作　者：陆凤芝 徐鹏 李仲武
关键词：数字普惠金融；创新创业质量；异质性；示范效应
摘　要：

创新创业质量提升是经济高质量发展的重要动力源泉，数字普惠金融作为一种新兴金融模式，对创新创业质量具有重要影响。利用中国城市面板数据考察数字普惠金融对创新创业质量的影响及作用机制，研究发现：第一，数字普惠金融能够显著促进创新创业质量提升，在考虑内生性问题并进行一系列稳健性检验后，该结论仍然成立。第二，数字普惠金融的覆盖广度能够显著促进创新创业质量提升；数字普惠金融的使用深度与数字化程度对创新创业质量的提升作用并不显著。第三，数字普惠金融对创新创业质量的影响因区域、城市规模的异质性而不同；《G20 数字普惠金融高级原则》推出后，数字普惠金融对创新创业质量的提升作用得到明显加强。第四，数字普惠金融可以通过扩大信贷供给、提高金融效率促进创新创业质量提升。第五，相邻城市创新创业质量存在显著的示范效应。

 

Digital Inclusive Finance and the Quality of Urban Innovation and Entrepreneurship

Lu Fengzhi（Anhui University）

Xu Peng（Academy of Macroeconomic Research of China）

Li Zhongwu（Zhejiang University of Technology）

 

Abstract Improving the quality of innovation and entrepreneurship is an important driving force for high-quality economic development. As an important part of the digital economy, whether digital inclusive finance (DIF) can effectively improve the quality of innovation and entrepreneurship is worthy of in-depth discussion. This article uses the panel data of Chinese cities to deeply explore the impact of DIF on the quality of innovation and entrepreneurship and its working mechanism. The results show that: (1) DIF can significantly promote the quality of innovation and entrepreneurship, and this conclusion is still valid after considering the endogenous problems as well as having a series of robustness tests. (2) The sub dimension test results show that among the three, coverage can significantly improve the quality of innovation and entrepreneur‐ ship. The use depth and digitization degree have no significant effect on the quality of innovation and entrepreneurship. (3) The heterogeneity test results show that the impact of DIF on the quality of innovation and entrepreneurship varies by region and city size. The effect of digital inclusive finance on the quality of innovation and entrepreneurship has been significantly strengthened after the launch of the G20 Advanced Principles of DIF. (4) The research results of intermediary effect show that credit expansion and financial efficiency improvement are the main transmission ways of DIF affecting the quality of innovation and entrepreneurship.

(5) The results of spatial econometric research show that there is a significant "demonstration effect" on the quality of innovation and entrepreneurship in adjacent cities. After considering spatial factors, the development of DIF can still significantly promote the improvement of the quality of innovation and entrepreneur‐ ship. The conclusion of this paper is of great significance for the relying on the development of DIF to improve the quality of innovation and entrepreneurship so as to realize high-quality economic development.

Key words digital inclusive finance; the quality of innovation and entrepreneurship; heterogeneity analysis; mechanism analysis; demonstration effect

 

■  作者简介 陆凤芝，经济学博士，安徽大学大数据与统计学院讲师；安徽 合肥 230601；

徐 鹏，经济学博士，中国宏观经济研究院副研究员；北京 100038；

李仲武，经济学博士，浙江工业大学经济学院讲师；浙江 杭州 310023。

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