数字金融与实体经济发展：来自江苏省的理论与实践
Digital Finance and Real Economic Development: Theory and Practice from Jiangsu Province
摘要: 随着数字化时代金融与科技深度融合，数字金融为构建实体经济发展新格局提供了动力。本文基于2015~2022年江苏省十三市数据，采用工具变量法等进行回归分析，实证检验了数字金融对江苏省实体经济的影响及具体作用机制。研究结果表明，江苏省数字金融总指数以及降维层面指数均与实体经济正相关，数字金融扩大金融供给，提升了对实体经济的服务效率。在传导机制检验中，存在居民消费以及科技创新的正向传导作用，居民创业这一中介效应不显著；数字金融通过促进居民消费和技术创新为实体经济注入活力。异质性分析显示数字金融对实体经济的影响存在地区间差异和行业间差异。本文结合数字金融新形势，从创新发展与强化监管角度为数字金融赋能实体经济提供启示和建议。
Abstract: With the deep integration of finance and science and technology in the digital era, digital finance provides a driving force for building a new pattern of real economic development. Based on the data of thirteen cities in Jiangsu Province from 2015 to 2022, this paper empirically examines the impact of digital finance on the real economy of Jiangsu Province and the specific mechanism of its role by using regression analysis, such as the instrumental variable method. The results show that the total digital finance index and the descending dimension index in Jiangsu Province are positively correlated with the real economy, and digital finance expands the financial supply and improves the service efficiency to the real economy. In the transmission mechanism test, there is a positive transmission effect of residents’ consumption and technological innovation, and the mediating effect of residents’ entrepreneurship is not significant; digital finance injects vitality into the real economy by promoting residents’ consumption and technological innovation. Heterogeneity analysis shows that there are inter-regional and inter-industry differences in the impact of digital finance on the real economy. Combined with the new situation of digital finance, this paper provides insights and suggestions for digital finance to empower the real economy from the perspectives of innovative development and strengthened supervision.
文章引用：金宇. 数字金融与实体经济发展：来自江苏省的理论与实践[J]. 电子商务评论, 2025, 14(1): 868-881. https://doi.org/10.12677/ecl.2025.141109

参考文献

[1] 杨宇焰, 张柏杨. 繁荣的诅咒: 对金融部门扩张与实体经济发展关系的再认识——基于中国制造业数据的一个分析框架[J]. 云南财经大学学报, 2020, 36(10): 3-19.
[2] Thakor, A.V. (2020) Fintech and Banking: What Do We Know? Journal of Financial Intermediation, 41, Article 100833. [Google Scholar] [CrossRef] 
[3] Gomber, P., Kauffman, R.J., Parker, C. and Weber, B.W. (2018) On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 35, 220-265. [Google Scholar] [CrossRef] 
[4] 刘晓欣, 田恒. 虚拟经济与实体经济的关联性——主要资本主义国家比较研究[J]. 中国社会科学, 2021(10): 61-82+205.
[5] 刘敏楼, 宗颖. 金融支持实体经济发展: 理论探讨与中国实践[J]. 新疆社会科学, 2020(5): 49-59.
[6] Liu, J., Li, X. and Wang, S. (2020) What Have We Learnt from 10 Years of Fintech Research? A Scientometric Analysis. Technological Forecasting and Social Change, 155, Article 120022. [Google Scholar] [CrossRef] 
[7] Ozili, P.K. (2018) Impact of Digital Finance on Financial Inclusion and Stability. Borsa Istanbul Review, 18, 329-340. [Google Scholar] [CrossRef] 
[8] Goldstein, I., Jiang, W. and Karolyi, G.A. (2019) To Fintech and Beyond. The Review of Financial Studies, 32, 1647-1661. [Google Scholar] [CrossRef] 
[9] Leong, C., Tan, B., Xiao, X., Tan, F.T.C. and Sun, Y. (2017) Nurturing a Fintech Ecosystem: The Case of a Youth Microloan Startup in China. International Journal of Information Management, 37, 92-97. [Google Scholar] [CrossRef] 
[10] Bollaert, H., Lopez-de-Silanes, F. and Schwienbacher, A. (2021) Fintech and Access to Finance. Journal of Corporate Finance, 68, Article 101941. [Google Scholar] [CrossRef] 
[11] 黄益平, 黄卓. 中国的数字金融发展: 现在与未来[J]. 经济学(季刊), 2018, 17(4): 1489-1502.
[12] Abbasi, K., Alam, A., Du, M. and Huynh, T.L.D. (2021) Fintech, SME Efficiency and National Culture: Evidence from OECD Countries. Technological Forecasting and Social Change, 163, Article 120454. [Google Scholar] [CrossRef] 
[13] 宋敏, 周鹏, 司海涛. 金融科技与企业全要素生产率——“赋能”和信贷配给的视角[J]. 中国工业经济, 2021(4): 138-155.
[14] 唐松, 赖晓冰, 黄锐. 金融科技创新如何影响全要素生产率: 促进还是抑制?——理论分析框架与区域实践[J]. 中国软科学, 2019(7): 134-144.
[15] 惠献波. 数字普惠金融与城市绿色全要素生产率: 内在机制与经验证据[J]. 南方金融, 2021(5): 20-31.
[16] Bartlett, R., Morse, A., Stanton, R. and Wallace, N. (2022) Consumer-Lending Discrimination in the Fintech Era. Journal of Financial Economics, 143, 30-56. [Google Scholar] [CrossRef] 
[17] Beck, T., Pamuk, H., Ramrattan, R. and Uras, B.R. (2018) Payment Instruments, Finance and Development. Journal of Development Economics, 133, 162-186. [Google Scholar] [CrossRef] 
[18] 刘亦文, 陈亮, 李毅, 胡宗义. 金融可得性作用于实体经济投资效率提升的实证研究[J]. 中国软科学, 2019(11): 42-54.
[19] Basha, S., Elgammal, M.M. and Abuzayed, B.M. (2021) Online Peer-to-Peer Lending: A Review of the Literature. Electronic Commerce Research and Applications, 48, Article 101069. [Google Scholar] [CrossRef] 
[20] Fuster, A., Plosser, M., Schnabl, P. and Vickery, J. (2019) The Role of Technology in Mortgage Lending. The Review of Financial Studies, 32, 1854-1899. [Google Scholar] [CrossRef] 
[21] 于波, 陈红, 周宁. 绿色信贷、金融科技与商业银行盈利能力[J]. 统计与决策, 2021, 37(14): 161-164.
[22] 刘佳鑫, 李莎. “双循环”背景下数字金融发展与区域创新水平提升[J]. 经济问题, 2021(6): 24-32.
[23] 张勋, 杨桐, 汪晨, 万广华. 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, 2020, 36(11): 48-63.
[24] 易行健, 周利. 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, 2018(11): 47-67.
[25] 龙小宁. 科技创新与实体经济发展[J]. 中国经济问题, 2018(6): 21-30.
[26] 汪亚楠, 徐枫, 郑乐凯. 数字金融能驱动城市创新吗? [J]. 证券市场导报, 2020(7): 9-19.
[27] 李春涛, 闫续文, 宋敏, 杨威. 金融科技与企业创新——新三板上市公司的证据[J]. 中国工业经济, 2020(1): 81-98.
[28] 钟凯, 梁鹏, 董晓丹, 王秀丽. 数字普惠金融与商业信用二次配置[J]. 中国工业经济, 2022(1): 170-188.
[29] Ahluwalia, S., Mahto, R.V. and Guerrero, M. (2020) Blockchain Technology and Startup Financing: A Transaction Cost Economics Perspective. Technological Forecasting and Social Change, 151, Article 119854. [Google Scholar] [CrossRef] 
[30] 胡骞文, 李湛, 张广财. 数字普惠金融支持实体经济发展的效应及异质性研究[J]. 新金融, 2022(10): 18-24.
[31] 唐松, 伍旭川, 祝佳. 数字金融与企业技术创新——结构特征、机制识别与金融监管下的效应差异[J]. 管理世界, 2020, 36(5): 52-66.
[32] 万佳彧, 周勤, 肖义. 数字金融、融资约束与企业创新[J]. 经济评论, 2020(1): 71-83.
[33] 张尧, 姜元刚, 王红梅, 等. 数字金融与企业创新: 基于数字经济的微观证据[J]. 中国软科学, 2024(8): 211-224.
[34] 朱华晟, 孔一粟. 我国区域创业水平与经济发展水平关系研究[J]. 华东经济管理, 2018, 32(10): 79-85.

为你推荐