| 摘要: |
| 摘要：基于2011-2020年中国省级面板数据，构建固定效应和面板门限模型，分析数字金融对经济波动的影响，探究数字金融影响金融发展水平和金融市场化水平对经济波动产生影响的机制路径，研究发现：数字金融对经济波动有着显著的抑制效应，并伴随着双重门限效应。数字金融在水平较低时会对经济波动有助推作用；在超过第一门限值后，数字金融对经济波动表现出显著的抑制效应；但是在数字金融高于第二门限值后，数字金融对经济波动的边际抑制效应有所下降。数字金融通过削弱金融发展的“金融减速器”效应和降低直接融资水平，削弱金融发展和金融市场化对经济波动的平抑效果。因此，应合理引导数字金融发展，稳步推进金融市场化的步伐，以实现数字金融对经济稳定增长的积极作用。 |
| 关键词: 关键词：数字金融；经济波动；金融市场化；直接融资；金融减速器 |
| DOI： |
| 分类号:F832；F012 |
| 基金项目:基金项目：新疆财经大学研究生科研创新项目“数字金融、资本配置效率与区域协调发展”（XJUFE2023K014）。 |
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| Digital Finance, Financial Marketization and Economic Fluctuations |
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XU Yun-fei
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（School of Finance,Xinjiang University of Finance & Economic）
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| Abstract: |
| Abstract：Based on China’s provincial panel data from 2011 to 2020,fixed effect and panel threshold models are constructed to analyze the impact of digital finance on economic fluctuations,and explore the mechanism paths through which digital finance affects the level of financial development and the level of financial marketization to have an impact on economic fluctuations.It was found that digital finance has a significant dampening effect on economic fluctuations,accompanied by a double threshold effect.Digital finance can contribute to economic fluctuations at lower levels,beyond the first threshold,digital finance exhibits a significant dampening effect on economic fluctuations,But the marginal dampening effect of digital finance on economic volatility declines after digital finance is above the second threshold value.Digital finance weakens the dampening effect of financial development and financial marketization on economic volatility by weakening the “financial decelerator” effect of financial development and reducing the level of direct financing.Therefore,the development of digital finance should be reasonably guided and the pace of financial marketization should be steadily pushed forward,so as to realize the positive effect of digital finance on the stable growth of the economy. |
| Key words: Key words：Digital Finance;Economic Fluctuations;Financial Marketization;Direct Finance; Financial Decelerator |
