| 摘要: |
| 摘要：人力资本是国家经济社会发展的重要驱动力，随着数字经济的发展，数字金融对人力资本的影响作用凸显。基于2011－2023年中国266个地级市的面板数据，利用固定效应模型检验数字金融对人力资本的影响作用。结果表明：（1）数字金融对人力资本具有显著正向影响，且通过替换变量、剔除直辖市样本等稳健性检验后结论依然成立；（2）分维度检验发现：数字金融的覆盖广度对人力资本提升具有显著促进作用，使用深度没有影响，而数字化程度则呈现显著负向影响；（3）地区异质性检验表明：数字金融对东部、西部地区人力资本具有显著的积极影响，但对中部和东北部地区人力资本未产生影响；（4）城市层级检验表明：数字金融对经济发展水平及教育支出较低城市的人力资本提升作用更为突出，而在高水平城市中影响趋于饱和。为此，应着力破解数字金融在技术维度上的制约，实施区域差异化的数字金融发展策略，并在高发展水平城市推动质量深化型发展路径，以全面提升数字金融对人力资本的支持效能。 |
| 关键词: 关键词：数字金融；人力资本；覆盖广度；使用深度；数字化程度 |
| DOI： |
| 分类号:F832.3 |
| 基金项目:基金项目：重庆市教育科学“十四五规划”2022年度一般课题“构建生育、养育和教育‘三育一体’的保障政策体系研究”（K22YG208172）；重庆市教育科学规划重点项目“重庆高校拔尖创新人才培养现状与对策研究”（K23YD2080085）。 |
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| The Impact of Digital Finance on Human Capital |
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HUANG Ling1，LIU Gang2，JIANG Bo31,2,3
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1.（1.School of Economics, Chongqing Technology and Business University;2.Chongqing College of Finance and Economics;3.School of Statistics and Data Science, Southwestern University of Finance and Economics）
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| Abstract: |
| Abstract：Human capital is a key driver of national economic and social development. With the rise of the digital economy, the impact of digital finance on human capital has become increasingly prominent. Using panel data for 266 Chinese prefecture-level cities from 2011 to 2023, this study applies fixed-effects models to examine how digital finance influences human capital. The findings are as follows: (1)Digital finance exerts a significant positive effect on human capital, and this conclusion remains robust after replacing key variables and excluding municipalities. (2)When broken down by dimension, the breadth of digital-finance coverage significantly promotes human-capital accumulation, whereas the depth of usage shows no discernible impact, and the degree of digitization is negatively associated with human-capital gains. (3)Heterogeneity tests reveal that digital finance markedly enhances human capital in eastern and western China, yet has no significant effect in the central and northeastern regions. (4)Tests by city tier indicate that digital finance boosts human capital more prominently in cities with lower economic development and lower education expenditure; its impact tends to plateau in high-tier cities.Therefore, policymakers should tackle technological constraints within digital finance, adopt region-specific development strategies, and pursue quality-oriented pathways in high-development-tier cities to maximize the contribution of digital finance to human capital. |
| Key words: Key words：Digital Finance; Human Capital; Breadth of Coverage; Depth of Use; Degree of Digitalization |
