关键词: 数字普惠金融, 经济增长, 政府干预, 门限面板回归

Abstract: Digital inclusive finance increases the availability of credit to traditionally disadvantaged groups which contributes to countylevel economic growth in China. Government intervention plays an essential role in the development of digital inclusive finance. Based on the countylevel panel data from 2014 to 2018, this paper estimates the moderating effect of government intervention on countylevel economic growth that is caused exogenously by digital inclusive finance using threshold panel regression. The results show that :(1)Digital inclusive finance has a positive effect on county economic growth, and government intervention plays a moderating role. Specifically, the digitization and depth of digital inclusive finance usage positively affect countylevel economic growth and government intervention plays the same role. (2) Digital inclusive finance promotes county economic growth by adjusting traditional financial market structure. (3)In terms of different regions, in the eastern region, digital inclusive finance has a restraining effect on county economic growth; in the central region, digital inclusive finance has a positive effect on county economic growth,and government intervention plays oneway moderating effect; in the western region, the moderating effect of government intervention is inverted Ushaped. This paper further analyzes the fundamental causes of regional differences and provide practical policy suggestions.

Key words: digital inclusive finance, economic growth, government intervention, threshold panel regression