科技创新赋能了金融发展吗？——基于长江经济带门槛效应的实证研究

Does Hi-tech Innovation Empower Financial Development?—The Empirical Research Based on Threshold Effect of Yangtze River Economic Belt

摘要:

摘 要：金融科技已成为当今热点，科技创新是否在一定程度上促进了金融发展水平？文章选取长江经济带11 省市1998～2016年的面板数据，基于Hansen门槛回归模型，以经济增长和产业结构为门槛变量进行实证分析，检验了科技创新对金融发展的影响。研究表明，以经济增长为门槛时，科技创新会降低金融发展减缓的速度；以产业结构为门槛时，科技创新对金融发展的影响关系为“倒N”型。同时发现下游地区科技已成为金融发展新动能，中游地区科技创新对金融发展的促进作用整体呈“倒U”形，上游地区科技对金融的驱动力疲软。进一步指出，科技赋能金融，金融服务科技是实现可持续金融发展和普惠金融的关键。

Abstract:

Abstract: Fin-tech have become a hot spot, does Hi-tech innovation promote financial development? Based on the non-dynamic panel threshold regression model of Hansen and adopting economic growth and industrial structure as the threshold variables for empirical analysis, this paper selects the panel data of 11 provinces and cities in the Yangtze River Economic Belt from 1998 to 2016, The research shows that when economic growth is taken as the threshold, scientific and technological innovation will weaken the "marginal decline" effect of financial development, but when the industrial structure is taken as the threshold, the relationship between Hi-tech innovation and financial development will be an "inverted N" type. It also illustrates that the relationship between Hi-tech innovation and financial development is disequilibrium and linear， and the impact of Hi-tech innovation on financial development in the middle reaches is in the form of "inverted U" weakness, while the driving force of science and technology on finance in the upper reaches is still insufficient, showing obvious regional differences. It is further pointed out that Hi-tech enable finance and financial service science and technology are the key to sustainable financial development and inclusive finance.