Study On The Impact Of Digital Finance And Government Innovation Support On Energy Eco-efficiency

Energy is the material basis of national economic development and has an important impact on the sustainable development of the national economy.However,with the economic growth,the total energy consumption is also increasing day by day,and the negative impact of ecological and environmental problems brought by energy consumption on economic development is becoming more and more obvious.Cities are the main source of energy consumption,and the Huaihe Eco-economic Belt is an important coal and energy base in East China,so 28 cities in the Huaihe Eco-economic Belt are taken as the research objects of this paper.In particular,the development model of the Huaihe River Basin is too rough,overly pursuing economic development and underestimating environmental pollution problems,thus leading to a significant reduction in the efficiency of energy resources utilization,which seriously hinders the sustainable development of the Huaihe River Basin.At the same time,there are many factors affecting energy eco-efficiency,but digital finance,as a product of the deep integration of digital technology and financial services,includes both relevant financial services provided by emerging Internet enterprises and traditional financial services transformed by digitalization,which can reduce the threshold of financial services and improve the efficiency of financial services to maximize the effective allocation of energy resources,reduce the ineffective consumption of energy resources and improve energy Eco-efficiency.However,in the continuous development of digital finance,a digital divide and uneven resource allocation are inevitable,and digital finance can have an impact on energy eco-efficiency through government innovation support.Therefore,it is more meaningful to study the mechanism of digital finance and government innovation support on energy eco-efficiency in Huaihe Eco-economic Belt in this paper.In this paper,we first construct energy eco-efficiency indicators through the superefficiency model of non-expected output,and get that the energy eco-index shows volatility in the overall,and the energy eco-efficiency values are lower in the overall.It shows regional variability,with the energy eco-efficiency values in the central and western regions being higher than those in the east and north,and the energy eco-efficiency values in the east being the lowest.The change of energy eco-efficiency in Huaihe Eco-economic Belt can be known through the spatial evolution map.The second two empirical analyses analyze the impact of digital finance on energy eco-efficiency from different perspectives.The first one explores the study of the relationship between digital finance on energy eco-efficiency by constructing a panel vector autoregressive(PVAR)model.The analysis of the results of impulse response plots shows that digital finance has a positive impact on energy eco-efficiency,but the positive effect is large in the short term and small in the long term.Government innovation support also has a positive effect on energy eco-efficiency with a large short-term impact as well.The results of the study illustrate that the enhancement of digital finance will have a promotional effect on energy eco-efficiency in the Huaihe Eco-economic Belt in the short term,and because government innovation support also has a positive effect on energy ecoefficiency,the study of government innovation support plays a role in the study of the mechanism of digital finance on energy eco-efficiency.Therefore,the second time,by constructing a mediating effect model,we analyze whether there is an indirect effect of government innovation support between digital finance and energy eco-efficiency.From the model test of mediating effect and the percentage of mediating effect,it is clear that government innovation support does play an indirect role in the study of the impact of digital finance on energy eco-efficiency,while once again proving that digital finance can directly affect energy eco-efficiency;digital finance can indirectly affect energy eco-efficiency by influencing government innovation support.The empirical results of the two models constructed can be concluded that digital finance directly affects energy eco-efficiency,and digital finance can also indirectly affect energy eco-efficiency through government innovation support.Finally,based on the findings of this paper,policy recommendations are proposed for the development of the Huaihe Eco-economic Belt.