Analysis On The Impact Of Digital Financial Inclusion On Green Innovation Efficiency

The Fifth Plenary Session of the 19th Central Committee pointed out that innovation must be maintained at the core of the overall situation of my China’s modernization drive.At the same time,it also pointed out that ecological and environmental protection has a long way to go.Digital financial inclusion based on digital information technology has many advantages such as"wide coverage,low cost,and high efficiency",which can improve the traditional financial environment to a certain extent and ease the constraints of green innovation financing.So what is the impact of digital financial inclusion on green innovation efficiency and the specific transmission mechanism are worthy of intensive study.In view of this,on the basis of combining relevant literature,first,the Super-SBM-Windows-DEA efficiency measurement model is used to measure green innovation efficiency of 30 provincial administrative regions.Using the panel fixed effects model(FE)and the Spatial Dubin model(SDM),respectively,the static impact of digital financial inclusion on green innovation efficiency is explored without considering spatial factors and considering spatial factors.We use panel vector autoregressive model(PVAR)to explore the impact of digital financial inclusion indicators on the efficiency of green innovation,and use the dynamic panel model(SYS-GMM)to study digital financial inclusion dynamic effects on green innovation efficiency.We further analyze the transmission mechanism of digital financial inclusion by promoting the development of traditional finance,improving capital mismatch and stimulating consumption to improve green innovation efficiency.Finally,according to the research content of this paper,combined with China’s"14th Five-Year Plan" economic and social development plan,to provide policy recommendations to promote the healthy development of digital financial inclusion and the efficiency of green innovation.This article mainly draws the following conclusions:First,the average value of China’s green innovation efficiency from 2011 to 2018 is 0.6487,and there is still a lot of room for improvement.After 2014,China’s green innovation efficiency has maintained a growth trend,reflecting the economic restructuring,ecological civilization construction,and economic growth.Against the background of the change from "quantity" to "quality",the development of green innovation has been fruitful.However,there is still a status quo of uneven regional development with "high in the east and low in the west".Both the average level of green innovation efficiency and the growth rate in the east are higher than those in the west.Second,digital financial inclusion has promoted green innovation efficiency at the 1%significance level,and the coverage of digital finance and the depth of use of digital finance have promoted the efficiency of regional green innovation at the significance level of 1%and 10%,respectively.After considering the spatial effect,it is found that the development of digital financial inclusion promotes the improvement of the local green innovation efficiency,but also inhibits the improvement of green innovation efficiency in neighboring areas,and has a "siphon effect" on neighboring areas.Third,there is a two-way interaction between the coverage and depth of digital finance and green innovation efficiency.The fluctuation of green innovation efficiency is mainly due to the contribution of its own variance,which is characterized by cumulative continuity.The impact of the breadth of digital finance coverage and the depth of use of digital finance will help improve green innovation efficiency in the long run.The breadth of digital finance coverage and the depth of use of digital finance are negative for the impact of green innovation efficiency,but the negative impact is weakening and gradually tends to zero,indicating that technological innovation progress has a certain time lag effect and needs to go through a certain period of technology.Transformation and absorption make the improvement of green innovation efficiency have a weaker impact on the coverage and depth of digital finance.Fourth,in terms of the transmission mechanism,digital financial inclusion can promote the development of traditional finance,thereby promoting the improvement of green innovation efficiency;digital financial inclusion can improve the capital mismatch,thereby alleviating the negative effect of capital mismatch on the efficiency of green innovation Impact:Digital financial inclusion can stimulate consumption and promote green innovation efficiency.