制造业企业数据,探讨数字普惠金融对制造业企业新质生产力的影响及作用机理。研究发现:数字普惠金融促进制造业企业新质生产力发展;特别地,数字普惠金融使用深度对制造业企业新质生产力的促进作用最为明显。从作用机理看,数字普惠金融通过信息效应、融资效应促进制造业企业新质生产力发展。从异质性结果看,数字普惠金融通过纠正传统金融的阶段错配、领域错配分别促进成长期制造业企业、创新能力强的制造业企业的新质生产力发展。此外,制造业企业数字化转型是数字普惠金融有效助力其新质生产力发展的重要条件,对当前已进行数字化转型的制造业企业,数字普惠金融促进其新质生产力发展;对未数字化转型的制造业企业,数字普惠金融对其新质生产力的影响在统计上不显著。本研究为理解数字普惠金融对制造业企业新质生产力的作用机理提供了可靠的经验证据和政策启示。The present study examines the impact and mechanism of digital inclusive finance on the new quali‐ty productivity of manufacturing enterprises,based on data collected from listed manufacturing enterprises in China spanning from 2011 to 2022.The results indicate that digital inclusive finance has a positive impact on the de‐velopment of new quality productivity in manufacturing enterprises.In particular,the depth of use of digital inclu‐sive finance appears to play a significant role in promoting the new quality productivity of manufacturing enterpris‐es.From the perspective of mechanism,digital inclusive finance has the potential to promote the development of new quality productivity in manufacturing enterprises through the information effect and the alleviation of financ‐ing constraints.In terms of the heterogeneity results,digital inclusive finance facilitates the development of new quality productivity in growth-stage manufacturing enterprises and innovative manufacturing enterprises by correcting the stage mismatch and domain mismatch of traditional finance.Furthermore,the digital transformation of manufacturing enterprises is a crucial prerequisite for the effective promotion of their new quality productivity through digital inclusive finance.For manufacturing enterprises that have undergone digital transformation,digital inclusive finance has been observed to facilitate the development of their new quality productivity.Conversely,for manufacturing enterprises that have not undergone digital transformation,the impact of digital inclusive finance on their new quality productivity has been found to be statistically insignificant.The present study offers robust empiri‐cal evidence and policy implications to comprehend the mechanism through which digital inclusive finance im‐pacts the new quality productivity of manufacturing enterprises.

关 键 词：数字普惠金融 制造业企业新质生产力 信息效应 融资效应 

分 类 号：F832[经济管理—金融学]