Research On The Impact Of Digital Inclusive Finance On Inclusive Growth

Over the past 30 years of reform and opening-up,Chinese economy has continued to grow rapidly,but inequality is increasingly aggravated in the process of development,especially the inequality of income gap,along with income inequality,remote areas and disadvantaged capital groups are also faced with various problems of unequal opportunity.How to solve the main social contradiction,solve the inequality caused by economic development,solve the problem of "fairness and efficiency" in economic development has become the focus of economic development.The concept of "inclusive growth" was first proposed by the Asian Development Bank in 2007.Since then,the inclusive economic development model and development concept have been gradually enriched,improved and implemented by countries around the world.China attaches great importance to the 2030 Agenda for Sustainable Development proposed by the United Nations in 2015,and integrates it with its medium-and long-term development plans.It lists in detail the country’s multi-faceted planning process for eradicating poverty,ensuring equity in diverse opportunities and promoting inclusive economic growth.Among them,inclusive growth is inseparable from the inclusion of financial development,so the development of financial inclusion is considered as a key factor to achieve inclusive growth.In recent years,with the widespread application of artificial intelligence,blockchain and other technologies in the financial field,digital technology has provided scientific and technological assistance to the sinking and promotion of inclusive finance.At the present stage,the promotion of inclusive growth is mainly macro driven,but with the help of digital technology,how to organically combine the development strategy of digital financial inclusion with the national inclusive growth plan has become the focus of current research.Based on this,this paper mainly studies the impact of digital financial inclusion on inclusive growth from a micro perspective.First of all,the most direct impact is the impact of digital financial inclusion on family income.This paper explores whether digital financial inclusion(1)has brought about an increase in family income.(2)Is this growth inclusive,that is,more beneficial to vulnerable groups? Secondly,the transmission mechanism of digital financial inclusion affecting household income growth is considered from micro household entrepreneurial behavior,entrepreneurial performance,investment behavior and investment degree.Explore whether digital financial inclusion has increased the possibility of family investment and entrepreneurship.(2)Is this growth inclusive and more beneficial to vulnerable groups?In the theoretical part,this paper mainly sorts out and summarizes the literature related to the two concepts and their relationship.Then,based on the Long tail theory,digital economy theory and financial exclusion theory,it establishes the analysis framework of the impact of digital financial inclusion on families from the micro perspective.According to the analysis process of the theoretical model,the hypothesis that digital financial inclusion affects the inclusive growth of micro households is put forward.The empirical part of this paper mainly uses the relevant data of digital financial inclusion index and China Household Financial Survey(CHFS)to construct panel fixed effect model,Probit model and Tobit model of digital financial inclusion and family income,family entrepreneurship,entrepreneurial performance,family investment and investment degree.Further explore the impact of digital financial inclusion on inclusive growth of micro households through heterogeneity analysis,and draw the following conclusions:(1)Overall growth effect: digital financial inclusion has a significant promoting effect on household income,household entrepreneurship and household investment of the full sample households;Moreover,it has a significant promoting effect on the potential entrepreneurial performance and the potential investment degree of the family.(2)Heterogeneous inclusion effect: digital financial inclusion has different effects on the household income,household entrepreneurship and household investment of subsample households,and has different promotion effects on the comprehensive differences between urban and rural areas and specific vulnerable capital,showing a certain inclusive growth effect for some vulnerable groups.(3)The urban-rural difference is the aggregation of differences in physical capital,human capital and social capital.In terms of family income,the inclusive growth effect of human capital is smaller than that of social capital and other influences,which is more favorable to high capital,and the overall inclusive growth is not fully displayed.In terms of family entrepreneurship,the pull growth effect of human capital is smaller than the inclusive growth effect of physical capital and social capital,and the overall performance is inclusive growth.In terms of household investment,although digital financial inclusion makes up for the investment conditions of vulnerable capital in terms of physical,human and social capital,its effects are all smaller than the promoting effects on high-capital groups,and it does not show inclusive growth on the whole.(4)The equalization of household income is the direct expression of inclusive growth,and the equalization of entrepreneurship and investment opportunities is the transmission mechanism of digital financial inclusion.In terms of urban-rural difference,the inclusive effect of equalization of entrepreneurship makes up for the difference in investment distance.In the difference of physical capital,the inclusive growth is reflected in entrepreneurship,while the pure promotion effect is in investment.Among the differences in human capital,digital financial inclusion did promote the growth of household income,but not entirely through investment and entrepreneurship;In social capital differences,the inclusion effect of entrepreneurship is absorbed by investment and other effects that are more favorable to high capital.(5)In-depth impact mechanism: digital financial inclusion can significantly improve the potential entrepreneurial performance and potential investment degree,thereby motivating households to start businesses and invest;However,for households that actually start businesses and invest,the promotion effect of digital financial inclusion is mostly absorbed by region and year fixed effects,and the effect of digital financial inclusion on entrepreneurial performance and investment degree is limited.Finally,based on the empirical results and the current development status of digital financial inclusion,this paper puts forward policy suggestions on promoting inclusive growth through the development of digital finance from the overall level,entrepreneurship level,investment level and targeting vulnerable human capital groups.