金融科技对制造业数实技术融合的影响研究  

An Analysis of the Impact of Financial Technology on the Integration of Digital and Physical Technologies in the Manufacturing Sector

作　　者：赖勉珊 陶一桃[1] 李国庆 LAI Mian-shan;TAO Yi-tao;LI Guo-qing(China Center for Special Economic Zone Research,Shenzhen University,518060)

机构地区：[1]深圳大学中国经济特区研究中心,518060

出　　处：《上海经济研究》2025年第3期59-74,共16页Shanghai Journal of Economics

基　　金：教育部人文社会科学青年基金“租购并举制度下的租赁赋权机制研究:权能识别、障碍挖掘与政策模拟”(项目编号:24YJC790084);广东省哲学社会科学青年基金项目“广东省共有产权住房全生命周期治理机制与政策优化研究”(项目编号:GD24YYJ20)的部分成果之一。

摘　　要：制造业是实体经济的根基,金融科技发展为推进制造业的数实技术融合注入强大动力。本文利用2008-2022年中国272个地级市面板数据,探究金融科技对制造业数实技术融合的影响及作用机制。研究结果表明:金融科技发展显著推动了制造业数实技术融合,在一系列内生性问题处理和稳健性检验后结论依然成立;相较于数字产品制造业和数字要素驱动业,金融科技对数字技术应用业与制造业融合的促进效果更强,在知识产权保护力度较强、市场活力较大的地区,金融科技能够显著提升制造业数实技术融合效果;金融科技通过提升资本配置效率、促进数字技术创新、完善企业人力资本结构促进制造业数实技术融合。因此未来应着眼于构建金融科技创新生态体系、畅通资金-技术-人才通道、促进金融、产权、市场环境协同共生等方面解决数实融合发展痛点难点。The manufacturing industry is the foundation of the real economy,and the development of financial technology injects strong impetus into promoting the integration of digital and real technologies in the manufacturing industry.This paper uses panel data from 272 prefecture-level cities in China from 2008 to 2022 to explore the impact and mechanism of financial technology on the integration of digital and real technologies in the manufacturing industry.The research results indicate that the development of financial technology has significantly promoted the integration of digital and real technologies in the manufacturing industry,and the conclusion still holds true after a series of endogeneity issues and robustness tests;Compared to the digital product manufacturing industry and the digital factor driven industry,fintech has a stronger promoting effect on the integration of digital technology application industry and manufacturing industry.In regions with strong intellectual property protection and market vitality,fintech can significantly enhance the integration effect of digital and real technology in manufacturing industry;Fintech promotes the integration of digital and practical technologies in the manufacturing industry by enhancing capital allocation efficiency,promoting digital technology innovation,and improving the human capital structure of enterprises.Therefore,in the future,we should focus on building a financial technology innovation ecosystem,facilitating the flow of funds,technology,and talent,and promoting the synergy and symbiosis of finance,property rights,and market environment to address the pain points and difficulties of integrated development of data and reality.

关 键 词：金融科技 数实技术融合 资本配置效率 技术创新 人力资本结构 

分 类 号：F264[经济管理—国民经济] F830