数字金融能否促进民营经济可持续发展  

Whether Digital Finance Can Promote the Sustainable Development of Private Economy

作　　者：何玉秀 杜鑫星 He Yuxiu;Du Xinxing(Wenzhou branch,the People's Bank of China)

机构地区：[1]中国人民银行温州市分行

出　　处：《金融发展评论》2024年第11期30-44,共15页Financial Development Review

摘　　要：本文利用2011-2021年省级面板数据,基于双向固定效应模型,运用机制分析、门槛效应分析、异质性分析,考察数字金融对民营经济可持续发展的影响。研究结果表明:(1)数字金融促进民营经济可持续发展具有长期显著影响,并通过融资约束缓解机制、消费刺激机制等渠道实现;(2)较优的营商环境、较高的人力资本水平,以及适度提升贷款/GDP水平,均有助于更好地发挥数字金融的激励作用;(3)非制造业企业和科技含量高的民营企业,以及在民营企业家信心不足时期,数字金融的激励效应更为突出。本文建议综合采取优化营商环境、提高人力资本水平、提升金融与经济适配度等措施,实施数字金融差异化发展策略,并促进数字金融与科技金融、普惠金融的融合发展,从而更好地推动数字金融与民营经济协同发展。Using data from 2011 to 2021 and based on a two-way fixed-effect model,this paper examines the impact of digital finance on the sustainable development of the private sector using mechanism analysis,threshold effect analysis,and heterogeneity analysis.The results show that:(1)Digital finance has a significant long-term impact on the sustainable development of private economy,which can be achieved through financing constraint mitigation mechanism and consumption stimulus mechanism;(2)A better business environment,a higher level of human capital,and a moderate increase in the loan/GDP level,are conducive to better play the role of digital finance incentives;(3)Non-manufacturing Enterprises and high-tech Private Enterprises,as well as private entrepreneurs lack of confidence in the period,the incentive effect of digital finance is more prominent.This paper suggests that measures should be taken to optimize the business environment,improve the level of human capital,and enhance the financial and economic adaptability,etc.,and promote the integration of digital finance,Technology Finance and Pratt&Whitney Finance,so as to better promote the coordinated development of digital finance and private economy.

关 键 词：数字金融 民营经济 门槛效应 

分 类 号：F276.5[经济管理—企业管理] F49[经济管理—国民经济] F832