Abstract: As a qualitative leap of traditional productivity, the new quality productive forces is the source to accelerate the transformation and upgrade China's economy, and it is also the inevitable choice to achieve Chinese modernization. The quality of economic development and productivity innovation has always been closely related to the iteration of the financial industry, meanwhile, the Central Financial Work Conference put forward to work on the “Five Major Articles” on finance, in which digital finance will be the integration of digital technology and traditional financial services, to enhance the efficiency of financial services by giving full play to the multiplier effect of the data elements, to accurately release the potential for social innovation, and break through the conventional constraints of productivity, thus adding to the development of new quality productive forces. Integrating digital finance with traditional financial services can precisely unleash the potential for innovation by mobilizing data elements and breaking through the constraints of conventional productivity, thus contributing to the development of a new quality productive forces.
Digital inclusive finance is one of the most important development forms of digital finance, and its inclusive qualities can better implement the proper meaning of digital finance in the financial supply-side structural reform. Based on this, this paper selects the panel data of 30 provinces (excluding Xizang) in the Chinese mainland from 2011 to 2021, and constructs the evaluation index system of a new quality productive forces with “new” and “quality” as the underlying logic, then takes digital financial inclusion as an entry point to explore the path of financial service model innovation on new quality productive forces under the wave of digitalization. The research finds that digital inclusive finance can significantly promote the development of new quality productive forces, but the promotion effect is time-sensitive and it shows a trend of diminishing marginal utility in the long run. This paper further subdivides digital inclusive finance into three dimensions: breadth of coverage, depth of use and degree of digitization to carry out structural heterogeneity analysis, and the results show that the promotion of digital inclusive finance on the development of new quality productive forces is reflected in all dimensions. At the same time, the paper further takes the regional financial performance into account and finds that the traditional financial foundation and the strength of financial regulation have an impact on the utility of digital inclusive finance. Specifically, in regions with lower levels of traditional financial development and stronger financial regulation, digital inclusive finance can more effectively promote the formation and development of a new quality productive forces. Considering that the performance of digital financial inclusion is closely linked to the external environment, this paper takes the digital transformation of enterprises and the degree of factor market development as research perspectives, to explore their moderating roles in the process of digital inclusive finance, promoting the development of a new quality productive forces. The results show that enterprise digitalization and well-developed factor markets can effectively strengthen the enabling effect of digital inclusive finance on the development of a new quality productive forces. In addition, the paper analyses the economic consequences based on the practical purpose of promoting the development of a new quality productive forces and finds that the development of a new quality productive forces driven by digital inclusive finance can help to enhance the level of common prosperity and smooth the domestic consumption cycle.
The conclusions of this paper have certain marginal contributions in optimizing the quality and efficiency of financial services and enriching the research framework of a new quality productive forces. Firstly, it expands the impact of digital inclusive finance at the macro-strategic level, and refines a specific path of financial-enabled development of a new quality productive forces; secondly, it analyses the heterogeneous roles of digital inclusive finance from the internal driving structure and the external financial ecology, and provides an opportunity for regions to formulate targeted a new quality productive forces development programs according to their financial development situation; thirdly, based on optimizing the combination of factors, it analyses the additive role of enterprises' ability to use data elements and the degree of factor market development in the process of promoting the development of a new quality productive forces by digital inclusive finance, to integrate the basic connotation of a new quality productive forces with the specific practice of the emerging financial forms; finally, it extends the logical chain of “digital inclusive finance-new quality productive forces” from the perspective of common prosperity and domestic consumption cycle to explore the positive contribution of a new quality productive forces to improving the quality of economic development and building a new development pattern, which integrates theoretical concepts with practice and put them into practice.

Key words: Digital Financial Inclusion, New Quality Productive Forces, Liquidity Constraint

摘要： 发展新质生产力是实现我国经济高质量发展,推动中国式现代化建设的内在要求和重要着力点。本文以数字普惠金融为切入点,构建新质生产力评价指标体系,尝试探究数字普惠金融对新质生产力的影响。研究发现,数字普惠金融能够显著推动新质生产力发展,但该推动作用受到边际效用递减规律的影响。异质性分析表明,数字普惠金融的覆盖广度、使用深度与数字化程度均对新质生产力的提升具有推动作用。同时,在传统金融发展水平较低以及金融监管较强的地区,数字普惠金融对新质生产力的提升作用更为明显。进一步研究发现,在推动新质生产力发展的过程中,企业数字化程度和要素市场发育程度呈现出正向调节作用。经济后果分析表明,发展新质生产力有助于提升我国共同富裕水平,推动国内消费循环建设。本研究厘清了数字普惠金融对新质生产力的影响,为我国发展新质生产力提供了理论依据与政策参考。

关键词: 数字普惠金融, 新质生产力, 流动性约束