数字金融、传统金融与市场经济活力:创业与创新的微观证据OACHSSCD

This paper attempts to examine how the rise of digital finance affects entrepreneurship.Using China Industrial and Business Registration data,China Tax Survey Data and a fixed effects identification strategy,we find robust evidence that the changes in the counts of new establishments before and after the launch of mobile payment,are disproportionately larger in regions with less developed banking sectors than those in regions with better developed banking sectors.And the rise of digital finance did not bring about significant growth in business closures.Further analysis indicates that industries more dependent on external finance have disproportionately higher entrepreneurship in regions with a less developed banking sector following the rise of digital finance.In addition,while the rise of digital finance has yet promoted utility patents,it fosters design innovation.