Research On The Impact Of Digital Financial Inclusion On Green Total Factor Productivity

With the development of the social economy,green development is crucial in China’s stage of high-quality development.The report of the 20 th Party Congress states.Promoting a green,low-carbon economy and society is an important step towards achieving highquality development.At the same time,the 14 th Five-Year Plan calls for China to build a more modern and inclusive financial system to better support the development of the real economy.Therefore,this paper first builds an index shell frame for total green productivity and measures total green productivity and its decomposition index for the period 2011-2020 on account of the undesired ultra-efficient SBM model and DEA-Malmquist method,and the total green productivity levels of 30 Chinese provinces and cities estimates and dissects from two different angles: static and dynamic.The Digital Inclusive Finance Index announced by the Financial Center of Peking University was elected as the research object to conduct a spatial and temporal analysis of digital inclusive finance.Secondly,by introducing economic development,science and technology innovation,human capital,government R&D investment,urbanization rate and industrial structure as control variables,a spatial panel model is structured to ulteriorly investigate the relationship between digital inclusive finance and green total factor productivity in China,and explore the forthright impress of digital inclusive finance on green total factor productivity in the region and the special overflow impact in neighboring regions.It is then split into three major regions to make a thorough inquiry whether this spatial impact effect has regional heterogeneity and dimensional heterogeneity.Finally,to further dissect the impact of digital inclusive financial mode of action on the productivity of the GTFP,an impact analysis of industrial restructuring and financial regulatory adjustments was introduced to verify the impress of digital inclusive financial mechanisms on the productivity of the GTFP.The consequences indicate that:(1)The level of green total factor productivity and digital financial inclusion are higher in the eastern region and both are higher than the nationwide mean value,taking the first place,took second place by the central region and the minimum in the west,with prominent regional discrepancies;(2)Digital inclusive finance makes a significant contribution to green total factor productivity.Further spatial effect decomposition shows that digital financial inclusion can positively facilitate the development of green factor productivity in the region shows a vigorous spatial impact on green factor productivity in adjoining areas.(3)All three dimensions of digital inclusive finance have a vigorous spatial impress on a region’s total GTFP;digital inclusive finance in the eastern,central and western regions exert a major influence in facilitating the augment of local total green factor productivity.(4)The consequences of the adjustment domino effect manifest that the supervised impact of financial regulation and industrial structure optimization is significant,and financial supervision and industrial structure optimization are the main ways for digital inclusive finance to impress green total factor productivity.In respond to the findings of the study and base on the down-to-earth development of China’s green economy,the following policy recommendations are put forward:(1)Accelerate the development of digital inclusive financial infrastructure,focusing on the popularization of digitalization;(2)Optimize the regional industrial structure and rationally allocate resource efficiency;(3)The government has increased macro-control and tilted policy preferences;(4)Enhance consociation between the three areas,Eastern,Central and Western Europe,in order to promote a coherent regional development process.