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金融研究  2024, Vol. 529 Issue (7): 20-39    
  本期目录 | 过刊浏览 | 高级检索 |
数字金融支持高质量发展:理论、机制和证据
沈艳, 江弘毅, 胡诗云, 赵家琪, 黄卓
北京大学中国经济研究中心/国家发展研究院/数字金融研究中心,北京 100871
Digital Finance Supports High-quality Development: Theory, Mechanism and Evidence
SHEN Yan, JIANG Hongyi, HU Shiyun, ZHAO Jiaqi, HUANG Zhuo
China Center for Economic Research/National School of Development/ Institute of Digital Finance, Peking University
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摘要 本文通过综述数字金融支持高质量发展相关文献,明确数字金融进一步推动高质量发展的逻辑和路径。在介绍数字金融支持高质量发展的相关理论后,本文着重从数字金融支持乡村振兴、支持企业发展的直接影响角度,和数字金融提升金融体系服务实体经济能力的间接影响角度,梳理相关机制和证据,并评估数字金融在支持共同富裕中的作用。通过提炼概括数字金融服务高质量发展的主要机制,本文总结数字金融实践中的主要经验,并探讨未来的政策制定和学术研究方向。本文指出,除了深化现有各领域的研究之外,数字金融如何有效利用金融数据、如何发展数字金融基础设施、如何支持我国高水平对外开放等问题,均值得进一步探究。
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沈艳
江弘毅
胡诗云
赵家琪
黄卓
关键词:  数字金融  高质量发展  乡村振兴  产业数字金融  共同富裕    
Summary:  High-quality development is the primary task for China in recent years, and the financial system plays a key role in this process. As one of the most significant financial innovations in recent years, digital finance has provided new opportunities for financial support of high-quality development. With the rapid development of digital finance, research on this topic has become a focal point. Existing literature has examined the achievements, impacts, and challenges of digital finance development from multiple perspectives, including countries, regions, industries, sectors, enterprises, households, and individuals. However, looking towards the future, there is a lack of systematic discussion on how to develop digital finance, and in which industries, enterprises, and sectors should we focus efforts to support high-quality development better and prevent systemic financial risks.
This paper aims to review the literature on how digital finance can support high-quality development, from the perspectives of theoretical foundations, empirical findings and mechanisms. With innovation as the primary driving force, it systematically reviews recent research findings on how digital finance supports high-quality development. It extracts the main mechanisms of digital finance services for high-quality development, summarizes the main experiences in digital finance practice, and discusses future policy formulations and academic research directions.
To understand the mechanisms and practices of digital finance in supporting high-quality development, it is necessary to first review the corresponding theories. This paper examines the generalization of the long-tail theory, information asymmetry theory, and transaction cost theory in the field of digital finance, which helps to explain how digital finance can promote capital accumulation, improve the efficiency of capital allocation, and foster innovation. This lays the theoretical foundation for subsequent discussions.
The paper further reviews the literature from two perspectives: how digital finance directly and indirectly support the high-quality development of the real economy. For the first perspective, the paper mainly focuses on supporting rural revitalization and the development of enterprises and industries. In terms of rural revitalization, how to promote it through the development of digital finance is an important contemporary issue. The paper reviews existing literature around the “agriculture, rural areas, and farmers” theme, focusing on empowering agricultural transformation and upgrade, deepening financial services for farmers, and aiding rural inclusive finance. In supporting enterprise development, the development of enterprises is crucial for the high-quality development of China's economy. However, the problem of “expensive and difficult loans” for medium-, small and micro enterprises has not been properly resolved, and the slowdown in the growth of total factor productivity over the past decade has also triggered attention to innovation-driven development. Additionally, China's digital financial services have mainly focused on the retail finance sector, but services for the industrial internet are still in their infancy. The current status and impact of digital finance in aiding the development of the industrial internet deserve attention. Therefore, the paper reviews related literature from three dimensions: digital finance alleviating the financing difficulties of medium-, small and micro enterprises, improving enterprise operations, promoting enterprise innovation, and industrial digital finance facilitating the digitalization of industries.
For the second perspective, the paper considers how digital finance can transform the financial system, thereby enhancing its ability to contribute to high-quality development. Digital finance not only directly changes the way financial institutions contribute to the economy but also triggers a transformation of the entire monetary and financial system. The innovation of digital finance provides new opportunities for the monetary and financial system, while posing new challenges to the stability of the entire financial system. This section mainly unfolds from five aspects. First, the development of digital finance puts pressure on the profitability of traditional financial institutions, prompting banks to undergo digital transformation to improve their service efficiency and quality. Second, it assesses the impact of digital finance development on the transmission of monetary policy. This includes considering how digital finance affects monetary policy transmission through traditional currency and discussing the impact of digital currency. Third, it evaluates the relationship between digital finance development and financial stability, which is further explored from the relationship between digital finance and financial risks and the prevention of digital financial risks. Fourth, it discusses how digital finance can play a role in the context of an accelerating aging process. Fifth, it explores the relationship between digital finance and green finance, as well as the relevant impact of digital finance on green finance.
High-quality development is development that satisfies the people's ever-growing needs for a better life; it is coordinated and shared development. Digital finance may play a positive role by consolidating poverty alleviation efforts, improving financial inclusiveness, and promoting economic convergence between regions. Therefore, the paper further revolves around the important goal of common prosperity, focusing on three aspects: digital finance and poverty reduction, social equality, and urban-rural regional coordinative development. It reviews and assesses the role and impact of digital finance in satisfying the people's needs for a good life and achieving coordinated development.
By summarizing the main mechanisms of digital finance services for high-quality economic development, this paper summarizes the main experiences in digital finance practice and discusses policy implications and academic research directions. It points out that in addition to deepening research in existing fields, issues such as how digital finance can effectively utilize financial data, develop digital finance infrastructure, and support China's high-level opening-up are all worthy of further exploration.
Keywords:  Digital Finance    High-quality Development    Rural Revitalization    Industrial Digital Finance    Common Prosperity
JEL分类号:  G00   G20  
基金资助: *本文为国家自然科学基金面上项目72271010、72273005,国家自然科学基金应急管理专项项目72271418、72241421,高等院校稳定资助项目20231121164738002部分研究成果。感谢匿名审稿人的宝贵意见。文责自负。
通讯作者:  江弘毅,博士研究生,北京大学中国经济研究中心,北京大学国家发展研究院,E-mail:hyjiang2017@nsd.pku.edu.cn.   
作者简介:  沈 艳,经济学博士,教授,北京大学中国经济研究中心/国家发展研究院/数字金融研究中心,E-mail:yshen@nsd.pku.edu.cn.胡诗云,博士研究生,北京大学中国经济研究中心,北京大学国家发展研究院,E-mail:syhu2017@nsd.pku.edu.cn.赵家琪,博士研究生,北京大学中国经济研究中心,北京大学国家发展研究院,E-mail:jqzhao2017@nsd.pku.edu.cn.黄 卓,经济学博士,教授,北京大学中国经济研究中心/国家发展研究院/数字金融研究中心, E-mail:zhuohuang@nsd.pku.edu.cn.
引用本文:    
沈艳, 江弘毅, 胡诗云, 赵家琪, 黄卓. 数字金融支持高质量发展:理论、机制和证据[J]. 金融研究, 2024, 529(7): 20-39.
SHEN Yan, JIANG Hongyi, HU Shiyun, ZHAO Jiaqi, HUANG Zhuo. Digital Finance Supports High-quality Development: Theory, Mechanism and Evidence. Journal of Financial Research, 2024, 529(7): 20-39.
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http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2024/V529/I7/20
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