数据要素市场建设是否抑制了宏观金融杠杆波动  

Whether the Construction of Data Factor Market Restrains the Fluctuations of Macro Financial Leverage

作　　者：孙英杰[1] 张雯婧 林春[1] SUN Ying-jie;ZHANG Wen-jing;LIN Chun(School of Finance and Trade,Liaoning University,Shenyang 110036,China)

机构地区：[1]辽宁大学金融与贸易学院,辽宁沈阳110036

出　　处：《现代财经(天津财经大学学报)》2025年第2期3-21,共19页Modern Finance and Economics:Journal of Tianjin University of Finance and Economics

基　　金：辽宁省属本科高校基本科研业务费专项资金资助(LJ112410140078,LDJBKYSK2024006)。

摘　　要：数据要素市场建设可以抑制宏观金融杠杆波动,对缓解金融风险具有重要意义。本文以2016—2020年274个地级市为研究对象,实证检验数据要素市场建设对宏观金融杠杆波动的影响及作用机制。研究发现,数据要素市场建设能够显著抑制宏观金融杠杆波动;机制检验表明,数据要素市场建设可以通过推动商业银行数字化转型和促进经济结构调整抑制宏观金融杠杆波动;维度异质性检验发现,数据要素市场政用建设和商用建设对宏观金融杠杆波动的抑制作用更明显;环境条件异质性检验表明,在政策支持力度较大、信任环境较好、经济韧性较强的城市中,数据要素市场建设更能有效地抑制宏观金融杠杆波动。本文丰富了中国式现代化背景下关于数据要素市场建设经济效应的研究,也为实现金融稳定和高质量发展提供了理论支撑和经验依据。Data factor market construction can inhibit macro financial leverage fluctuations,which is important for mitigating financial risks.This paper takes 274 prefecture-level cities from 2016 to 2020 as the research object to empirically test the impact and mechanism of data factor market construction on macro financial leverage fluctuations.It is found that data factor market construction can significantly inhibit macro financial leverage fluctuations.The mechanism test finds that data factor market construction can inhibit macro financial leverage fluctuations by promoting the digital transformation of commercial banks and facilitating economic restructuring.The test of the heterogeneity of the dimension shows that the political construction and commercial construction of the data factor market have a more obvious inhibitory effect on the macro financial leverage fluctuations;and the test of heterogeneity of environmental conditions finds that data factor market construction can more effectively inhibit macro financial leverage fluctuations in cities with greater policy support,better trust environment and stronger economic resilience.This paper enriches the research on the economic effect of data factor market construction under the background of Chinese-style modernization,and also provides theoretical support and empirical basis for realizing financial stability and high-quality development.

关 键 词：数据要素市场建设 宏观金融杠杆波动 商业银行数字化转型 经济结构调整 

分 类 号：F832[经济管理—金融学] F49