摘要
基于中国经济由要素驱动转向创新驱动的时代背景,金融科技逐渐成为经济增长的新引擎。本文利用2011—2020年省级面板数据建立了固定效应、中介效应和面板门槛模型,对金融科技对经济增长的影响进行实证检验。主要结论如下:(1)整体来看,金融科技对经济增长起到了强有力的推动作用。(2)中介机制检验结果显示,技术投入是金融科技促进经济增长的重要渠道。(3)金融科技的经济增长效应表现出明显的门槛特征,金融科技发展对经济增长的作用边际递减,一味地发展金融科技未必能带来经济的持续快速增长。(4)异质性分析表明,金融科技不同维度的发展对经济增长的影响具有一定的差异性,金融科技的经济增长效应呈现出地域差异特征。本文的政策含义在于,将金融科技发展控制在合理区间,确保能充分发挥其对经济增长的正向作用。
Based on the background of China's economy shifting from factor-driven to innovation-driven,FinTech is gradually becoming a new engine of economic growth.In this paper,fixed effects,mediating effects and panel threshold models are developed using provincial panel data from 2011-2020 to empirically test the impact of FinTech on economic growth.The main findings are as follows:(1)overall,FinTech plays a strong role in promoting economic growth;(2)the results of the intermediary mechanism test show that technology input is an important channel through which FinTech promotes economic growth;(3)The economic growth effect of FinTech shows obvious threshold characteristics,the marginal diminishing effect of FinTech development on economic growth,and a single-minded development of FinTech may not bring sustained and rapid economic growth;(4)heterogeneity analysis shows that the development of different dimensions of FinTech has certain variability on economic growth,and the economic growth effect of FinTech shows characteristics of geographical differences.The policy implication of this paper is to keep FinTech development within a reasonable range to ensure that its positive effect on economic growth can be fully exploited.
作者
付会敏
江世银
Fu Huimin;Jiang Shiyin(School of Finance,Nanjing Audit University,Nanjing 211815,Jiangsu,China)
出处
《金融发展研究》
北大核心
2022年第8期12-19,共8页
Journal Of Financial Development Research
基金
国家社会科学基金重大项目“金融服务养老的理论框架、国际经验、中国路径研究”(17ZDA072)
江苏省研究生科研创新计划项目“金融科技的经济增长效应及异质性研究”(KYCX21_1850)。
关键词
金融科技
经济增长
门槛效应
技术投入
FinTech
economic growth
threshold effect
technical investment
