| Digital inclusive finance can reduce or even eliminate information inequality and financial exclusion,and it effectively promotes sustainable economic growth,a reasonable and fair distribution of income,and equality of opportunity.This creates new opportunities and ways for inclusive growth and helps further implementation and development of inclusive growth.However,there are still problems of uneven and insufficient economic development among different regions in China,and relevant academic research remains inadequateThis paper firstly composes a literature review on digital inclusive finance and inclusive growth at home and abroad,mainly including the formation and connotation of both concepts,the specific construction of inclusive growth indicator system and the relationship between the two.At the same time,after analyzing the relevant theoretical foundation,this paper primarily poses the following four questions:(1)Can digital inclusive finance and each dimension promote inclusive growth? Also,is there a certain heterogeneity of the impact?(2)Are the effects of digital inclusive finance on different dimensions of inclusive growth different?(3)Can digital inclusive finance influence the level of inclusive growth through innovative transmission mechanisms?(4)Can the level of marketization and industrial structure moderate the impact of digital inclusive finance?With regard to digital inclusive finance and inclusive growth,the paper begins with a review of the literature,including the formation and connotation of the two concepts,the specific construction of the inclusive growth indicator system and the relationship between the two.After analyzing the relevant theoretical foundations,this paper mainly raises the following three questions:(1)For the overall effect,can digital inclusive finance and each dimension promote inclusive growth? Also,is there a certain heterogeneity in this effect?(2)Are the effects of digital inclusive finance on different dimensions of inclusive growth different?(3)Can digital inclusive finance influence the level of inclusive growth through innovative transmission mechanisms?(4)Can the level of marketization and industrial structure moderate the impact of digital inclusive finance?This paper constructs an inclusive growth index from 19 specific indicators in 5dimensions,including economic growth,income distribution,opportunity equity,social security and green environment,and the overall inclusive growth index of 31 provinces(autonomous regions and municipalities directly under the Central Government)is computed..At the same time,the index also includes five different dimensions of inclusive growth:economic growth,income distribution,equitable opportunity,social security and green environment.Then,this paper uses fixed models to study the impact of the total index of digital inclusive finance,the coverage breadth,use depth and digitalization degree on the total index of inclusive growth and the five dimension sub-indexes,and carries out heterogeneity research according to the division of Chinese regions and different marketization levels and industrial structure levels in different regions.Secondly,in the empirical analysis of innovation transmission channels,the digital innovation index is selected as the intermediate variable.Finally,based on an empirical analysis of moderating factors,this paper studies whether marketization level and regional industrial structure can regulate the relationship between digital financial inclusion and inclusive growth,and conducts a regional heterogeneity test of the moderating effect.The empirical analysis concludes that:(1)The overall index of digital inclusive finance,the depth of usage dimension,and the degree of digital support services all have a significant positive impact on inclusive growth.(2)The effect of digital inclusive finance on inclusive growth differs among regions,especially in regions with higher levels of digital inclusive finance and more mature financial markets or industrial structures.(3)The overall index of digital inclusive finance can effectively promote the growth of the overall index of inclusive growth and the sub-indices of economic growth,income distribution,equal opportunities,and social security.However,the effects of different dimensions of digital inclusive finance are not the same.The positive effect of the depth of usage is significant and stable,while the promotion effect of the breadth of coverage and the depth of digital support services is present but unstable.(4)Digital inclusive finance can promote inclusive growth by improving the digital innovation level of each province.(5)The higher the level of marketization or industrial structure,the greater the positive effect of digital inclusive finance on inclusive growth,but the moderating effect of marketization or industrial structure varies across different regions.Finally,based on the above conclusions,this paper puts forward targeted policy recommendations: the government should establish a unified policy guidance and strict supervision system for digital inclusive finance and financial markets,and strengthen the implementation capacity building;Financial institutions should actively make use of technological and data advantages to enhance their digital innovation level to expand new business competitive advantages.All departments should pay attention to the popularization of financial education and the improvement of financial literacy,and increase the publicity of financial policies,so as to accelerate the implementation of financial policies and the development of inclusive financial services. |
