中文摘要：

近年来,普惠金融在世界范围内受到了更多的重视,实现了更快的发展。普惠金融究竟对经济增长有何影响？这种影响是否随着各个经济体的经济社会状况不同而有所差异？本文基于跨国截面数据对以上问题进行了分析。充分考虑了普惠金融内生性问题的结果显示：总体而言,普惠金融各项指标中,仅有投资资金来自银行的企业比率这一金融中介融资指标对世界各经济体的经济增长有着稳健且显著的负面影响,其它普惠金融指标并没有稳健且显著的影响。进一步考虑到各个经济体不同的经济社会状况,本文发现,在初始人均GDP水平更高、国民平均受教育年限更长、法治水平更高或中小企业规模更大的经济体中,个人在银行账户或储蓄卡、电子支付或银行账户购物以及借记卡等方面的使用率等个人金融服务方面的普惠金融指标对经济增长的负面影响更大。

英文摘要：

Inclusive finance has received more attention globally and grown very fast in the last few years. How does inclusive finance affect economic growth？ Will its effect vary with different macroeconomic and social conditions？ In this paper we conduct cross- country panel regression to answer these questions. We find from our regression that the share of enterprises whose investment funds come from banks is the only inclusive finance variable that has a significant and robust negative effect on economic growth. Taking into account the different macroeconomic and social conditions of different economies,we found that in a country with higher initial GDP per capita,more years of schooling,higher level of rule of law and a larger share of SMEs,the negative effect of inclusive finance variables on economic growth is significantly higher.