财经理论与实践2025，Vol.46Issue(5)：10-16,7.DOI:10.16339/j.cnki.hdxbcjb.2025.05.002
数字金融发展提升了中国资本市场韧性吗?
Does the Development of Digital Finance Enhance the Resilience of China's Capital Market?
摘要
Abstract
Based on the market index data of representative stocks in 31 provinces of China from 2013 to 2022,this research employs a two-way fixed effects model to investigate the impact of digital finance development on the resilience of China's capital market.Empirical results dem-onstrate that digital finance development significantly enhances capital market resilience by impro-ving capital market liquidity,mitigating information asymmetry,and elevating risk management capabilities.Specifically,the positive promotional effect of digital finance on capital market resili-ence is more prominent in regions with higher levels of economic development and more advanced inclusive finance.In view of these findings,all regions are advised to accelerate the advancement of digital finance,promote the construction of a dynamic and resilient capital market,and estab-lish a solid foundation for the financial sector to better serve the real economy.关键词
数字金融/资本市场韧性/信息不对称/市场流动性Key words
digital finance/capital market resilience/information asymmetry/market liquidity分类
管理科学引用本文复制引用
王雷,康欣..数字金融发展提升了中国资本市场韧性吗?[J].财经理论与实践,2025,46(5):10-16,7.基金项目
国家社会科学基金一般项目(24BGL043) （24BGL043）
