| The greenhouse effect of the greenhouse effect is carbon dioxide,which makes the global temperature rise higher,resulting in melting glaciers,rising sea levels,flooding some coastal cities,and causing damage to land desertification and agricultural production.The increase of carbon dioxide is dependent on the influence of human activity,especially in China’s heavy industry as the industry of economic development,and the amount of carbon dioxide in industrial production is growing.In recent years,the task of reducing carbon reduction in China’s industrial energy is still very difficult,which requires us to improve and upgrade energy-saving technologies,and to make industrial low-carbon technology innovation which is an important force for industrial carbon emission reduction,through continuous improvement and development of the digital financial system,drive economic vitality,and use more capital to invest in technological innovation,and promote industrial depth reduction.Existing literature verifies that financial development has a significant impact on carbon emissions.From home to abroad,different countries have different research results,but the impact of digital finance,a new form of finance,on industrial carbon emissions lacks a theoretical explanation.This paper studies the impact of digital finance on technological innovation in the industrial field from the perspectives of financing constraint theory and principal-agent theory by combing the research conclusions of scholars.Based on the relationship between income and environmental quality in the environmental Kuronets theory,the mechanism between technological innovation and industrial carbon emission intensity was analyzed.At present,there are many indicators of green low carbon cycle development,carbon emission intensity gives consideration to economic development and environmental benefits,can better reflect our carbon emission reduction process.The research idea of this paper is as follows: from the theoretical point of view,it qualitatively discusses the influence path of digital finance on industrial carbon emissions through technological innovation,and then carries out an empirical study.Panel data of 30 provinces in China from 2011 to2019 are selected for unit root test and co-integration test,and a fixed effect model is built on the basis of passing the test.Secondly,instrumental variable method was used to test the endogeneity problem.Next,the intermediary variable of technology innovation is introduced into the theoretical model of intermediary effect to explore the relationship between digital finance,technology innovation and industrial carbon emissions.Then the samples were divided into three regions for heterogeneity analysis.Finally,the robustness test was conducted by replacing explanatory variables.The results show that the relationship between digital finance and industrial carbon emission intensity is inverted U-shaped curve.Relying on technological innovation,digital finance has an influence trend of first strengthening and then weakening industrial carbon emission intensity,which is ultimately conducive to the realization of industrial carbon emission reduction.It shows that vigorously developing digital finance to promote technological innovation can achieve carbon peak and carbon neutrality.The conclusion of this paper provides a reference for understanding the relationship between digital finance and industrial carbon emissions.Existing literature verifies that financial development has a significant impact on carbon emissions.From home to abroad,different countries have different research results,but the impact of digital finance,a new form of finance,on industrial carbon emissions lacks a theoretical explanation.This paper studies the impact of digital finance on technological innovation in the industrial field from the perspectives of financing constraint theory and principal-agent theory by combing the research conclusions of scholars.Based on the relationship between income and environmental quality in the environmental Kuronets theory,the mechanism between technological innovation and industrial carbon emission intensity was analyzed.At present,there are many indicators of green low carbon cycle development,carbon emission intensity gives consideration to economic development and environmental benefits,can better reflect our carbon emission reduction process.The research idea of this paper is as follows: from the theoretical point of view,it qualitatively discusses the influence path of digital finance on industrial carbon emissions through technological innovation,and then carries out an empirical study.Panel data of 30 provinces in China from 2011 to 2019 are selected for unit root test and co-integration test,and a fixed effect model is built on the basis of passing the test.Secondly,instrumental variable method was used to test the endogeneity problem.Next,the intermediary variable of technology innovation is introduced into the theoretical model of intermediary effect to explore the relationship between digital finance,technology innovation and industrial carbon emissions.Then the samples were divided into three regions for heterogeneity analysis.Finally,the robustness test was conducted by replacing explanatory variables.The results show that the relationship between digital finance and industrial carbon emission intensity is inverted U-shaped curve.Relying on technological innovation,digital finance has an influence trend of first strengthening and then weakening industrial carbon emission intensity,which is ultimately conducive to the realization of industrial carbon emission reduction.It shows that vigorously developing digital finance to promote technological innovation can achieve carbon peak and carbon neutrality.The conclusion of this paper provides a reference for understanding the relationship between digital finance and industrial carbon emissions.Based on the research conclusions,this paper puts forward corresponding suggestions and measures:(1)Financial institutions should vigorously promote the construction of digital finance and realize continuous innovation in the field of digital finance.(2)The government should strengthen digital financial supervision and coordinate the development of digital finance in central and western regions.(3)Adhere to and strengthen the emphasis on technological innovation in the industrial sector.(4)Encourage the industrial sector to strengthen cooperation with fintech enterprises,promote the digital development of the industrial sector,and enhance the comprehensive ability of innovation subjects. |
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