The impact of digital inclusive finance on regional capital aggregation

IF 2.5 3区经济学 Q2 ECONOMICS

Managerial and Decision Economics Pub Date : 2024-08-15 DOI:10.1002/mde.4363

Tianxiang Sheng, Jiahui Teng

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Abstract

Capital flow and aggregation are pivotal to regional coordinated development, and the innovations within the financial industry have introduced significant changes. This study examines the potential impact of digital inclusive finance on regional capital aggregation. By analyzing city data from China between 2011 and 2020, we find that the development of digital inclusive finance exhibits an inverted U-shaped effect on regional capital aggregation. During the initial stages of digital inclusive finance development, it promotes regional capital aggregation; however, beyond a certain threshold, there is a fostering of capital outflow. The impact mechanism reveals that digital inclusive finance exerts a nonlinear effect on the efficiency of regional capital allocation, thereby altering the regional capital aggregation level. Furthermore, enhancing human capital levels can accelerate this process, whereas increased government intervention may impede it. This study contributes to the theoretical research on factors influencing capital flow across regions and offers significant implications for utilizing digital inclusive finance to narrow the regional capital allocation gap and promote coordinated regional development.

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资本流动和聚集对区域协调发展至关重要，金融业的创新带来了重大变化。本研究探讨了数字普惠金融对区域资本聚集的潜在影响。通过分析中国2011年至2020年的城市数据，我们发现数字普惠金融的发展对区域资本聚集呈现倒U型效应。在数字普惠金融发展的初始阶段，数字普惠金融促进了区域资本聚集；但超过一定临界点后，数字普惠金融促进了资本外流。影响机制揭示了数字普惠金融对区域资本配置效率的非线性影响，从而改变了区域资本聚集水平。此外，提高人力资本水平可以加速这一进程，而加强政府干预则可能阻碍这一进程。本研究为跨区域资本流动影响因素的理论研究做出了贡献，并为利用数字普惠金融缩小区域资本配置差距、促进区域协调发展提供了重要启示。

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来源期刊

Managerial and Decision Economics Multiple-

CiteScore

1.40

自引率

18.20%

发文量

242

期刊介绍： Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.