Research On The Impact Of Digital Inclusive Finance On The Efficiency Of Financial Resource Allocation In China

In China,provinces and populations are large,the development level of different provinces has a large gap,and the allocation of financial facilities between regions is uneven,which has led to a large difference in the financial services received by Chinese residents,and the efficiency of financial resource allocation between provinces and cities is not balanced.However,digital financial inclusion is a new type of financial services,and the innovation of financial services with digital technology not only reduces the cost of providing funds,but also makes services more accessible to service recipients;In addition,under the previous traditional financial service system,groups that did not have access to financial services could also be supported by financial services because of the improvement of entry barriers by digital inclusive finance.Therefore,digital inclusive finance will be able to bring greater changes to financial services to a certain extent,and can more directly and extensively cover the groups excluded by traditional finance,and achieve true inclusiveness,which is reflected in the allocation of resources and can effectively improve the efficiency of financial resource allocation.After combing the relevant references,this paper finds that most of the current literature focuses on the impact of digital inclusive finance on industrial structure upgrading and the poverty reduction effect of digital inclusive finance,and only a few scholars have studied the relationship between digital inclusive finance and the financial resource allocation efficiency of listed enterprises in China,while the research on the relationship between digital inclusive finance and financial resource allocation efficiency is relatively lacking.However,finance itself has the function of resource allocation,and whether the continuous upgrading of digital inclusive financial technology and forms can further improve the allocation efficiency of financial resources,make the allocation of financial resources more reasonable and efficient,and then improve the overall level of China’s economic development,only a few scholars have conducted in-depth research and demonstration.Therefore,the research of this paper has certain theoretical and practical significance.After reviewing the relevant measurement literature,this paper fully considers the reasons for the selection of indicators in most of the current literature on the efficiency of the financial industry,and the DEA-Malmquist model was established to measure the financial resource allocation efficiency of 31 provinces and cities in China in 2011～2020;In the classification analysis,this paper studies the division of provinces in China by the Development Research Center of the State Council,and adopts its idea of "eight comprehensive economic zones" to divide and study the 31 provinces and cities in China according to geographical location and corresponding economic and trade relations.Then,the system GMM model was used to empirically study the impact of digital financial inclusion on the efficiency of financial resource allocation in China,and on the basis of the basic model and actual situation,the square of the digital inclusive financial index was added to study the nonlinear relationship between digital inclusive finance and financial resource allocation efficiency,and the heterogeneous impact of digital financial inclusion on the efficiency of financial resource allocation.The conclusions are as follows:(1)The allocation efficiency of financial resources in the current period is significantly affected by the allocation efficiency of the previous period,and there is a certain inertia in the time dimension.(2)The relationship between digital inclusive finance and the efficiency of financial resource allocation is roughly "U"-shaped,and the current digital inclusive financial investment can improve the efficiency of financial resource allocation to a certain extent,but with the continuous improvement of the level of digital inclusive finance,the efficiency of financial resource allocation shows a trend of first increasing and then decreasing.(3)For regions with high efficiency in the allocation of financial resources,digital inclusive finance plays a small role in improving it;The resource improvement effect in areas with low financial resource allocation efficiency is more effective.(4)Digital inclusive finance has a more obvious effect on the improvement of financial resource allocation efficiency in regions with high digitalization and low per capita GDP;others are not significant.Finally,this paper puts forward three policy suggestions:(1)introduce new technologies and improve utilization;According to the calculation of DEA-Malmquist model,the improvement of technical efficiency has a greater impact on the efficiency of financial resource allocation,so in addition to paying attention to the investment and construction of various advanced technologies,it is necessary to improve the utilization rate of existing technologies,and can not only focus on the introduction of new technologies but make existing technologies idle and cause resource deposition.(2)Deepen digital inclusion and lower financial thresholds;In addition to improving the construction of various infrastructure services for digital inclusive finance,it is also necessary to increase the intensity of cultivating digital inclusive financial talents,introduce relevant support policies,improve the ability of financial intermediaries to provide digital inclusive financial services,and further promote financial deepening.(3)Consider regional differences and adapt development to local conditions;In China,the mode of allocating resources by governments is still effective,but in economically developed areas,the advantages of such a resource allocation method are not obvious.According to the actual economic development of each province and city,the allocation of various resources should be planned,and the utilization rate and allocation efficiency of financial resources should be improved through the advantages of digital inclusive finance,so as to achieve healthy and sustainable development of the national economy.