文献类型：期刊文献

英文题名：Traditional finance, digital finance, and financial efficiency: An empirical analysis based on 19 urban agglomerations in China

作者：Wang, Yunsong[1];Jiang, Aiqing[1];Zhang, Songlin[1];Chen, Weihong[1]

机构：[1]Shaoxing Univ, Business Sch, Shaoxing 312000, Zhejiang, Peoples R China

年份：2024

卷号：96

外文期刊名：INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

收录：SSCI(收录号：WOS:001329536100001)、、Scopus(收录号：2-s2.0-85205145634)、WOS

基金：Agglomeration in Urban Agglomerations Promoting Economic Growth" (Grant Number: 22BJL070) . This work is supported by the Chinese National Funding of Social Sciences "Research on the Mechanism and Policy of Spatial

语种：英文

外文关键词：Traditional finance; Digital finance; Financial efficiency; Digital economy; Complementary effect

外文摘要：With the emergence of the digital economy era, enhancing financial efficiency through the complementary effect of digital and traditional finance has increasingly become a focal point in the financial industry. This paper focuses on 19 urban agglomerations in China to investigate whether digital finance and traditional finance have complementary effect on improving financial efficiency. It explores the mechanisms behind this complementary effect, examines whether financial efficiency can continue to improve once digital finance reaches a critical scale, and investigates whether economic development moderates the impact of digital finance on financial efficiency. The findings reveal that digital finance contributes positively to enhancing financial efficiency, and that there exists a complementary effect between digital finance and traditional finance in this regard. These conclusions remain robust even after conducting various stability tests and addressing endogeneity issues. Mechanism testing demonstrated that this complementary effect arises from improvements of transactional efficiency and marketization level. Further analysis reveals that, while digital finance significantly enhances financial efficiency up to a critical scale, this effect diminishes beyond that threshold. Moreover, in areas with high-level financial development, economic development has a positive moderating effect on the impact of digital finance on financial efficiency, whereas in areas with low-level financial development, such a moderating effect is not robust.