Chun Lin;Xin Zhang;Yingjie Sun;

• 1:School of Finance and trade
• 2: Liaoning University

Abstract：

Digital inclusive finance is an important engine for enhancing regional financial resilience in the new development stage. Based on this, this paper takes digital inclusive finance as the starting point and uses the panel data of 283 cities from 2011 to 2019 to explore the impact of digital inclusive finance on China's regional financial resilience. The results show that digital inclusive finance has a significant role in enhancing regional financial resilience. The education level and consumption level are important transmission mechanisms between the two, and the improvement of the innovation and entrepreneurship level is conducive to the effective play of this role. Meanwhile, this role shows significant heterogeneous characteristics in the sub-dimensions, business segments, geographical locations, traditional financial development and the degree of opening up of digital inclusive finance. In addition, there is a certain non-linear relationship between the impact of digital inclusive finance on regional financial resilience, specifically presenting an inverted U-shaped structure. The conclusions of this paper not only provide a new perspective for in-depth understanding of the impact of digital inclusive finance on China's financial development, but also point out the direction for accelerating the construction of a financial powerhouse in the new era.

Key Words：

Abstract:

Keywords:

Foundation: 辽宁省属本科高校基本科研业务费专项资金项目“中国城市金融韧性识别及其数智驱动因素研究”（项目编号：LDJBKYSK2024006）;; 辽宁大学研究阐释党的二十届三中全会精神研究专项项目“智慧城市建设对城市金融韧性影响研究”（项目编号：2024LDZX013）的资助

Authors: Chun Lin;Xin Zhang;Yingjie Sun;

References：

• 曹强，杨修琦，田思雨.2021.中国金融韧性、叠加效应及其与经济周期的交互分析[J].财经科学，(6):12-25.Cao Q,Yang X Q,Tian S Y.2021.Financial resilience,additive effects and its correlation with business cycles[J].Finance & Economics,(6):12-25.(in Chinese) 丁志国，丁垣竹，赵宣凯.2022.债务违约的生成机理与风险测度——基于资本收支均衡的经济学逻辑[J].数量经济技术经济研究，39(4):127-146.Ding Z G,Ding Y Z,Zhao X K.2022.Debt default generation and risk measurement[J].Journal of Quantitative & Technological Economics,39(4):127-146.(in Chinese) 郭峰，王靖一，王芳，等.2020.测度中国数字普惠金融发展：指数编制与空间特征[J].经济学(季刊),19(4):1401-1418.Guo F,Wang J Y,Wang F,et al.2020.Measuring China's digital financial inclusion:Index compilation and spatial characteristics[J].China Economic Quarterly,19(4):1401-1418.(in Chinese) 华秀萍，毕坚达，石豪骞.2023.普惠金融的适度水平：金融稳定的视角[J].经济学(季刊),23(3):1131-1149.Hua X P,Bi J D,Shi H Q.2023.The appropriate level of financial inclusion:The perspective of financial stability[J].China Economic Quarterly,23(3):1131-1149.(in Chinese) 黄磊，黄思刚.2023.数字金融、居民劳动参与及家庭财务脆弱性[J].技术经济，42(12):109-124.Huang L,Huang S G.2023.Digital finance,resident labor participation and household financial vulnerability[J].Journal of Technology Economics,42(12):109-124.(in Chinese) 赖晓冰，岳书敬.2023.金融科技发展如何影响股票错误定价?[J].经济学报，10(1):85-124.Lai X B,Yue S J.2023.How does the development of fintech affect stock mispricing?[J].China Journal of Economics,10(1):85-124.(in Chinese) 李文贵，路军.2022.网络平台互动与股价崩盘风险：“沟通易”还是“操纵易”[J].中国工业经济，(7):178-196.Li W G,Lu J.2022.Online platform interaction and stock price crash risk:“Easy communication” or “easy manipulation”[J].China Industrial Economics,(7):178-196.(in Chinese) 李政，李鑫.2022.数字普惠金融与未预期风险应对：理论与实证[J].金融研究，(6):94-114.Li Z,Li X.2022.Digital financial inclusion and resilience to unanticipated shocks:Theory and evidence[J].Journal of Financial Research,(6):94-114.(in Chinese) 林春，文小鸥，孙英杰.2024a.金融韧性研究进展与展望[J].经济社会体制比较，(4):184-195.Lin C,Wen X O,Sun Y J.2024a.Fortifying financial resilience:Charting the advancements and future horizons[J].Comparative Economic & Social Systems,(4):184-195.(in Chinese) 林春，张鑫，孙英杰.2024b.中国城市金融韧性测度、区域差异及动态演进[J].国际金融研究，(4):14-23.Lin C,Zhang X,Sun Y J.2024b.Measurement,regional differences and dynamic evolution of urban financial resilience in China[J].Studies of International Finance,(4):14-23.(in Chinese) 任碧云，张荧天.2024.数字普惠金融与贫困地区经济增长：效应检验与机制分析[J].财经理论与实践，45(6):2-9.Ren B Y,Zhang Y T.2024.Digital financial inclusion and economic growth in poor areas:Effect testing and mechanism analysis[J].The Theory and Practice of Finance and Economics,45(6):2-9.(in Chinese) 孙楚仁，史兆晨，刘雅莹.2024.贸易伙伴国被制裁对中国企业出口的影响[J].世界经济与政治论坛，(6):133-159.Sun C R,Shi Z C,Liu Y Y.2024.Impact of sanctions against trading partner countries on the exports of Chinese enterprises[J].Forum of World Economics & Politics,(6):133-159.(in Chinese) 汤淳，刘晓星.2022.中国金融市场韧性研究——基于风险冲击视角[J].金融经济学研究，37(3):3-18.Tang C,Liu X X.2022.A study of financial market resilience in China from a risk shock perspective[J].Financial Economics Research,37(3):3-18.(in Chinese) 王勋，王雪.2022.数字普惠金融与消费风险平滑：中国家庭的微观证据[J].经济学(季刊),22(5):1679-1698.Wang X,Wang X.2022.Digital financial inclusion and household risk smoothing:Chinese household level evidence[J].China Economic Quarterly,22(5):1679-1698.(in Chinese) 易行健，周利.2018.数字普惠金融发展是否显著影响了居民消费——来自中国家庭的微观证据[J].金融研究，(11):47-67.Yi X J,Zhou L.2018.Does digital financial inclusion significantly influence household consumption?Evidence from household survey data in China[J].Journal of Financial Research,(11):47-67.(in Chinese) 曾世宏，钟纯，刘迎娣.2022.数字化技术吸收会减少服务就业吗——基于新兴古典经济学分工理论的分析[J].经济学报，9(3):158-187.Zeng S H,Zhong C,Liu Y D.2022.Will digital technology uptake reduce service employment—Based on the analysis of the division of labor theory of new classical economics[J].China Journal of Economics,9(3):158-187.(in Chinese) 张笑，姜泽辉，刘晓宇.2024.互联网理财与居民消费：挤出效应还是财富效应?[J].技术经济，43(5):32-42.Zhang X,Jiang Z H,Liu X Y.2024.Internet money management and household consumption:Crowding-out effect or wealth effect?[J].Journal of Technology Economics,43(5):32-42.(in Chinese) 张勋，万广华，张佳佳，等.2019.数字经济、普惠金融与包容性增长[J].经济研究，54(8):71-86.Zhang X,Wan G H,Zhang J J,et al.2019.Digital economy,financial inclusion,and inclusive growth[J].Economic Research Journal,54(8):71-86.(in Chinese) 张勋，杨桐，汪晨，等.2020.数字金融发展与居民消费增长：理论与中国实践[J].管理世界，36(11):48-62.Zhang X,Yang T,Wang C,et al.2020.Digital finance and household consumption:Theory and evidence from China[J].Journal of Management World,36(11):48-62.(in Chinese) Buchak G,Matvos G,Piskorski T,et al.2018.Fintech,regulatory arbitrage,and the rise of shadow banks[J].Journal of Financial Economics,130(3):453-483. Bui C,Scheule H,Wu E.2017.The value of bank capital buffers in maintaining financial system resilience[J].Journal of Financial Stability,33:23-40. Hannig A,Jansen S.2010.Financial inclusion and financial stability:Current policy issues[R].Tokyo:Asian Development Bank Institute. Jain S.1999.Symbiosis vs.crowding-out:The interaction of formal and informal credit markets in developing countries[J].Journal of Development Economics,59(2):419-444. Ozili P K.2018.Impact of digital finance on financial inclusion and stability[J].Borsa Istanbul Review,18(4):329-340.
• (1)2017年中国人民银行在《消费者金融素养调查分析报告》中也明确指出教育水平与金融素养高度正相关。 (2)中国人民银行发布的《中国金融稳定报告(2019)》指出互联网金融行业存在过度借贷风险,部分居民利用互联网金融征信不完善,过度借贷,造成逾期无法偿还。 (3)囿于篇幅,具体测算步骤见文献(林春等,2024b)。 (4)为了避免量纲问题对估计结果造成的影响,本文对上述数字普惠金融指数和各分级指标均进行标准化处理。 (5)囿于篇幅,数据的描述性统计未列示,备索。 (6)节点城市主要指光纤网络横线与纵线交叉处所在的城市。 (7)此处创新创业变量同样进行标准化处理。