摘要
本文基于2011—2019年沪深A股上市公司数据,采用北京大学数字金融研究中心发布的数字金融普惠金融指数度量地区的数字金融发展程度,考察数字金融发展对当地企业全要素生产率的影响及机制。实证结果显示,数字金融发展显著地促进了当地企业全要素生产率的提升,且影响效应呈动态衰减特征。经内生性处理以及稳健性检验后,结论仍然成立。将指数进行升维后,发现数字金融覆盖广度和使用深度的提升均有助于提高企业全要素生产率。异质性分析显示,数字金融发展的生产率驱动效应在非国有企业、成长型企业、消费制造业以及中西部地区中更加显著。机制分析表明,数字金融发展可通过企业营收渠道和金融效率渠道,间接促进企业生产率水平的提升。具体表现为:一是数字金融发展促进居民消费,提高企业销售收入;二是数字金融发展减轻低效率的传统金融现象对企业的负面影响,降低企业外部融资难度。本文研究丰富了数字金融的经济效应文献,为我国实施高质量发展战略、扩大内需提供了有益思考。
Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2019,this paper uses the Digital Inclusive Financial Index,compiled by the Institute of Digital Finance of Peking University,to measure the degree of digital finance across regions.We examine the impact of digital financial development on total factor productivity of local firms.The empirical results show that the development of digital finance significantly increases total factor productivity of local firms and this effect is dynamically attenuating.After addressing the endogeneity problem and conducting robustness tests,the benchmark conclusion remains valid.After decomposing the index,we find that both the increase in the breadth of coverage and the depth of use of digital finance improve firms’total factor productivity.The heterogeneity analysis shows that the effect of digital finance on productivity is larger in magnitude for non-state-owned enterprises,growing enterprises,enterprises in consumer products industries,and enterprises in central and western regions.Mechanism analysis shows that the development of digital finance indirectly promotes firms’productivity through revenue and financial efficiency channels.On the one hand,digital finance promotes household consumption and increases corporate sales revenue.On the other hand,digital finance reduces the negative impact of low-efficiency in traditional finance on enterprises and reduces the difficulty of external financing for enterprises.This study extends the literature on the economic effects of digital finance and provides some thoughts on implementing high-quality development and expanding domestic demand.
作者
陈中飞
江康奇
CHEN Zhongfei;JIANG Kangqi(Jinan University,Guangzhou 510632,China)
出处
《经济学动态》
CSSCI
北大核心
2021年第10期82-99,共18页
Economic Perspectives
基金
教育部哲学社会科学研究重大课题攻关项目“我国全要素生产率提升与测算研究”(17JZD013)
广东省自然科学基金杰出青年项目“粤港澳大湾区环境污染治理和经济高质量发展研究”(2021B1515020103)
作者简介
陈中飞,暨南大学经济学院,邮政编码:510632,电子邮箱:hongyeczf@163.com;江康奇,暨南大学经济学院,邮政编码:510632,电子邮箱:kangqijiang@126.com。
