金融科技对地区新质生产力的影响研究

The Impact of FinTech on Regional New Quality Productivity

摘要:

中国正处于百年变局与新一轮科技革命的历史性交汇点,面临错综复杂的内外部环境,亟需形成和发展新质生产力。金融科技是深化金融供给侧结构性改革、构建现代金融体系的关键环节,也是助推地区新质生产力发展的重要引擎,其为实现经济的高质量发展注入了巨大的动力。因此,考察金融科技对地区新质生产力的影响具有重要的现实意义。以2012—2022年在中国30个省(市)为研究样本,探讨了金融科技水平对地区新质生产力的影响,发现并检验了金融监管的调节效应,得到以下结论。第一,金融科技能够赋能地区新质生产力的发展,且经过替换被解释变量、更改样本时间跨度等一系列稳健性检验和缓解内生性问题后,该结论依旧成立。第二,从区域差异、民间金融水平差异和金融科技水平差异三个视角进行了异质性分析:首先,金融科技水平在东部地区和中西部地区均能显著促进新质生产力的发展,但在中西部地区的促进效应更为突出；其次,在民间金融水平较低地区金融科技对新质生产力的促进作用更强；最后,金融科技达到一定水平才对地区新质生产力产生促进作用。第三,将金融监管作为调节变量进行实证分析后发现,金融监管对金融科技水平和地区新质生产力水平之间的关系起到正向调节作用。第四,进一步研究发现金融科技水平对新质生产力的驱动效应存在非线性关系,其驱动效果受金融监管水平的约束。研究结论为促进金融科技发展,强化金融监管和提高地区新质生产力水平提供经验证据。

Abstract:

China is at the historic intersection of a century of change and a new round of scientific and technological revolution, facing intricate internal and external environments, and in urgent need of forming and developing new quality productivity. FinTech is a key link in deepening the structural reform of the financial supply side and building a modern financial system, as well as an important engine for boosting the development of regional new-quality productivity, and it has injected great impetus into realizing high-quality development of the economy. Therefore, it is of great practical significance to examine the impact of FinTech on regional new quality productivity.? Take 30 provinces (cities) in China from 2012 to 2022 as research samples, explores the impact of fintech level on regional new quality productivity, finds and tests the moderating effect of financial regulation, and obtains the following conclusions. First, FinTech can empower the development of regional new-quality productivity, and the conclusion still holds after a series of robustness tests such as replacing the explanatory variables, changing the sample time span and alleviating the endogeneity problem. Secondly, this paper analyzes the heterogeneity from three perspectives: regional differences, differences in the level of private finance and differences in the level of regional finance: firstly, the level of FinTech significantly promotes the development of new-quality productivity in both the eastern region and the central and western regions, but the promotion effect is more prominent in the central and western regions; secondly, FinTech promotes the new-quality productivity more in the regions where the level of private finance is lower; and lastly. Finally, FinTech reaches a certain level before it has a promotional effect on regional new quality productivity. Thirdly, the empirical analysis of financial regulation as a moderating variable reveals that financial regulation positively moderates the relationship between the level of FinTech and the level of regional new quality productivity. Fourth, further research finds that there is a nonlinear relationship between the driving effect of FinTech level on new quality productivity, and its driving effect is constrained by the level of financial regulation. The findings provide empirical evidence to promote the development of FinTech, strengthen financial regulation and government governance capacity, and improve the level of regional new quality productivity.