Determinants and Mechanisms of Digital Financial Inclusion Development: Based on Urban-Rural Differences
Abstract
:1. Introduction
2. Literature Review
3. Research Design
3.1. Theoretical Analysis and Research Hypothesis
3.2. Methods
3.3. Variable Description and Data Sources
4. Econometric Examination of Determinants of Digital Financial Inclusion Development of Urban-Rural Areas
4.1. Results of Parameter Estimation
4.2. Robustness Test
5. Further Discussion
5.1. Mechanisms Analysis of Determinants of Digital Financial Inclusion Development of Urban-Rural Areas
5.1.1. Mechanisms Analysis of the Industrial Economy
5.1.2. Mechanisms Analysis of Governmental Intervention
5.2. Threshold Effect of Financial Development
6. Conclusions and Implication
Author Contributions
Funding
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Variable | Abbr. | Source |
---|---|---|
Digital Financial Inclusion | DFI | Digital Financial Inclusion Index of China |
Industrial Economy | Ind | China Statistical Yearbook (County Level) |
Governmental Intervention | Gov | China Statistical Yearbook (County Level) |
Secondary Education | Edu | China Statistical Yearbook (County Level) |
Economic Development | Eco | China Statistical Yearbook (County Level) |
Informatization Level | Inf | China Statistical Yearbook (County Level) |
Medical Construction | Med | China Statistical Yearbook (County Level) |
Industrial Upgrading | Iup | China Statistical Yearbook (County Level) |
Indirect Finance | Inf | China Statistical Yearbook (County Level) |
Financial Development | Fin | China Statistical Yearbook (County Level) |
Unit | Items | Urban | Rural | |
---|---|---|---|---|
N | - | 2214 | 7428 | |
DFI | - | Mean | 89.08 | 84.4271 |
Std | 23.21 | 24.61741 | ||
Ind | ratio | Mean | 13.93 | 12.76742 |
Std | 0.92 | 1.127755 | ||
Gov | ratio | Mean | 16.93 | 32.85194 |
Std | 9.43 | 23.80552 | ||
Edu | ln(person) | Mean | 10.37 | 9.558112 |
Std | 0.65 | 0.817146 | ||
Eco | ln(RMB/person) | Mean | 4.55 | 3.675358 |
Std | 4.34 | 3.38737 | ||
Inf | ratio | Mean | 983.87 | 939.2462 |
Std | 911.15 | 874.7456 | ||
Med | bed/person | Mean | 39.68 | 41.81459 |
Std | 15.61 | 17.88123 | ||
Iup | ratio | Mean | 85.05 | 79.17214 |
Std | 8.52 | 10.76238 | ||
Inf | RMB/person | Mean | 9.89 | 9.866019 |
Std | 0.90 | 0.681127 | ||
Fin | ratio | Mean | 64.40 | 74.82114 |
Std | 39.89 | 46.36051 |
(1) | (2) | |
---|---|---|
Urban | Rural | |
Ind | 9.118 *** 1 | 2.730 *** |
(11.038) | (8.287) | |
Gov | 0.082 * | 0.041 *** |
(1.883) | (3.840) | |
Edu | −0.190 | 1.704 *** |
(−0.213) | (3.218) | |
Eco | −3.955 *** | −0.999 *** |
(−18.043) | (−9.446) | |
Inf | 0.001 *** | 0.001 *** |
(2.682) | (6.688) | |
Med | −0.003 | 0.025 ** |
(−0.126) | (2.381) | |
Individual control | Yes | Yes |
Time control | Yes | Yes |
_cons | −58.518 *** | −6.133 |
(−4.120) | (−0.937) | |
N | 2214 | 7428 |
R2 | 0.946 | 0.946 |
F | 2907.579 | 9922.239 |
Item | Winsorize | Lag One-Phase | ||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
Urban | Rural | Urban | Rural | |
Ind | 9.106 *** 1 | 3.473 *** | 5.312 *** | 3.126 *** |
(10.596) | (10.015) | (5.013) | (8.281) | |
Gov | 0.124 ** | 0.025 ** | 0.116 * | 0.056 *** |
(2.470) | (2.036) | (1.881) | (4.745) | |
Edu | −0.453 | 1.447 *** | −0.312 | 1.844 *** |
(−0.493) | (2.724) | (−0.315) | (3.250) | |
Eco | −3.893 *** | −1.725 *** | −2.414 *** | −0.708 *** |
(−16.510) | (−13.426) | (−11.596) | (−7.359) | |
Inf | 0.001 *** | 0.002 *** | 0.002 *** | 0.001 *** |
(4.190) | (8.808) | (4.189) | (3.107) | |
Med | 0.002 | 0.052 *** | −0.018 | 0.020 * |
(0.061) | (4.298) | (−0.686) | (1.817) | |
Individual control | Yes | Yes | Yes | Yes |
Time control | Yes | Yes | Yes | Yes |
_cons | −57.762 *** | −12.266 * | 9.925 | 7.173 |
(−3.897) | (−1.846) | (0.567) | (1.001) | |
N | 2214 | 7428 | 1845 | 6190 |
R2 | 0.944 | 0.949 | 0.894 | 0.910 |
F | 2787.466 | 1.0 × 104 | 1239.910 | 4970.213 |
(1) | (2) | |
---|---|---|
Urban | Rural | |
Ind | 11.986 *** 1 | 8.526 *** |
(4.630) | (7.999) | |
Gov | 0.209 * | 0.222 *** |
(1.413) | (3.976) | |
Edu | −1.552 | 6.208 *** |
(−0.357) | (3.147) | |
Eco | −4.089 *** | −1.504 *** |
(−9.545) | (−8.232) | |
Inf | 0.002 *** | 0.001 *** |
(3.446) | (4.216) | |
Med | −0.024 | 0.020 * |
(−0.876) | (1.691) | |
Individual control | Yes | Yes |
Time control | Yes | Yes |
_cons | −64.250 | −106.177 *** |
(−1.166) | (−4.502) | |
N | 1845 | 6190 |
Wald | 634,739.65 | 1.73 × 106 |
Item | Urban | Rural | ||||
---|---|---|---|---|---|---|
DFI | Iup | DFI | DFI | Iup | DFI | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Ind | 9.118 *** 1 | 7.936 *** | 4.528 *** | 2.730 *** | 7.521 *** | 2.129 *** |
Iup | - | - | 0.578 *** | - | - | 0.080 ** |
Control variables | Yes | Yes | Yes | Yes | Yes | Yes |
_cons | −78.863 *** | −37.338 *** | −28.308 ** | 42.498 *** | −6.808 ** | 43.042 *** |
N | 2214 | 2214 | 2214 | 7428 | 7428 | 7428 |
R2 | 0.9546 | 0.9657 | 0.9559 | 0.9532 | 0.9616 | 0.9533 |
Item | Urban | Rural | ||||
---|---|---|---|---|---|---|
DFI | Inf | DFI | DFI | Inf | DFI | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Gov | 0.082 * 1 | 0.002 ** | 3.938 *** | 0.041 *** | 0.000 | 4.330 *** |
Inf | - | - | 0.072 * | - | - | 0.041 ** |
Control variables | Yes | Yes | Yes | Yes | Yes | Yes |
_cons | −78.863 *** | 4.952 *** | −90.787 *** | 42.498 *** | 9.938 *** | −0.530 |
N | 2214 | 2214 | 2214 | 7428 | 7428 | 7428 |
R2 | 0.9546 | 0.9761 | 0.9552 | 0.9532 | 0.9404 | 0.9541 |
Threshold Variables | Number of Thresholds | F | P | Conclusion | Threshold Estimation | 95% Confidence Interval |
---|---|---|---|---|---|---|
Urban financial development | One | 313.84 | 0.0000 | Reject the null hypothesis | 54.6697 | (54.2477, 54.7200) |
Two | 134.08 | 0.0000 | Reject the null hypothesis | 56.8872 | (56.7134, 57.1059) | |
41.5935 | (29.1103, 41.9348) | |||||
Three | 104.14 | 1.0000 | Accept the null hypothesis | - | - | |
Rural financial development | One | 731.33 | 0.0000 | Reject the null hypothesis | 68.9634 | (68.6887, 69.0998) |
Two | 502.63 | 0.0000 | Reject the null hypothesis | 70.3303 | (70.1397, 70.4942) | |
50.7740 | (50.1943, 50.9848) | |||||
Three | 298.56 | 1.0000 | Accept the null hypothesis | - | - |
Item | (1) | (2) |
---|---|---|
Urban | Rural | |
Ind_1 | 22.105 *** 1 | 1.806 * |
(9.56) | (1.70) | |
Ind_2 | 24.138 *** | 3.585 *** |
(10.27) | (3.34) | |
Ind_3 | 25.878 *** | 4.958 *** |
(10.85) | (4.56) | |
Gov_1 | 2.315 *** | 0.666 *** |
(9.96) | (12.68) | |
Gov_2 | 1.532 *** | 0.502 *** |
(8.33) | (11.58) | |
Gov_3 | 1.208 *** | 0.505 *** |
(9.98) | (14.36) | |
Control variables | Yes | Yes |
_cons | −360.430 | −38.055 * |
(−8.98) | (−1.78) | |
N | 2214 | 7428 |
R2 | 0.5688 | 0.4343 |
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Liu, G.; Huang, Y.; Huang, Z. Determinants and Mechanisms of Digital Financial Inclusion Development: Based on Urban-Rural Differences. Agronomy 2021, 11, 1833. https://doi.org/10.3390/agronomy11091833
Liu G, Huang Y, Huang Z. Determinants and Mechanisms of Digital Financial Inclusion Development: Based on Urban-Rural Differences. Agronomy. 2021; 11(9):1833. https://doi.org/10.3390/agronomy11091833
Chicago/Turabian StyleLiu, Guang, Yunying Huang, and Zhehao Huang. 2021. "Determinants and Mechanisms of Digital Financial Inclusion Development: Based on Urban-Rural Differences" Agronomy 11, no. 9: 1833. https://doi.org/10.3390/agronomy11091833
APA StyleLiu, G., Huang, Y., & Huang, Z. (2021). Determinants and Mechanisms of Digital Financial Inclusion Development: Based on Urban-Rural Differences. Agronomy, 11(9), 1833. https://doi.org/10.3390/agronomy11091833