数字金融对城市经济弹性的影响及机制研究

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-07-11 DOI:10.1016/j.irfa.2025.104468

Lijuan Zhao , Junhong Shi , Ya Tao

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引用次数: 0

摘要

增强城市经济韧性是应对外部冲击、促进城市经济高质量发展的重要途径。本文基于2011 - 2022年中国280个城市的面板数据，通过双向固定效应模型、中介效应模型和调节效应模型，实证探讨了数字金融对城市经济弹性的影响及其作用机制。结果表明，数字金融对城市经济弹性具有显著的正向影响，在中东部地区和经济弹性水平较高的地区，数字金融对城市经济弹性的促进作用更为明显。机制检验表明，数字金融通过技术创新间接影响城市经济弹性的提高。此外，我们发现人力资本水平在数字金融增强城市经济弹性的过程中起到正向调节作用。它不仅增强了数字金融的直接效应，而且对技术创新对城市经济弹性的间接效应起到正向调节作用。在此基础上，我们提出了针对性的对策建议。

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The impact and mechanism of digital finance on urban economic resilience

Enhancing the resilience of urban economy is an important way to cope with external shocks and promote high-quality development of urban economy. Based on panel data of 280 cities in China from 2011 to 2022, this paper empirically explores the impact and mechanism of digital finance on urban economic resilience through a two-way fixed effects model, mediating effect model, and moderating effect model. The results show that digital finance has a significant positive impact on urban economic resilience, with a more pronounced promoting effect in the central and eastern regions and areas with high levels of economic resilience. Mechanism testing reveals that digital finance indirectly affects the improvement of urban economic resilience through technological innovation. Moreover, we find that the level of human capital plays a positive moderating role in the process of digital finance enhancing urban economic resilience. It not only enhances the direct effects of digital finance, but also plays a positive moderating role in the indirect effects of technological innovation on urban economic resilience. Based on this, we propose targeted countermeasures and suggestions.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.