| This paper uses 2013-2020 as the sample interval to examine the effect of digital inclusive finance on common prosperity in each province.First,this paper analyzes and investigates the effect of digital inclusive finance on common affluence,and examines the effect of digital inclusive finance on the two sub-indicators of overall affluence and shared outcomes,and investigates the difference of its effect between east and west and high-and low-income regions through sub-sample regression.Second,this paper examines the mechanism of the effect of digital inclusive finance on common prosperity from two new perspectives:resident employment and resident investment in financial assets.Moreover,the nonlinear effects of three major heterogeneous factors,digital,education and ecology,on the total effect and mechanism of action are measured.The article also provides a discussion on the robustness and endogeneity of the study by replacing the common wealth variable and using the instrumental variables method.Based on the theoretical and empirical analyses,the conclusions of this paper are as follows:(1)In general,the development of common prosperity and digital inclusive finance in China are good,and the development of digital inclusive finance significantly promotes the process of common prosperity,balancing efficiency and equity in the process of promotion.(2)In the mechanism test,the two mechanisms are significant,and digital inclusive finance has contributed to the process of common prosperity by increasing the employment of residents and increasing the channels of investment in their financial assets.(3)There are both opportunities and challenges for digital inclusive finance to contribute to common prosperity.On the one hand,digital inclusive finance can further serve the groups previously excluded from traditional finance,which obviously provides conditions for them to get out of poverty;on the other hand,the technological revolution still requires a certain threshold,and under the same conditions,regions with good digital infrastructure,excellent financial ecological environment and high financial education of residents tend to gain more benefits.Compared with previous studies,this paper is innovative in the following aspects:(1)It enriches the research results on digital inclusive finance and common prosperity,and improves the research shortcomings.(2)We examine the mechanism of the impact of digital inclusive finance on common prosperity from two new perspectives:"employment" and "investment in financial assets".(3)From the minimum profitability requirement of digital inclusive finance,we examine whether there are heterogeneous effects of digital,ecological and educational factors on the impact of digital inclusive finance on common prosperity,which makes the study more relevant.The article shows that China should further promote the development of digital inclusive finance to promote common prosperity.It also focuses on digital infrastructure,financial ecology and human capital construction in the development process. |
