Collected Essays on Finance and Economics ›› 2022, Vol. 38 ›› Issue (9): 59-68.

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Digital Finance and County-Level Economic Development: Influence Mechanism and Heterogeneity Research

SU Lin1, HE Zejun1, YANG Weiming2,3   

  1. 1. School of Economic Management, Henan Agricultural University, Zhengzhou 450000,China;
    2. School of Finance, Nankai University, Tianjin 300071, China;
    3. School of Finance and Economics, Shenzhen Institute of Information Technology, Shenzhen 518115, China
  • Received:2021-09-23 Online:2022-09-10 Published:2022-09-20

数字金融与县域经济发展:影响机制与异质性研究

粟麟1, 何泽军1, 杨伟明2,3   

  1. 1.河南农业大学经济与管理学院,河南 郑州 450000;
    2.南开大学金融学院,天津 300071;
    3.深圳信息职业技术学院财经学院,广东 深圳 518115
  • 作者简介:粟麟(1997—),女,河南郑州人,河南农业大学经济与管理学院硕士生;何泽军(1975—),男,河南信阳人,河南农业大学经济与管理学院教授,博士生导师,通信作者;杨伟明(1988—),男,陕西宝鸡人,南开大学金融学院博士后,深圳信息职业技术学院财经学院讲师。
  • 基金资助:
    国家博士后科学基金面上项目(2020M682373)

Abstract: Based on China Digital Inclusive Financial Index from 2014 to 2019, this paper studies the impact of digital finance on the county-level economic development. The empirical results are as follows: (1) Digital finance and its three sub dimensions, namely, coverage, use depth and digitization degree, significantly promote the development of county-level economy;(2) Digital finance has an indirect mechanism to promote the development of county-level economy by upgrading the industrial structure;(3)With other conditions unchanged, the capital allocation efficiency and the capital output efficiency can strengthen the positive promotion effect of digital finance on the county-level economic development;(4)Digital finance has a more significant effect on the county-level economic development of western regions,relatively poor counties and counties with strong financial exclusion.

Key words: Digital Finance, Industrial Structure Upgrading, Capital Efficiency, County-Level Economic Development

摘要: 基于2014—2019年北京大学数字普惠金融指数,研究数字金融对县域经济发展的影响机制,实证结果表明:(1)数字金融及其三个子维度,即覆盖广度、使用深度、数字化程度均显著促进县域经济发展;(2)数字金融存在以推动产业结构高度化从而促进县域经济发展的作用机制;(3)较高的资本配置效率、资本产出效率会强化数字金融对县域经济发展的正向促进效果;(4)对于西部地区县域、贫困县域、金融排斥较强的县域,数字金融对经济发展的促进效果较强。

关键词: 数字金融, 产业结构升级, 资本效率, 县域经济发展

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