Abstract: From the perspective of labor market demand and supply, this paper puts forward the theoretical mechanism that Digital Finance affects labor misallocation through labor pool effect and human capital effect. Furthermore, by matching the Digital Financial Inclusion Index compiled by Peking University with the data of 279 prefecture level cities in China from 2011 to 2016, this paper empirically tests the impact of Digital Finance on labor misallocation by using panel regression model with instrumental variables. The results show that: Digital Finance can significantly improve labor misallocation, and the three sub indicators of coverage breadth, usage depth and digitization level also significantly improve labor misallocation. Heterogeneity analysis shows that the improvement effect of Digital Finance on labor misallocation is stronger in cities with lower urbanization level and lower financial development level, and more significant in central and western regions, which also confirms the inclusive function of digital finance.

摘要： 本文从劳动力市场需求和供给的角度，构建数字金融通过劳动力池效应和人力资本效应影响劳动力错配的理论分析框架。进一步将北京大学编制的数字惠普金融指数与2011-2016年中国279个地级市数据相匹配，采用加入工具变量的面板回归模型，实证检验了数字金融对劳动力错配的影响。研究结果表明：数字金融能够显著改善劳动力错配，并且覆盖广度、使用深度以及数字化程度这三个子指标也都显著改善劳动力错配。异质性分析表明，数字金融对劳动力错配的改善效果在城镇化水平较低的城市和金融发展水平较低的城市更强、在中西部地区改善效果更为显著，这也证实了数字金融的普惠功能。