财经问题研究

数字普惠金融发展在缓解金融市场资源错配和促进金融要素价格均衡等方面具有重要作用。本文基于2011—2021年中国30个省级单位的面板数据，运用空间杜宾模型和空间中介效应模型实证检验了数字普惠金融发展对金融要素扭曲的影响及作用机制。研究结果表明，数字普惠金融发展不仅能够缓解本地区金融要素扭曲，而且能够对周边地区金融要素扭曲产生显著的空间溢出效应。异质性分析结果表明，数字普惠金融发展对金融要素扭曲的缓解作用在中西部地区、数字普惠金融发展水平低地区和数字基础设施建设水平低地区更显著，但政府数字经济发展关注度高地区的数字普惠金融发展可能会加剧本地区金融要素扭曲。中介效应分析结果表明，数字普惠金融发展通过促进城乡经济融合发展和推动科技创新缓解金融要素扭曲。本文的研究为推进数字普惠金融高质量发展提供了理论依据。

How to accelerate the market-oriented allocation of financial factors and alleviate the distortion of financial factors is the key task of the current and future financial supply-side structural reform. Existing literature has not revealed the transmission mechanism of digital inclusive finance to alleviate the distortion of financial factors, nor has it comprehensively discussed the heterogeneity of digital inclusive finance to alleviate the distortion of financial factors.This paper based on the panel data of 30 provincial-level regions in China from 2011 to 2021, established the spatial Durbin model and spatial mediating effect model to empirically test the effect and mechanism of digital inclusive finance on the distortion of financial factors. The results show that the development of digital inclusive finance not only helps alleviate the distortion of local financial factors but also has a spatial spillover effect on the distortion of financial factors in surrounding areas. The heterogeneity test results show that in the central and western regions, digital inclusive finance plays a greater role in alleviating the distortion of local financial factors, but in the eastern region, the spatial spillover effect of digital inclusive finance in alleviating the distortion of financial factors in the surrounding regions is greater. In the low-level areas of the development of digital inclusive finance, the mitigation effect of digital inclusive finance on the distortion of local financial factors is greater, but the spatial spillover effect on the surrounding areas is relatively weak. In high-level areas of digital infrastructure construction, the development of digital inclusive finance can only alleviate the distortion of financial factors in surrounding areas, but in low-level areas of digital infrastructure construction, the development of digital inclusive finance can alleviate the distortion of financial factors in local and surrounding areas. In areas with high government digital attention, digital inclusive finance will alleviate the distortion of financial factors in surrounding areas, but will aggravate the distortion of local financial factors. In areas with low government digital attention,digital inclusive finance will alleviate the distortion of local financial factors, but will aggravate the distortion of financial factors in surrounding areas. The mechanism test shows that digital inclusive finance alleviates the distortion of financial factors by facilitating urban-rural economic integration and promoting technological innovation.On the one hand, this paper helps enrich the research scope of digital inclusive finance and distortion of financial factors; on the other hand, it can provide decision-making reference for further formulating differentiated digital financial policies and promoting financial marketization reform, thus better playing the role of the development of digital inclusive finance in alleviating the distortion of financial factors.