| 数字金融发展提升了中国资本市场韧性吗？ |
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| 引用本文：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,(5):10-16 |
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| 中文摘要:基于2013—2022年中国31个省级股票指数的数据，运用双向固定效应模型研究数字金融发展对中国资本市场韧性的影响。结果发现，数字金融发展通过增强资本市场流动性、缓解信息不对称、提升风险管控水平，显著增强了资本市场韧性；数字金融发展对资本市场韧性的提升作用，在经济发达、普惠金融发展水平较高的地区更为显著。鉴于此，各地区应加快数字金融发展的步伐，推动建设充满活力与韧性的资本市场，为金融更好服务实体经济奠定坚实基础。 |
| 中文关键词:数字金融 资本市场韧性 信息不对称 市场流动性 |
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| Does the Development of Digital Finance Enhance the Resilience of China’s Capital Market? |
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| 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 demonstrate that digital finance development significantly enhances capital market resilience by improving capital market liquidity, mitigating information asymmetry, and elevating risk management capabilities. Specifically, the positive promotional effect of digital finance on capital market resilience 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 establish a solid foundation for the financial sector to better serve the real economy. |
| keywords:digital finance capital market resilience information asymmetry market liquidity |
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