摘要
长三角一体化是国家推动区域协调发展的重大战略,数字金融作为数字技术与金融创新深度融合的产物,对赋能长三角城市一体化具有重要作用。从理论上解析数字金融发展对长三角城市一体化的影响机制,并基于2011—2020年长三角41个城市的面板数据,通过构建固定效应模型、调节效应模型和门槛效应模型,实证检验数字金融对长三角城市一体化的非线性影响关系及作用机制。结果表明:数字金融总体上能够显著推动长三角城市一体化,且存在明显的结构效应和区域异质性,数字金融的使用深度作用最强,对交流服务的影响最大,数字金融能够更好地提升发达地区城市一体化程度;金融从业人数在数字金融促进长三角城市一体化过程中具有显著的正向调节效应;门槛效应检验发现金融从业人数对长三角城市一体化具有显著的双门槛效应,其影响呈现边际效应递增态势。因此,需要夯实数字金融基础设施,推动数字金融区域协调发展,增加金融从业人数,加速城市一体化发展进程。
The Yangtze River Delta region is one of the most active,open and innovative regions in China’s current economic development.It occupies a strategic position in the international modernization construction and the all-round opening-up pattern.After years of development,digital finance has shown the characteristics of digitalization,virtualization and scenariography,and has gradually entered a stage of steady development.Relying on its geographical and economic development advantages,the digital finance of the three provinces and one municipality in the Yangtze River Delta has shown a high-speed development trend in ten years.The integration of the Yangtze River Delta is a major national strategy to promote regional coordinated development.Digital finance,as the product of a deep integration of digital technology and financial innovation,plays an important role in empowering the integration of cities in the Yangtze River Delta.This paper theoretically analyzes the impact mechanism of digital finance development on the integration of cities in the Yangtze River Delta,and empirically tests the nonlinear relationship and moderating effect of digital finance on the integration of cities in the Yangtze River Delta based on the panel data of 41 cities in the Yangtze River Delta from 2011 to 2020 by constructing fixed-effect models,moderating-effect modelsand threshold-effect models.The results show that digital finance can significantly promote the integration of cities in the Yangtze River Delta.In terms of sub-dimensions,the coverage breadth,usage depth and digitization degree of digital finance also have a positive effect on the integration of cities in the Yangtze River Delta.This promotion effect has certain structural effects.The promotion effects of digital finance on economic development,scientific and technological innovation,and exchange services are statistically significant,among which the impact of digital finance on exchange services is the greatest,while the impact on ecological support is limited.In the analysis of control variables,this paper finds that unreasonable industrial structure also affects the integration process.Furthermore,in the regional heterogeneity regression,Zhejiang Province and Jiangsu Province have more significant effects of digital finance on the integration of cities in the Yangtze River Delta than Anhui does,which shows that the development status of different cities will affect the promotion effect to some extent.The number of financial practitioners has a significant positive moderating effect on promoting the integration of cities in the Yangtze River Delta.The threshold effect test finds that the number of financial practitioners has a significant double-threshold effect on the integration of cities in the Yangtze River Delta,showing an increasing trend of marginal effects.Therefore,China should actively develop digital finance to promote the integration process.Specifically,China needs to consolidate the infrastructure of digital finance,improve the supporting measures for digital finance development,and pay attention to environmental protection issues during urban development.In addition,governments should tilt resources to relatively backward regions,create good conditions for inclusive finance development,promote combined development of traditional finance and digital finance,fill in the gaps of financial development between different regions,and promote balanced development among cities in the Yangtze River Delta.Economically underdeveloped regions should focus on improving digital financial coverage breadth,which requires a sufficient number of financial practitioners.They should vigorously develop basic financial knowledge and education related to digital finance.They should also cultivate high-quality financialpersonnel and recruit financial practitioners to promote inclusive finance development.
作者
姚登宝
王智睿
郝黎
YAO Dengbao;WANG Zhirui;HAO Li(Economics School,Anhui University,Hefei 230601,China;Survey Office of the National Bureau of Statistics in Anhui,Hefei 230041,China)
出处
《重庆理工大学学报（社会科学）》
CAS
2023年第8期39-53,共15页
Journal of Chongqing University of Technology（Social Science）
基金
安徽省哲学社会科学规划项目“金融支持安徽战略性新兴产业集群发展的效率评价与路径优化研究”(AHSKY2021D135)。
关键词
数字金融
长三角城市一体化
固定效应模型
金融从业人数
门槛效应
digital finance
Yangtze River Delta urban integration
fixed effect model
number of employees in the financial industry
threshold effect
