数字普惠金融与经济高质量发展:理论机制、经验证据及政策选择

数字普惠金融在推动我国经济高质量发展中扮演着重要角色。本文基于2011—2020年我国省级面板数据，借助系统GMM模型研究数字普惠金融对经济高质量发展的影响以及资本配置效率、技术创新的中介作用和金融发展水平的调节作用，并在此基础上进一步探究数字普惠金融对经济高质量发展的空间溢出效应。结果显示:数字普惠金融对经济高质量发展存在显著正向影响；数字普惠金融通过提高资本配置效率和促进技术创新来推动经济高质量发展；金融发展水平是数字普惠金融对经济高质量发展影响的调节变量，不断提高金融发展水平有利于发挥数字普惠金融对经济高质量发展的正向影响；数字普惠金融对经济高质量发展的影响存在区域异质性；数字普惠金融对经济高质量发展存在显著空间溢出效应。

Digital Financial Inclusion and High-Quality Economic Development: Theoretical Mechanism,Empirical Evidence and Policy Choice

Digital Financial Inclusion (DFI) has a significant spatial spillover effect on high-quality economic development. Based on the provincial panel data of China from 2011 to 2020 and with the help of systematic GMM model, this paper studies the impact of DFI on high-quality economic development, as well as the intermediary role of capital allocation efficiency, technological innovation and the regulatory role of financial development level, and further explores the spatial spillover effect of DFI on high-quality economic development. The results are as follows: (1) DFI has a significant positive impact on high-quality economic development; (2) DFI promotes high-quality economic development by improving the efficiency of capital allocation and promoting technological innovation; (3) The financial development level is the regulating variable of the impact of DFI on high-quality economic development, improving financial development level constantly is conducive to giving full play to the positive impact of DFI on high-quality economic development; (4) There is regional heterogeneity in the impact of DFI on high-quality economic development; (5) DFI has a significant spatial spillover effect on high-quality economic development.