Analysis Of The Wage Effect And Mechanism Of Digital Inclusive Financ

Wage income not only reflects the supply and demand situation in the labor market,but also a major event related to people’s income and people’s livelihood development.The decision and gap of wages have always been classic topics discussed in the field of labor economics.As a new model of financial development,digital inclusive finance has a profound impact on all subjects of the market economy.Digital inclusive finance is becoming more and more mature to provide economic subjects with complete financial services and stable financial support.The rise and expansion of businesses supported by digital financial inclusion have led to changes in labor demand,which have changed the balance of supply and demand in the labor market and affected wage levels.It can be seen that exploring the impact of digital financial inclusion on wages is an important supplement to the research on the development effect of digital financial inclusion and the determination of labor wages.This thesis takes 284 prefecture-level and above cities and 30 provinces and municipalities(excluding Tibet,Hong Kong,Macao and Taiwan)as samples from 2011 to2019,and uses the panel double fixed effect model,panel threshold model,panel mediator variable model and two-stage minimum The multiplication model explores the impact and mechanism of the development of digital financial inclusion on wages.The empirical research of this thesis consists of seven parts.First,the OLS and panel double fixed effects models are used to estimate the combined effect and the size of the lagged effect of the development level of digital financial inclusion on wages.Secondly,discuss the endogeneity problem,and use methods such as adding a lagged one-period explanatory variable and the instrumental variable method to alleviate the impact of the endogeneity problem.Thirdly,by changing the sample and changing the explained variable and re-regressing,the robustness test is carried out.Fourth,the three sub-dimension indicators of the digital financial inclusion general index are respectively used as core explanatory variables to conduct sub-dimension tests.Fifth,conduct a heterogeneity test to verify whether there are significant differences in the impact of digital financial inclusion development on wages in regions with different geographical locations and economic development characteristics.Sixth,the panel threshold model is used to verify whether there is a threshold effect in the impact of the digital financial inclusion index and its sub-dimension indicators on the wage level,what are the number of thresholds,the size of the threshold value,and what are the characteristics of their respective marginal effects.Finally,the influence mechanism of digital financial inclusion on wages is verified,entrepreneurship and industrial structure optimization are selected as mediating variables,and the mediating effect is verified by stepwise regression method and bootstrap method.The study found that digital financial inclusion can significantly promote the increase of wages,and there is a lag effect on the impact of wages.The digital financial inclusion breadth index,the use depth index and the digital support service index all have a significant positive impact on the wage level,of which the digital financial inclusion depth index has the greatest impact on the wage level.There are regional differences in the wage effect of the development of digital financial inclusion,and it is more pronounced in cities with low average annual GDP growth and low average annual GDP.The impact of digital financial inclusion development on wages has nonlinear characteristics,and there is a significant threshold effect.In addition,in the impact of digital financial inclusion on wages,there are two intermediaries,entrepreneurship and industrial structure optimization.