Abstract: Based on the panel data of 285 prefecture-level cities in China from 2011 to 2021, by constructing a multi- dimensional econometric model system, the impact of digital finance on the export resilience of cities was systematically investigated. The research shows that digital finance has a significant positive impact on the export resilience of Chinese cities, and the impact has a more significant improvement on the export resilience of cities with poor traditional financial endowments. The analysis of regional heterogeneity shows that digital finance in the eastern region has a significantly greater promoting effect on urban export resilience than that in the central and western regions. The intermediary effect test further shows that digital finance can indirectly promote the export resilience of cities by improving the innovation ability of cities and easing financing constraints. The results of spatial measurement show that digital finance and urban export resilience have significant spatial positive correlation and global agglomeration characteristics, and digital finance has a significant positive spatial spillover effect on urban export resilience.

Key words: digital finance; export resilience; urban innovation ability; financing constraints; spatial spillover effect

摘要： 基于2011—2021年我国285个地级市的面板数据，通过构建多维度的计量经济模型，系统考察数字金融对城市出口韧性的影响。研究显示：数字金融对城市出口韧性存在显著的正向影响，且该影响对传统金融禀赋较差城市出口韧性的提升更为显著；区域异质性分析发现，东部地区数字金融对城市出口韧性的促进作用明显大于中、西部地区；中介效应检验进一步表明数字金融可以通过提升城市创新能力和缓解融资约束来间接促进城市出口韧性；空间计量研究结果表明，数字金融与城市出口韧性均存在显著的空间正相关性和全域集聚特征，数字金融对城市出口韧性具有显著的正向空间溢出效应。

关键词: 数字金融；出口韧性；城市创新能力；融资约束；空间溢出效应