数字普惠金融、要素扭曲与绿色全要素生产率

数字普惠金融可以通过提高金融市场效率改善要素配置扭曲状况，进而促进绿色全要素生产率的提升。采用2011—2017年中国285个地级市的面板数据，引入劳动和资本要素配置扭曲指数，运用中介效应模型检验数字普惠金融对绿色全要素的影响效应及其传导机制，研究结果表明：数字普惠金融的发展降低了要素扭曲，而要素扭曲的改善会显著提升绿色全要素生产率；相对于数字化程度，数字普惠金融的覆盖广度和使用深度对绿色全要素生产率的提升作用更显著；相对于中西部地区和中小型城市，“数字普惠金融发展→要素扭曲改善→绿色全要素生产率提升”的效应在东部地区和大城市更显著。因此，在资源环境日益成为经济增长的硬性约束条件下，国家应大力推广数字普惠金融，促进资本和劳动要素的自由流动和有效整合，进而实现数字普惠金融与绿色全要素生产率的协调发展。

Digital Inclusive Finance, Factor Distortion and Green Total Factor Productivity

Digital inclusive finance promotes the improvement of green total factor productivity by promoting financial market efficiency to improve factor allocation distortions situation. Using the panel data of 285 prefecture-level cities in China from 2011 to 2017, this paper empirically analyzes the effect and transmission mechanism of digital financial inclusion on green total factors by using the mediating effect model and introducing the distortion index of labor and capital factor allocation. The results show that the development of digital financial inclusion reduces the degree of factor distortions, and the improvement of factor distortions is significantly conducive to the improvement of green total factor productivity. Compared with the digitalization degree, the coverage breadth and use depth of digital inclusive finance have a more significant effect on improving green total factor productivity. Compared with central and west areas and middle-sized and small cities, the effect of digital inclusive finance development - factor distortion improvement - green total factor productivity improvement is more significant in the eastern region and big cities. Therefore, with resources and environment increasingly becoming the rigid constraint of economic growth, China should vigorously promote digital inclusive finance, boost the free flow and effective integration of capital and labor factors, so as to achieve the coordinated development of digital inclusive finance and green total factor productivity.