Research On The Impact Of Digital Finance On Green Total Factor Productivity

In recent years,low-carbon and green development has become a key link in China’s social development,ecological optimization,and environmental improvement.Guided by green Total factor productivity,it can not only promote benign competition among regions and improve the efficiency of resource factor allocation in various regions,but also adjust the industrial structure,encourage enterprises to improve the level of green technology innovation and reduce pollution emissions.The emergence of digital finance has eliminated information barriers and become an innovative form superior to traditional finance,adding impetus to winning the battle for environmental protection and achieving green development.Therefore,exploring the impact of digital finance on green Total factor productivity is of great significance to the green transformation and development of the economy.Firstly,based on relevant theories,this paper expounds the impact mechanism of digital finance on green Total factor productivity;Secondly,the SBM-GML model is used to measure the green Total factor productivity of 30 provinces from 2011 to 2020,and the results are analyzed concretely;Finally,based on the two-way fixed effect model,this paper empirically explores the role of digital finance on green Total factor productivity.Through the research,we find that digital finance and sub indexes have an obvious driving role in the growth of green Total factor productivity;Digital finance can stimulate the improvement of green Total factor productivity by reducing carbon emissions and boosting technological innovation and development of enterprises;Urbanization rate,Physical capital and government R&D investment can strengthen the positive promotion of digital finance on green Total factor productivity;The development of digital finance is characterized by regional differences.The promotion of digital finance in the eastern region to green Total factor productivity is slightly higher than that in the central and western regions,and coastal regions are also higher than inland regions;In addition,the development level of digital finance will also affect green Total factor productivity.The marginal contribution rate of high development level of digital finance to green development is significantly higher than that of low development level of digital finance.