| 数字普惠金融的普惠效应与异质性特征 |
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| 引用本文： | 周锦鸿.数字普惠金融的普惠效应与异质性特征[J].华南农业大学学报(社会科学版),2023(6):102-114. |
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| 作者姓名： | 周锦鸿 |
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| 作者单位： | 香港理工大学 理学院, 香港特别行政区 512000 |
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| 基金项目： | 教育部哲学社会科学研究重大课题攻关项目（20JZD031） |
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| 摘 要： | 基于企业微观经济效应和规模调节效应的视角分析数字普惠金融是否具有普惠性，并进一步讨论了数字普惠金融究竟惠及了哪些企业。通过匹配上市公司及国内337个地级市数字普惠金融数据发现，数字普惠金融的发展带来的普惠效应在企业中得到积极体现，这种普惠效应不仅有助于降低企业的融资约束、提高企业贷款的可得性以及提升企业创新绩效，而且随着企业规模的减小而逐渐增强，该结论经过稳健性检验和内生性处理后依然成立。进一步研究表明，数字普惠金融的发展对房地产业、国有企业和大型企业等普惠性较小，但是对制造业、民营企业、中小企业等的普惠性更大；同时，数字普惠金融对中西部区域均存在普惠效应，但却呈现西强中弱的态势。
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| 关 键 词： | 数字普惠金融 融资约束 贷款可得性 创新绩效 |
| 收稿时间： | 2023/5/12 0:00:00 |
Inclusion Effect and Heterogeneity of Digital Inclusive Finance |
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| ZHOU Jin-hong.Inclusion Effect and Heterogeneity of Digital Inclusive Finance[J].Journal of South China Agricultural University:Social Science Edition,2023(6):102-114. |
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| Authors: | ZHOU Jin-hong |
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| Affiliation: | College of Science, Hong Kong Polytechnic University, Hong Kong Special Administrative Region 512000 ,China |
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| Abstract: | This paper analyzes whether digital inclusive finance have the characteristic of inclusiveness from the perspective of corporate microeconomic effect and scale adjustment effect, and it further discusses which enterprises are benefited by digital inclusive finance. On this basis, this paper matches the data of digital financial inclusion in 337 prefecture-level cities in China with the data of listed enterprises. The results show that the development of digital inclusive finance inclusion has a positive inclusive effect on enterprises, which helps to reduce the financing constraints of enterprises, improve the availability of corporate loans, and enhance the innovation performance of enterprises, and this inclusive effect gradually increases with the reduction of enterprise scale. This conclusion is still valid after robustness test and endogenous treatment. Further research shows that the development of digital inclusive finance is more inclusive to manufacturing, private enterprises, and small and medium-sized enterprises, while it is less inclusive to the real estate industry, state-owned enterprises and large enterprises. At the same time, digital financial inclusion has an inclusive effect on the central and western regions, but it shows a strong effect in the western region and a weak effect in the central region. |
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