数字普惠金融与城乡居民收入——基于经济增长与创业行为的中介效应分析

《上海财经大学学报》 2020年22卷第4期 页码：83 - 94  online：2020年7月27日

数字普惠金融与城乡居民收入——基于经济增长与创业行为的中介效应分析

Digital Financial Inclusion and Income of Urban and Rural Residents: Based on the Intermediary Effect of Economic Growth and Entrepreneurial Behavior

作者（中）：杨伟明1, 3, 粟麟2 *, 王明伟3

作者（英）：Yang Weiming1, 3, Su Lin2 *, Wang Mingwei3

作者单位：1.南开大学 金融学院，天津 300071 2.河南农业大学 经济与管理学院，河南 郑州 450002 3.中原银行，河南 郑州 450002

摘要：发展普惠金融是建设小康社会的重要路径之一。文章基于北京大学数字普惠金融指数研究了数字普惠金融对我国城乡居民收入的影响机理，并采用省级互联网网站数量作为数字普惠金融指数的工具变量进行2SLS估计，以控制计量模型中存在的内生性问题。研究发现：（1）数字普惠金融显著提升了我国城乡居民人均可支配收入水平，数字普惠金融对城镇居民人均可支配收入的提升效果显著大于农村居民；（2）数字普惠金融通过促进经济增长和创业行为显著提高了我国城乡居民收入；（3）覆盖广度、使用深度和数字化程度对城镇和农村居民人均可支配收入产生差异化影响；（4）数字普惠金融对东部居民人均可支配收入的提升效果显著大于中部和西部。研究结论对认识数字普惠金融的实际价值、推动数字普惠金融发展进而提高我国城乡居民收入具有一定的指导意义。

关键词：数字普惠金融; 经济增长; 创业行为; 居民收入

Summary: Developing Financial Inclusion is one of the important ways to build a moderately prosperous society. Financial Inclusion can expand the coverage of financial services, deepen the penetration of financial services, and provide efficient financial products for different levels of individuals and institutions. In recent years, scholars have studied the concept of Financial Inclusion, dimensional composition, the relationship with economic growth, income distribution and targeted poverty alleviation. However, this paper argues that a more comprehensive and detailed framework is needed to understand the mechanism of Financial Inclusion. With the development of digital technology, it is of great practical significance to explore the influence mechanism of digital Financial Inclusion to promote the economic development of our country, especially to enhance the income of urban and rural residents. In this study, we use massive data to compile financial inclusive index, and divide the digital Financial Inclusion into three dimensions, that is, coverage, depth of use and degree of digitalization, to study the impact of digital Financial Inclusion on the income of Chinese residents. Meanwhile, in the case of distinguishing different regions, urban and rural areas, we explore the difference of the impact of digital Financial Inclusion on the income of Chinese residents. In addition, we also use the number of provincial Internet sites as a tool variable of the digital Financial Inclusive index to estimate the 2SLS to control the endogenous problems in the measurement model. The research finds that: First, digital Financial Inclusion has significantly improved the per capita disposable income of urban and rural residents in China, and the effect of digital Financial Inclusion on the per capita disposable income of urban residents is significantly greater than that of rural residents. Second, digital inclusive finance has significantly improved the income of urban and rural residents by promoting economic growth and entrepreneurial behavior.Third, in the analysis of the three dimensions of digital Financial Inclusion, the role of each dimension has a differentiated impact. Fourth, the effect of digital Financial Inclusion on the per capita disposable income of the eastern residents is greater than that of the central and western residents. The conclusion of this paper has certain guiding significance for understanding the actual value of digital Financial Inclusion, promoting the development of digital Financial Inclusion and improving the income of urban and rural residents in China.

Key words: digital financial inclusion; economic growth; entrepreneurial behavior; income of residents

DOI：10.16538/j.cnki.jsufe.2020.04.006

收稿日期：2019-10-31

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