摘要
创业活动在经济增长和创造就业方面发挥着重要作用。本文基于2011—2019年地级及以上城市面板数据,考察数字金融对城市创业的影响及其内在作用机制与异质性。研究结果显示,数字金融对城市创业产生显著的正向影响作用。该结论通过稳健性测试,并在控制模型中潜在的内生性问题后仍然成立。机制检验表明,数字金融通过缓解创业者所面临的融资约束和信息约束,来推动城市创业。异质性分析表明,数字金融对创业的促增效应仅发生在三线及以下城市,在一二线城市却不明显;数字金融对农业创业产生显著的抑制效应,对第二产业创业影响不显著,对服务业创业产生显著的正向作用;数字金融能够同时推动实体经济与非实体经济的创业活动,但对实体经济创业的影响效应更强。研究发现有助于加深对“数字中国”建设的认识,也为推动中国创业发展的政策制定提供了经验依据。
Entrepreneurial activities play an essential role in economic growth and job creation.This paper examines the impact of digital finance on urban entrepreneurship and its intrinsic mechanisms of action and heterogeneity based on panel data of prefecture-level cities and above from 2011 to 2019.The findings reveal that digital finance exerts a significant positive impact on urban entrepreneurship,which remains valid through robustness tests and after controlling for potential endogeneity issues in the model.The mechanism tests indicate that digital finance promotes urban entrepreneurship by alleviating the financing constraints and information constraints faced by entrepreneurs.The heterogeneity analysis shows that the promotion effect of digital finance on entrepreneurship only occurs in cities of Tier 3 and below,but not in cities of Tier 1 and Tier 2.Moreover,digital finance has a significant inhibitory effect on agricultural entrepreneurship,a non-significant effect on secondary industry entrepreneurship,and a significant positive effect on service industry entrepreneurship.Furthermore,digital finance can promote entrepreneurial activities in both the real and non-real economy,but the effect on real economy entrepreneurship is stronger.The findings may deepen the understanding of“Digital China”construction and provide an empirical basis for policy formulation to promote entrepreneurship development in China.
作者
杨景院
刘伟丽
刘宏楠
YANG Jingyuan;LIU Weili;LIU Hongnan(Shenzhen University,Shenzhen 518060)
出处
《经济与管理研究》
CSSCI
北大核心
2022年第11期14-31,共18页
Research on Economics and Management
基金
国家社会科学基金重大项目“中国经济特区发展史(1978—2018)”(16ZDA003)
中国标准化协会服务贸易标准化项目“信息技术解决方案服务标准化研究”(FMBZH-2110)。
关键词
数字金融
城市创业
普惠金融
融资约束
信息约束
digital finance
urban entrepreneurship
inclusive finance
financing constraint
information constraint
