【摘要】 商业银行数字化转型已成为全球金融体系变革的核心课题，数字技术有助于降本增效、扩大金融服务范围，但也面临因算法歧视导致金融包容性降低的挑战。通过将企业规模异质性纳入金融加速器模型，可以剖析商业银行数字化转型对金融包容性的影响机制，探讨数字金融基础与风险溢价的异质性表现。运用2007—2023年58国面板数据进行的实证检验表明，商业银行数字化转型通过降低贷款利率、缓解商业银行投资约束增加贷款总量、提高中小企业贷款占比促进金融包容性发展。数字金融基础是增强金融包容性的关键因素，包括创新基础、金融服务基础、统计数据基础以及信息和通信技术基础。贷款的风险溢价越高，数字化越有利于提高金融包容性。该结论从商业银行角度，为我国如何实现普惠金融的高质量发展提供思路。更多还原

【Abstract】 The digital transformation of commercial banks stands as a central trend in the global financial system. Digital technology has witnessed progress in terms of efficiency, costs and access to financial services.Nevertheless, its progress also raises concerns such as algorithmic bias, which can limit financial inclusion. This study introduces firm size heterogeneity into the financial accelerator model, in an attempt to investigate how digital transformation influences financial inclusion. In addition, it also analyses variations in digital financial infrastructure and risk premiums. With panel data from 58 countries spanning 2007 to 2023, the study indicates that digital transformation of commercial banks makes meaningful contributions to financial inclusion. Specifically,it has lowered loan interest rates, reduced investment constraints for commercial banks and increased overall lending. Besides, it has also boosted the share of loans to small and medium-sized enterprises. A well-developed digital financial infrastructure includes innovation capacity, accessible financial services, comprehensive statistical data, and robust information and communication technology, which is integral for enhancing financial inclusion.Moreover, higher loan risk premiums make digitalization even more effective in advancing financial inclusion.These findings are of reference value for commercial banks to support the high-quality growth of inclusive finance in China.更多还原