Abstract: Based on the panel data of 285 prefecture-level cities in China from 2011 to 2017, measur the capital mismatch index and labor mismatch index of region, empirically investigate the impact of digital finance on China's resource mismatch by constructing panel econometric models. The results show that the resource mismatch has significant path dependence, and the past resource mismatch will affect the current resource mismatch level. Digital finance has significantly improved the misallocation of China's overall capital and labor resources, and the efficiency of resource allocation. The coverage breadth, usage depth and digitization degree of digital finance all have positive influence on the improvement of resource mismatch. Further analysis shows that digital finance has significantly improved the eastern region, capacity, excessive resource allocation and large-scale in the context of the rapid development of China's digital economy, should actively develop and promote the free flow and effective integration of capital and labor across the country, so as to improve China's misallocation of resources and promote high-quality economic development.

Key words: Digital Finance, Labor Mismatch, Capital Mismatch

摘要： 基于2011～2017年我国285个地级市的面板数据,在测度各地区资本错配和劳动力错配指数的基础上,实证研究数字金融的发展对我国资源错配的影响。研究结果表明:上一期的资源错配会加剧当期的资源错配水平,表现出了一定的路径依赖性;数字金融对我国资本错配和劳动力错配存在显著的改善效应,提高了整体资源配置效率。数字金融的覆盖广度、使用深度及数字化程度均对资源错配的改善产生了积极影响。进一步分析表明,数字金融主要对东部地区、产能过剩较高、资源配置过度及较大规模的城市资源错配改善显著。本文的启示在于:在我国数字经济快速发展的大背景下,应积极发展数字金融,并促进资本和劳动在全国范围内的自由流动和有效整合,藉此改善资源错配,推动经济高质量发展。

关键词: 数字金融, 劳动力错配, 资本错配