摘要
新型城镇化对推动实体经济增长、提高城市金融服务水平以及促进数字普惠金融发展具有重要作用。本文将新型城镇化试点作为一项准自然实验,选取2011—2018年中国210个城市的面板数据,通过双重差分模型和PSM-DID方法实证检验新型城镇化对数字普惠金融的影响,并采用安慰剂检验等方法进行稳健性检验。研究结果表明,新型城镇化对数字普惠金融产生积极影响,且通过显著性检验;多种稳健性检验同样表明新型城镇化能够显著提高数字普惠金融发展水平。影响机制分析表明,创新在新型城镇化与数字普惠金融之间发挥了中介作用,新型城镇化通过激发城市创新从而促进数字普惠金融发展。异质性分析表明,新型城镇化对数字普惠金融的影响具有明显的城市异质性和区域异质性:三线城市新型城镇化建设对数字普惠金融的影响高于一线和二线城市;东北和西部地区新型城镇化建设对数字普惠金融的影响高于东、中部地区。基于以上研究结论,本文提出深化新型城镇化综合改革,促进数字普惠金融发展的政策建议。
The construction of new urbanization plays an important role in promoting the growth of the real economy,improving the level of urban financial services, and promoting the development of digital inclusive finance. In this paper, the new urbanization construction pilot is used as a quasi-natural experiment, and the difference-in-difference model and PSM-DID method are constructed to empirically test the impact of new urbanization on digital financial inclusion by using panel data of210 cities in China from 2011—2018, followed by robustness tests using placebo tests and other methods. The results show that new urbanization has a positive impact on digital inclusive finance and passes the significance test. Various robustness tests also indicate that new urbanization can significantly improve the development of digital inclusive finance. The analysis of the influence mechanism illustrates that the level of innovation plays a mediating role between the construction of new urban ization and digital inclusive finance, and that new urbanization promotes digital inclusive finance by stimulating urban innovation. The results of heterogeneity analysis imply that the impact of new urbanization on digital inclusive finance has obvious city heterogeneity and regional heterogeneity, and the impact of new urbanization construction on digital inclusive finance is higher in third-tier cities than in first-tier and second-tier cities. The impact of new urbanization construction on digital inclusive finance is larger in northeast and west regions than in east and middle regions. Based on the above findings, this paper proposes policy recommendations to deepen the comprehensive reform of new urbanization and promote the development of digital inclusive finance.
作者
王媛媛
韩瑞栋
Wang Yuan yuan;Han Ruidong(School of Economics,Central University of Finance and Econnmics;Department of Economic Forecasting,State Information Center)
出处
《国际金融研究》
CSSCI
北大核心
2021年第11期3-12,共10页
Studies of International Finance
