Digital Inclusive Finance,Urban Regional Investment Carrying Capacity and Investment Efficiency of Real Economy
The development of digital inclusive finance is one of the important focuses to improve the quality and efficiency of financial services for the real economy.Using the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2022,and constructing urban regional investment carrying capacity indicators from three dimensions including investment pressure,investment support and investment adjustment,this paper discusses the impact of digital inclusive finance on the investment efficiency of real economy and its mechanism of action.The research results show that digital inclusive finance improves the in-vestment efficiency of the real economy by improving the level of investment carrying capacity in urban areas.This effect is mainly based on the pulling effect of digital inclusive finance on investment support and invest-ment adjustment in urban areas.In addition,the promotion effect of digital inclusive finance on the investment efficiency of the real economy is mainly concentrated in non-state-owned enterprises,non-manufacturing in-dustries,banking sectors,areas with poor capital market development and low marketization level.We should further strengthen technology-enabled inclusive finance,create a digital inclusive financial ecology that serves the investment environment,and improve the digital inclusive financial supervision system,to enhance the in-vestment efficiency of real economy.
Digital inclusive financeRegional investment carrying capacityReal economyInvestment efficiency
万方数据
维普
