金融经济学研究

纾解金融资源错配有助于金融强国建设以及推动金融高质量发展。基于2011—2022年中国省级面板数据测算数智融合发展指数，通过企业资本使用效率偏离度测算地区金融错配指数，验证数智融合发展的金融资源错配纾解效应及其影响机制。研究结果表明，数智融合发展能够有效纾解金融资源错配，且区域市场化水平和人力资本水平越高、技术市场越活跃，该纾解功能越显著。从机制效应看，数智融合发展主要通过促进产业高级化以及提高金融科技水平两个渠道纾解金融资源错配。在选择效应方面，财政不确定性和非实体经济发展差异可能会削弱数智融合发展纾解金融资源错配的影响。鉴于此，要利用好数字化与智能化融合发展新模式，致力于改善金融资源配给格局，最终实现中国金融资源布局优化。

Mitigating financial resource misallocation is conducive to building a financial powerhouse and promoting high-quality financial development.This study used Chinese provincial panel data from 2011 to 2022 to measure the digital-intelligent integration index, as well as the regional financial misallocation index in terms of the deviation of corporate capital use efficiency.We also verified the mitigating effect of digital-intelligent integration on financial resource misallocation and its underlying mechanisms.The results demonstrated that digital-intelligent integration effectively mitigated financial resource misallocation, and the mitigating effect was particularly significant in regions with high levels of marketization, human capital, and technology market activity.The mechanism analysis revealed that digital-intelligent integration mitigated financial resource misallocation, primarily by promoting industrial upgrading and enhancing the FinTech level.For the selection effect, fiscal uncertainty and development disparities in the non-real economy might weaken the mitigating effect of digital-intelligent integration on financial resource misallocation.It is therefore essential to leverage the digital-intelligent integration model to thereby improve the pattern of financial resource allocation and ultimately optimize China's financial resource layout.