摘要
人类正在经历的以互联网为基础的第三次技术革命,对效率和公平的影响巨大且深远。中国尤其得益于互联网革命,使得中国实现了数字经济和数字金融的快速发展。本文将中国数字普惠金融指数和中国家庭追踪调查(CFPS)数据相结合,评估互联网革命所推动的数字金融的发展对包容性增长的影响。首先,基于分样本实证分析,发现中国的数字金融不但在落后地区的发展速度更快,而且显著提升了家庭收入,尤其是对农村低收入群体而言。可见,数字金融促进了中国的包容性增长。其次,对于数字金融至包容性增长的传导机制,本文发现,数字金融的发展帮助改善了农村居民的创业行为,并带来了创业机会的均等化。最后,通过对物质资本、人力资本及社会资本的异质性分析,发现数字金融特别有助于促进低物质资本或低社会资本家庭的创业行为,从而促进了中国的包容性增长。
The Internet revolution is driving a rapid development of the digital economy and of digital finance in China. Over the past 10 years, traditional financial institutions have improved the channels of access for households and significantly reduced their budget constraints. With the rapid expansion of digital finance, China has seen dramatic improvements in the accessibility and affordability of financial services, particularly for populations of people who were formerly excluded from accessing them. Digital finance has offered low-cost services to hundreds of millions of under-served people, and has thus benefitted financial inclusion and inclusive growth in China. This paper presents an initial attempt to investigate whether access to digital finance generated by the Internet revolution helps to promote inclusive growth in China. We match an index of digital financial inclusion (which measures digital finance development in China) with data from a representative household survey conducted by the China Family Panel Studies (CFPS). The index of digital financial inclusion is the product of a joint project by the Institute of Digital Finance (at Peking University) and Ant Financial, which is one of the largest global fintech enterprises. The index is constructed with user data from Ant Financial, and it shows that China s financial inclusion has been progressing rapidly with the help of digital finance. This financial inclusion has enabled regions that were lagging behind in their overall levels of economic development to outperform the economically advanced regions. By matching the index of digital financial inclusion with the CFPS data, we find that digital finance has helped to increase rural household income. Thus, digital finance has helped to promote inclusive growth in China. How does the development of digital finance contribute to China s financial inclusiveness? The main mechanism lies in the contribution of digital finance to entrepreneurship. Previous studies have shown that entrepreneurship is essentia
作者
张勋
万广华
张佳佳
何宗樾
ZHANG Xun;WAN Guanghua;ZHANG Jiajia;HE Zongyue(School of Statistics, Beijing Normal University;Institute of Digital Finance, Peking University;Institute of World Economy, Fudan University;China Finance 40 Forum;School of Economics and Management, Beijing University of Technology)
出处
《经济研究》
CSSCI
北大核心
2019年第8期71-86,共16页
Economic Research Journal
基金
国家自然科学基金(重点项目批准号:71833003,青年项目批准号:71703088)
北京大学数字金融研究中心课题的资助
关键词
数字经济
数字金融
普惠金融
包容性增长
创业
Digital Economy
Digital Finance
Financial Inclusion
Inclusive Growth
Entrepreneurship
