Research On The Influence Of Digital Inclusive Finance On Mismatch Of Elements

Since more than 40 years of reform and opening-up,China’s economic development has made great progress.However,the gradual reform has also caused the factor market to face serious distortions.As the economy gradually enters a new normal,improving efficiency and quality has become a new direction of current economic development.China’s economic development needs to optimize the allocation of factor resources and transform to high-quality development.At the same time,with the rapid development of Internet information technology,digital inclusive finance is booming with its advantages of wide coverage,low cost and high efficiency,which brings new opportunities for optimizing the efficiency of factor allocation and boosting the transformation and upgrading of economic development mode.Based on this background,this paper attempts to take digital inclusive finance as the breakthrough point to explore whether it can correct the mismatch of elements in China,and what specific ways to correct the mismatch of elements? What factors affect its effect? So as to provide some ideas and directions for the development strategy of digital inclusive finance and the reform policy of factor marketization.Firstly,based on the financial development theory and financial exclusion theory,this paper analyzes the important role of financial inclusion in economic and social development,and according to the causes and characteristics of factor mismatch in China,it analyzes the specific path of correcting factor mismatch in the development of urban digital inclusive finance from two angles: alleviating regional financing constraints and promoting regional technological innovation.Secondly,this paper analyzes the development of urban digital inclusive finance by using "Peking University Digital inclusive finance Index" compiled by the research group of Digital Finance Center of Peking University and Ant Financial,and calculates the factor mismatch index of cities in China over the years by the production function method.Thirdly,taking the data of 282 prefecture-level cities in 2011-2018 as samples,this paper empirically tests the influence of the development of digital inclusive finance and its structural differences on the mismatch of urban elements.Finally,the mechanism of digital inclusive finance to correct the mismatch of urban elements is verified through intermediary effect,and the heterogeneity of digital finance is investigated from the perspectives of administrative planning,urban scale and urban element allocation.The basic conclusions of this paper are as follows:(1)Generally speaking,the rapid development of digital inclusive finance has significantly corrected the capital mismatch phenomenon in the city where it is located,but it has no significant effect on the labor mismatch phenomenon.(2)There are structural differences in the development of digital inclusive finance,in which the expansion of financial service coverage helps to improve the capital mismatch phenomenon in the city where it is located,and the promotion of the depth of financial service use can significantly improve both urban capital and labor,but the promotion of financial service digitalization is not obvious.(3)The development of digital inclusive finance mainly improves the capital mismatch phenomenon of cities by easing regional financing constraints and promoting regional technological innovation.(4)From the perspective of administrative planning,the digital inclusive finance has no obvious improvement on the capital mismatch of eastern cities,but only has a significant correction effect on the capital mismatch of cities with poor financial resources and underdeveloped economies such as central and western regions.(5)From the perspective of city scale,digital inclusive finance has a significant corrective effect on small peripheral cities with less government policy intervention,but not on large central cities with more policy dividends.(6)From the state of factor allocation,the correction of urban factor mismatch by digital inclusive finance is mainly reflected in the improvement of urban capital and labor allocation shortage,but it has no significant effect on the phenomenon of excessive factor allocation.Based on the above conclusions,this paper puts forward the following policy suggestions: First,in the process of China’s economic development gradually transforming to high-quality development,we must accelerate the process of factor marketization,continuously improve the efficiency of factor allocation and correct the mismatch of factors;Secondly,promote the infrastructure construction of digital inclusive finance in China,improve the development system of digital inclusive finance,and improve the overall development level of digital inclusive finance in the city;Moreover,it is necessary to reduce urban financing costs,create an excellent business environment,promote regional technological innovation and improve resource utilization efficiency;Finally,local governments in different cities should formulate appropriate development strategies of digital inclusive finance according to the urban development situation.