金融学院知识库

创新是我国经济现代化建设的核心驱动因素，以数字化技术为基础的普惠金 融具有覆盖广、低成本、高效率等特点，可以对传统的金融环境进行优化，从而有效地缓解城市技术创新融资约束。我国西北地区数字普惠金融发展水平较为落 后，技术创新效率不高，那么，深入探究数字普惠金融对西北地区城市技术创新 效率的影响，以及其具体的传导机制便具有重要的理论和现实意义。

本文立足金融发展理论、区域经济增长理论、技术创新理论等基础理论，探 究数字普惠金融影响西北地区城市技术创新效率的作用机制。首先，对城市技术 创新效率的概念进行界定，确定创新投入与产出的指标，运用超效率 DEA 模型量 化测算了 33 个地级市技术创新效率。其次，收集 2011-2019 年西北地区 33 个主 要地级市的面板数据，探究数字普惠金融在西北地区主要城市的发展状况。最后， 应用面板固定效应模型分析其静态效应,应用系统 GMM 模型探究其动态效应,应用中介效应模型分析具体传导机制。

研究结果显示：第一，数字普惠金融对西北地区城市技术创新效率有正向显 著的影响，并且数字普惠金融的子维度指数覆盖广度、使用深度均正向促进城市 技术创新效率。第二,数字普惠金融对西北城市技术创新效率影响具有异质性, 数字普惠金融对技术创新效率的影响在经济相对发达城市更加显著。第三，在传 导机制方面，数字普惠金融能够通过改善区域资本错配，进而提高区域城市技术 创新效率；数字普惠金融可以通过影响消费水平,进而推动城市技术创新效率的 提升。

最后，本文通过经济、金融学理论分析和多种计量模型实证检验得出结论， 认为应该从以下几个方面来发挥数字普惠金融的促进作用，使其能够给区域城市 技术创新效率带来更加显著的影响，从而有效提升城市技术创新效率：第一，夯实技术基础，深化数字普惠金融在西北地区发展；第二， 要合理规划和统筹区 域数字普惠金融的发展，因城施策；第三，持续深化金融体制改革，推动传统金 融转型和优化升级；第四，完善要素市场化改革，缓解和改善金融资源分配的问 题。第五，要充分发挥数字普惠金融促进国内需求、拉动消费的作用。

Innovation is the core driving factor of China's economic modernization. Inclusive Finance which based on digital technology has the characteristics of wide coverage, low cost and high efficiency. It can optimize the traditional financial environment and effectively alleviate the financing constraints of urban technological innovation. The development level of digital Inclusive Finance in Northwest China is relatively backward, and the efficiency of technological innovation is not high. Therefore, it is of great theoretical and practical significance to deeply explore the impact of digital Inclusive Finance on the efficiency of urban technological innovation in Northwest China, as well as its specific transmission mechanism.

Based on financial development theory, regional economic growth theory, technological innovation theory and other basic theories, this paper explores the mechanism of digital Inclusive Finance affecting the efficiency of urban technological innovation in Northwest China. Firstly, define the concept of urban technological innovation efficiency, determine the indicators of innovation input and output, and use the super efficiency DEA model to quantify the technological innovation efficiency of 33 prefecture level cities. Secondly, the panel data of 33 major prefecture level cities in Northwest China from 2011 to 2019 are collected to explore the development of digital Inclusive Finance in major cities in Northwest China. Finally, the panel fixed effect model is used to analyze its static effect, the System GMM model is used to explore its dynamic effect, and the intermediary effect model is used to analyze the specific transmission mechanism.

The results show that: firstly, digital Inclusive Finance has a significant positive impact on the efficiency of urban technological innovation in Northwest China, and the coverage and depth of the sub dimension index of digital inclusive finance are positively promoting the efficiency of urban technological innovation. Secondly, the impact of digital Inclusive Finance on the efficiency of technological innovation in Northwest cities is heterogeneous. The impact of digital Inclusive Finance on the efficiency of technological innovation is more significant in relatively developed cities. Thirdly, in terms of transmission mechanism, digital inclusive finance can improve the efficiency of regional urban technological innovation by improving regional capital mismatch; Digital inclusive finance can promote the efficiency of urban technological innovation by influencing the consumption level.

Finally, through the theoretical analysis of economics and finance and the empirical test of a variety of measurement models, this paper concludes that the role of digital inclusive finance should be played from the following four aspects, so that it can have a more significant impact on the efficiency of regional urban technological innovation, so as to effectively improve the efficiency of urban technological innovation: first, consolidate the technological foundation and deepen the development of digital Inclusive Finance in Northwest China; Second, we should reasonably plan and coordinate the development of regional digital Inclusive Finance, and implement policies according to the city; Third, continue to deepen the reform of the financial system and promote the transformation, optimization and upgrading of traditional finance; Fourth, we should improve the market-oriented reform of factors and ease and improve the allocation of financial resources. Fifth, we should give full play to the role of digital Inclusive Finance in promoting domestic demand and stimulating consumption.