数字金融发展对地方隐性债务风险的空间溢出效应研究
THE SPATIAL SPILLOVER EFFECT OF DIGITAL FINANCE ON LOCAL HIDDEN DEBT RISK
管治华 1邵学明1
作者信息
- 1. 安徽大学 经济学院,安徽 合肥 230601
- 折叠
摘要
治理地方隐性债务风险是防范化解系统性金融风险的重要途径.基于 2013-2021 年我国 266 个城市的面板数据,构建了空间杜宾模型检验数字金融对地方隐性债务风险的空间溢出效应.结果显示:数字金融不仅降低了本地区的隐性债务风险,而且由于空间溢出效应对周边地区的隐性债务风险也产生了抑制作用;财政透明度在数字金融降低地方隐性债务风险过程中起了部分中介作用,数字金融通过提高财政透明度进而降低了地方隐性债务风险.进一步的异质性检验表明:数字金融覆盖广度、使用深度对地方隐性债务风险有抑制作用,而数字化程度则增加了地方隐性债务风险;数字金融对东中部地区的隐性债务风险的抑制效果及空间溢出效应更为显著,而对西部地区的空间溢出效应不明显.研究结论表明:数字金融发展对隐性债务风险的降低产生了积极影响,为缓解当前地方政府隐性债务风险提供了新的政策施力方向.
Abstract
Managing local hidden debt risk is an important way to prevent and resolve systemic financial risks.Based on the panel data of 266 cities in China from 2013 to 2021,we constructed the spatial Durbin model to test the spatial spillover of digital finance to local hidden debt risk.The results show that digital finance not only reduces the hidden debt risk in the region,but also inhibits the hidden debt risk in the surrounding areas due to the spatial spillover effect.Fiscal transparency plays a partly intermediary role in the process of reducing the local hidden debt risk,and the rise of digital finance development level reduces the local hidden debt risk by improving fiscal transparency.The heterogeneity tests show that the breadth and depth of digital finance coverage have an inhibitory effect on local hidden debt risk,while the degree of digitalization increases local hidden debt risk.The inhibitory effect and spatial spillover effect of digital finance on the hidden debt risk are more significant in the eastern and central regions,but the spatial spillover effect is not significant in the western regions.The conclusion shows that the development of digital finance has a positive impact on the reduction of hidden debt risk,which provides a new policy direction for alleviating the current hidden debt risk of local governments.
关键词
数字金融/地方隐性债务风险/空间溢出效应/财政透明度Key words
digital finance/local hidden debt risk/spatial spillover effects/fiscal transparency引用本文复制引用
出版年
2024
NETL
NSTL
万方数据