Abstract: Based on the data of 283 cities at or above the prefecture level in China from 2011 to 2018, this paper explores the impact of smart city construction on digital inclusive finance both theoretically and empirically, and analyzes its mechanism from three aspects: technology dimension, institution dimension and human dimension. The results show that the construction of smart city has significantly improved the level of digital inclusive finance in cities, and this effect has obvious structural heterogeneity, regional heterogeneity and city level heterogeneity. Among the three index dimensions of digital inclusive finance, the construction of smart city has the greatest effect on improving the digitization, followed by the usage and the coverage. Mechanism study finds that smart city construction mainly promotes the development of digital inclusive finance through the utility of infrastructure and the environmental effect of innovation, while the mediating effect of the talent agglomeration effect is not significant. Based on this, policy suggestions are put forward from the perspectives of paying attention to the positive externality of smart city construction to the development of digital inclusive finance, strengthening the top-level design of smart city construction, and promoting the development of smart city based on the market demand.

Key words: Smart City, Digital Inclusive Finance, Mechanism of Action, Heterogeneity

摘要： 运用2011—2018年中国283个地级及以上城市数据,以“智慧城市”试点政策作为准自然实验,从理论分析和实证检验两个维度探究智慧城市建设对数字普惠金融的影响,从技术、制度和人三个方面分析作用机制。结果表明:智慧城市建设显著提升了城市数字普惠金融发展水平,且这种作用存在结构异质性、区域异质性和城市等级异质性;智慧城市建设对数字普惠金融三个维度中的数字化程度提升作用最大,使用深度次之,覆盖广度最小;智慧城市建设主要通过基础设施效应和创新环境效应促进数字普惠金融发展,而人才集聚效应的中介作用不显著。基于此,从重视智慧城市建设对数字普惠金融发展的正外部性、加强智慧城市建设的顶层设计、以市场需求为导向等角度提出了提高智慧城市建设质量的政策建议。

关键词: 智慧城市, 数字普惠金融, 作用机制, 异质性