摘 要
摘 要
党的十九大开启了中国经济发展新篇章，数字普惠金融以其普惠性、包容性、数字
性等特征在现代经济体系建设中发挥着重要作用，其服务于实体经济的效应逐渐扩大并
得到肯定。在“大众创业、万众创新”的背景下，数字普惠金融结合人力资本等相关经
济发展要素，为地区创业发展做出了卓越贡献，使得金融和实体经济形成良性互动，从
而实现以高质量的金融发展来促进现代经济体系建设、改善民生的社会愿景。
本文从数字普惠金融出发，以人力资本为视角考察数字普惠金融对地区创业的影
响，将人力资本放在交互效应、门槛效应下研究全国以及中东部各地区数字普惠金融
与创业之间的关系，旨在通过以上关系研究分析数字普惠金融可否结合人力资本服务
于创业经济、实体经济，同时分析该影响关系中存在的问题和解决方法。首先，本文
对研究的背景、意义、内容、框架、方法和可能的创新做出了阐述。其次，对数字普
惠金融、创业、人力资本相关的文献进行了整合与评述，并进一步分析了数字普惠金
融发展现状、地区创业政策支持及发展现状，最后在此基础上进行实证分析。本文数
字普惠金融指标为北京大学数字普惠金融研究中心构建的中国数字普惠金融指数
（2011-2019年），地区创业指标为各省份私营企业和个体就业人员总数与常住人口的
比值，以全国除香港、澳门、台湾外 31个省、自治区、直辖市为对象进行研究分析。
在定性分析方面，运用 Geoda软件进行空间自相关分析，考察数字普惠金融和地区创
业两个指标的发展现状；在实证分析方面，运用 Stata软件进行交互效应、动态面板门
槛效应检验，考察不同人力资本视角下数字普惠金融与地区创业之间的关系并得到如
下结论：第一，数字普惠金融发展在整体上能有效推动地区创业水平的提升。第二，
人力资本能增强数字普惠金融对地区创业的正向影响，地区创业存在累积效应，中部
地区更能从数字普惠金融中受益。第三，数字普惠金融对地区创业的积极影响存在以
人力资本为重要变量的门槛效应，二者之间的关系受到人力资本变化的制约。
本文可能存在的贡献有两点：一是将数字普惠金融、人力资本与创业三者结合，在
人力资本差异化下考察数字普惠金融与创业活动之间的关系，并考虑到创业活动自身的
滞后效应，丰富了该领域的文献研究。二是运用空间自相关进行现状分析，立体化地展
示数字普惠金融和地区创业发展现状；同时运用动态面板门槛模型，将人力资本作为门
槛变量进行相关研究，丰富了数字普惠金融与地区创业这一领域的研究方法。
关键词：数字普惠金融 地区创业 人力资本
I

Abstract
Abstract
The Nineteenth National Congress of the Communist Party of China opened a new chapter
in China 's economic development. Digital inclusive finance plays an important role in the
construction of modern economic system with its characteristics of inclusiveness, inclusiveness
and digitality. Its effect of serving the real economy has gradually expanded and affirmed.
Under the background of “mass entrepreneurship and innovation,” digital inclusive finance
combined with human capital and other related economic development factors has made
outstanding contributions to the development of regional entrepreneurship, making the benign
interaction between finance and the real economy, so as to realize the social vision of promoting
the construction of modern economic system and improving people’s livelihood with high-
quality financial development.
Starting from the digital inclusive finance, this paper examines the impact of digital
inclusive finance on regional entrepreneurship from the perspective of human capital, and
research on the Relationship between Digital Inclusive Finance and Entrepreneurship in China
and the Middle East under the Interaction Effect and Threshold Effect of Human Capital.The
purpose of this paper is to analyze whether digital inclusive finance can serve the
entrepreneurial economy and the real economy in combination with human capital through the
above relationship, and analyze the existing problems and solutions in this relationship. First
of all, this paper describes the research background, significance, content, framework, methods
and possible innovations. Secondly, the literature on digital inclusive finance, entrepreneurship
and human capital is integrated and reviewed, and the development status of digital inclusive
finance, regional entrepreneurship policy support and development status are further analyzed.
Finally, empirical analysis is carried out on this basis. In this paper, the digital inclusive finance
index is the China’s digital inclusive finance index (2011 – 2019) constructed by the Digital
Inclusive Finance Research Center of Peking University. The regional entrepreneurship index
is the ratio of the total number of private enterprises and individual employees in each province
to the resident population. The research and analysis are conducted in 31 provinces,
autonomous regions and municipalities except Hong Kong, Macao and Taiwan. In terms of
qualitative analysis, Geoda software is used for spatial autocorrelation analysis to examine the
development status of digital inclusive finance and regional entrepreneurship. In the empirical
analysis, Using Stata software to test interactive effect and dynamic panel threshold effect, this
paper examines the relationship between digital inclusive finance and regional
entrepreneurship from different human capital perspectives, and the following conclusions are
obtained. First, the development of digital inclusive finance can effectively promote the
II

Abstract
improvement of regional entrepreneurship as a whole. Second, human capital can enhance the
positive impact of digital inclusive finance on regional entrepreneurship. Regional
entrepreneurship has a cumulative effect, and the central region can benefit more from digital
inclusive finance. Third, the positive impact of digital inclusive finance on regional
entrepreneurship has a threshold effect with human capital as an important variable, and the
relationship between the two is restricted by the change of human capital.
There are two possible contributions in this paper. The first is to combine digital
inclusive finance, human capital and entrepreneurship, examine the relationship between
digital inclusive finance and entrepreneurial activities under the differentiation of human
capital, and enrich the literature in this field considering the lag effect of entrepreneurial
activities. The second is to use spatial autocorrelation to analyze the status quo, and to show
the status quo of digital inclusive finance and regional entrepreneurship development in a three-
dimensional manner. At the same time, the dynamic panel threshold model is used to study
human capital as a threshold variable, which enriches the research methods in the field of digital
inclusive finance and regional entrepreneurship.
Key words: Digital Inclusive Finance; Regional Entrepreneurship; Human Capital
III
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