金融学院知识库

实体经济是物质财富的直接创造者，也是社会财富与综合国力形成的物质基础。发达而稳健的实体经济，对于保障就业机会，改善人民生活，抵御外部冲击，实现经济持续发展与社会稳定，都有着十分重要的意义。我国经济的高质量发展要靠实体经济，但近年来实体经济“脱实向虚”、产能过剩或不足问题严重，其未来发展呈现疲软之势。当前，遏制企业弃实投虚趋势、振兴实体经济，关键要改善实体经济资本配置效率偏低的问题。金融是经济发展的血脉，精准掌控金融服务实体经济的总体态势，为实体经济注入发展动力，数字普惠金融的兴起可在一定程度上优化金融资源的科学合理配置。数字普惠金融是数字技术与普惠金融深度融合的产物，相较于传统金融能更好地适应现代经济社会发展模式，利用数字技术有效识别行业的成长性，提升金融服务的便捷性、精准性和安全性，营造良好的金融服务生态环境，影响实体经济资源配置效率。因此，研究数字普惠金融与实体经济资本配置效率的影响关系及作用机制在当下具有重要意义。

本文首先对国内外学者就数字普惠金融、实体经济资本配置效率以及两者关系的有关研究进行梳理，明确两者的概念内涵，总结相关理论基础，从直接和间接深刻剖析其影响的作用机制。然后在此基础上，利用Wurgler模型对我国整体及区域的实体经济资本配置效率进行测度，根据测度结果阐述实体经济资本配置效率的发展现状，并且运用固定效应模型对数字普惠金融总指数和三个细分维度对实体经济资本配置效率的影响进行实证检验，结果表明数字普惠金融发展对实体经济资本配置效率具有明显正向促进作用，又运用GMM模型对实证结果进行了稳健性检验。除此之外，本文还运用中介效应模型，对数字普惠金融如何影响实体经济资本配置效率进行了进一步讨论，揭示了金融效率在其影响传导进程中起到中介作用。最后，基于理论和实证结果分析，从加快金融数字化步伐、强化政策引导作用、探索地区差别发展、推进金融市场化进程、提升金融效率等层面提出了提高实体经济资本配置效率的对策建议。

The real economy is the direct creator of material wealth, and it is also the material basis for the formation of social wealth and comprehensive national strength. A developed and stable real economy is of great significance to ensuring employment opportunities, improving people's lives, resisting external shocks, and achieving sustained economic development and social stability. The high-quality development of China's economy depends on the real economy, but in recent years, the real economy has been "dematerialized to virtual", overcapacity or insufficient capacity is serious, and its future development has shown a weak trend. At present, the key to curbing the trend of enterprises abandoning real investment and revitalizing the real economy is to improve the problem of low efficiency of capital allocation in the real economy. Finance is the bloodline of economic development, accurately control the overall situation of the real economy of financial services, inject development impetus into the real economy, and the rise of digital inclusive finance can optimize the scientific and reasonable allocation of financial resources to a certain extent. Digital inclusive finance is the product of the deep integration of digital technology and inclusive finance, which can better adapt to the modern economic and social development model than traditional finance, use digital technology to effectively identify the growth of the industry, improve the convenience, accuracy and security of financial services, create a good financial service ecological environment, and affect the efficiency of resource allocation in the real economy. Therefore, it is of great significance to study the influence relationship and mechanism between digital inclusive finance and the capital allocation efficiency of the real economy.

This paper first sorts out the relevant research of domestic and foreign scholars on digital inclusive finance, the efficiency of capital allocation in the real economy and the relationship between the two, clarifies the conceptual connotation of the two, summarizes the relevant theoretical foundations, and deeply analyzes the mechanism of their influence from direct and indirect perspectives. Then, on this basis, the Wurgler model is used to measure the capital allocation efficiency of the real economy as a whole and in China, and the development status of the capital allocation efficiency of the real economy is explained according to the measurement results, and the impact of the total index of digital inclusive finance and the three subdivision dimensions on the capital allocation efficiency of the real economy is empirically tested by using the fixed effect model, and the results show that the development of digital inclusive finance has an obvious positive effect on the capital allocation efficiency of the real economy The GMM model tested the robustness of the empirical results. In addition, this paper also uses the intermediary effect model to further discuss how digital inclusive finance affects the capital allocation efficiency of the real economy, revealing that financial efficiency plays an intermediary role in its influence transmission process. Finally, based on the analysis of theoretical and empirical results, it is necessary to accelerate the pace of financial digitalization, strengthen the role of policy guidance, explore the development of regional differences, promote the process of financial marketization, and improve financial efficiency The level put forward countermeasures and suggestions to improve the efficiency of capital allocation in the real economy.