【摘要】 大数据、云计算等数字技术的快速发展为金融机构数字化转型提供了基础。数字技术能否促进中小银行生产率提升，认为信息技术无法产生明显生产率效应的“索洛悖论”是否存在于数字技术情境下的中小银行之中，本文以254家中小银行2011—2020年的经营数据为样本，通过实证检验回答了上述问题。本文认为，“索洛悖论”在中小银行群体中呈现出明显的阶段性特征。中小银行在数字化转型前期，难以实现数字技术对生产率的赋能作用，这与“索洛悖论”相一致；但当中小银行数字化转型程度跨越门槛值后，数字化转型将对中小银行产生明显的红利效应，突破了“索洛悖论”的束缚。产生这一结果的原因是中小银行数字化转型前期未构建完善的数字技术互补体系。机制分析结果显示，人力资本水平提升、完善的治理与决策机制是激发数字技术红利效应的边界条件。从宏观角度来看，强化金融监管不仅可以加快数字化转型对中小银行生产率的赋能作用，而且会放大其影响效应。更多还原

【Abstract】 The rapid development of digital technologies such as big data and cloud computing has provided the basis for digital transformation of financial institutions. Whether digital technology can contribute to the productivity improvement of small and medium-sized banks, and whether the "Solow Paradox" that information technology cannot produce significant productivity effects exist in small and medium-sized banks in the context of digital technology. This article answers these questions through an empirical test using the operational data of 254 small and medium-sized banks from 2011 to 2020. The article argues that the "Solow Paradox" has obvious phase-specific characteristics in the group of small and medium-sized banks. In the early stage of digital transformation of small and medium-sized banks, it is difficult to realize the enabling effect of digital technology on productivity, which is consistent with the "SolowParadox".However, when the degree of digital transformation of small and medium-sized banks crosses the threshold value,digital transformation will have obvious dividend effect on small and medium-sized banks, which breaks through the "Solow Paradox". The reason for this result is that small and medium-sized banks have been able to achieve a significant digital transformation. The reason for this result is that small and medium-sized banks have not built a perfect digital technology complementary system in the early stage of digital transformation. The results of mechanism analysis show that the improvement of human capital level and perfect governance and decision-making mechanism are the boundary conditions to stimulate the dividend effect of digital technology. From the government’s perspective, strengthening financial regulation not only accelerates the empowering effect of digital transformation on the productivity of small and medium-sized banks, but also amplifies its impact effect.更多还原