【摘要】 本文基于2011-2021年中国288座城市的面板数据，运用社会网络分析法与固定效应模型考察数字金融空间关联对城市经济韧性的影响及作用机制。研究发现：数字金融空间关联显著提升了城市经济韧性，且该结论通过了多种稳健性检验；数字金融空间关联通过促进产业升级、提升创新水平及增强创业活跃度等渠道，有效提升了城市经济韧性；异质性分析显示，数字金融空间关联对地形起伏小、高铁未通达及中西部城市的经济韧性提升效应更加显著；拓展分析显示，政府关注度与知识产权保护在数字金融空间关联与城市经济韧性间的关系中发挥调节作用。更多还原

【Abstract】 Amid the current challenges of unilateral protectionism and geopolitical conflicts impacting the global economic landscape, enhancing economic resilience is of paramount importance for high-quality economic development in China. As key carriers of regional economies and hubs for factor aggregation, cities—characterized by their concentration, mobility, and scale—play a decisive role in sustaining stable regional economic growth and serve as crucial pillars for stabilizing the regional economic foundation.Based on the panel data of 288 Chinese cities between 2011 and 2021, this study employs social network analysis and fixed-effects models to examine the impact and mechanisms of spatial correlation of digital finance on urban economic resilience. The findings reveal that spatial correlation of digital finance significantly enhances urban economic resilience, a conclusion supported by various robustness tests. Specifically, spatial correlation of digital finance improves urban economic resilience by facilitating industrial upgrading, boosting innovation capacity, and stimulating entrepreneurial activity. Heterogeneity analysis indicates that the enhancing effect is more pronounced in cities with gentle terrain, without high-speed rail access,and located in central and western regions. Further analysis shows that government attention and intellectual property protection play moderating roles in the relationship between spatial correlation of digital finance and urban economic resilience.The marginal contributions of this study are as follows: First, existing literature primarily focuses on depicting the spatial correlation of digital finance at the provincial level, but provincial-level data are too macro to effectively guide the coordinated development of digital finance at the city level. This study measures the spatial correlation of digital finance at the city level,addressing the limitations of overly macro provincial data. Second, while existing research has explored the spatial effects of economic resilience from a digital finance perspective using spatial econometric models, the results are limited to capturing spatial features of geographically“adjacent”or“neighboring”areas and fail to depict the cross-regional, multi-threaded spatial correlation characteristics of digital finance. This study utilizes social network analysis, which quantifies the network centrality advantages of digital finance in specific cities and constructs“relational data”to capture inter-city spatial correlation of digital finance, thereby overcoming the limitations of spatial econometric models based on distance or adjacency matrices in capturing cross-regional features of digital finance. Finally, while some studies have attempted to explain the formation mechanisms of economic resilience from perspectives such as industrial upgrading and innovation input, few have integrated multiple pathways for mechanism analysis. This study systematically identifies the intermediary pathways through which spatial correlation of digital finance enhances urban economic resilience from three aspects: industrial structure, innovation capacity, and entrepreneurship and employment. Additionally, it introduces government attention and intellectual property protection as moderating variables, enhancing the depth and breadth of mechanism identification.更多还原