| 摘要: |
| 摘要：本文针对现有文献在构建金融稳定指标体系上存在的不全面、不适当等问题，运用2011－2020年我国31个省（自治区、直辖市）的面板数据，通过熵值法构建一个更全面的金融稳定指标体系。结果显示，2011－2020年我国金融稳定性显著提升，地区差异日渐缩小。在验证指标有效的基础上，采用面板固定效应模型，实证分析数字经济对区域金融稳定性的影响，结果表明：数字经济对区域金融稳定有显著的正向促进效应，其中数字经济发展深度的促进作用最为明显。从细分项来看，信贷对金融稳定的影响最大，保险影响最小。数字经济通过支持非国有制经济发展，促进了区域金融稳定；进一步的异质性研究发现，经济增速越快的地区，数字经济对金融稳定的促进作用越明显。 |
| 关键词: 关键词：金融稳定；数字经济；中介效应；异质性 |
| DOI： |
| 分类号:F832.1 |
| 基金项目: |
|
| Does the Digital Economy Enhance Regional Financial Stability？ |
|
FANG Yuan-yuan，YANG Sai
|
|
(The People’s Bank of China Operations Office)
|
| Abstract: |
| Abstract：This paper aims at the problems of incompleteness and inappropriateness in the construction of the financial stability indicator system in the existing literature，and uses the panel data of 31 provinces (autonomous regions，municipalities directly under the Central Government) in China from 2011 to 2020 to build a more comprehensive financial stability indicator system through the entropy method.Indicator data shows that China’s financial stability has significantly improved from 2011 to 2020，with regional differences gradually narrowing.On the basis of verifying the effectiveness of indicators，a fixed panel effect was used to empirically analyze the impact of the digital economy on regional finance.The results showed that the digital economy has a significant positive promoting effect on regional financial stability，and the promotion effect of the depth of digital economy development is the most obvious.From the perspective of sub items，credit has the greatest impact on financial stability，while insurance has the smallest impact；Mechanism research shows that the digital economy promotes regional financial stability by supporting the development of non-state-owned economies；Furthermore，heterogeneity studies have shown that regions with faster economic growth have a more significant promoting effect of the digital economy on financial stability. |
| Key words: Key words：Financial Stability；Digital Economy；Composite Index；Mesomeric Effect；Heterogeneity |
