摘要
发展数字普惠金融,是提升金融服务实体经济质效的重要着力点之一。利用2011-2022年中国沪深两市A股上市企业的数据,从投资压力、投资支持力和投资调节力三个维度构建城市区域投资承载力指标,探讨数字普惠金融对实体经济投资效率的影响及其作用机制。研究结果表明,数字普惠金融通过提升城市区域投资承载力水平,进而提高实体经济投资效率,这一作用主要是通过数字普惠金融对城市区域投资支持力和投资调节力的拉动来实现的。此外,数字普惠金融对实体经济投资效率的促进作用在非国有企业、非制造业以及银行业部门、资本市场发展较差和市场化水平较低的地区更为明显。应进一步强化科技赋能普惠金融、打造服务于投资环境的数字普惠金融生态以及健全数字普惠金融监管体系,以提升实体经济投资效率。
The development of digital inclusive finance is one of the important focuses to improve the quality and efficiency of financial services for the real economy.Using the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2022,and constructing urban regional investment carrying capacity indicators from three dimensions including investment pressure,investment support and investment adjustment,this paper discusses the impact of digital inclusive finance on the investment efficiency of real economy and its mechanism of action.The research results show that digital inclusive finance improves the investment efficiency of the real economy by improving the level of investment carrying capacity in urban areas.This effect is mainly based on the pulling effect of digital inclusive finance on investment support and investment adjustment in urban areas.In addition,the promotion effect of digital inclusive finance on the investment efficiency of the real economy is mainly concentrated in non-state-owned enterprises,non-manufacturing industries,banking sectors,areas with poor capital market development and low marketization level.We should further strengthen technology-enabled inclusive finance,create a digital inclusive financial ecology that serves the investment environment,and improve the digital inclusive financial supervision system,to enhance the investment efficiency of real economy.
作者
郭琲楠
魏成龙
张力
GUO Beinan;WEI Chenglong;ZHANG Li
出处
《学习与实践》
CSSCI
北大核心
2024年第10期76-89,共14页
Study and Practice
基金
国家社会科学基金重点项目“中国机构投资者异化行为与监管政策研究”(项目编号:19AGL012)。
关键词
数字普惠金融
区域投资承载力
实体经济
投资效率
Digital inclusive finance
Regional investment carrying capacity
Real economy
Investment efficiency
