The Impact Of Financial Technology On Green Total Factor Productivity

At present,China’s industry plays an extremely important role in China’s economic operation.However,there are still some problems,such as insufficient development power,low quality,serious damage to the ecological environment,which seriously re-strict the high-quality development of manufacturing industry and hinder the transfor-mation and development of China’s economy.Since the 18th CPC National Congress,under the guidance of innovation driven in the long-term development strategy,new finance has been accepted as an indispensable part of the traditional financial system,and the development of industrial green transfor-mation is closely related to financial support.The development of financial technology will help to improve the efficiency of financial services and industrial capital allocation,and then promote industrial emission reduction.Improving green total factor productivity is not only an important means to change the mode of development,but also an inevitable choice to high-quality development.Firstly,this paper defines the connotation and characteristics of Fintech based on certain theoretical basis and green total factor productivity,and summarizes the theoreti-cal basis of the relationship between them.Secondly,the EBM green total factor produc-tivity model is established,and the entropy method is used to construct the financial tech-nology index.Then,based on the data of 31 provinces,this paper makes an analysis from three aspects.First,we use panel regression econometric model to study the relationship between financial technology and green total factor productivity.Secondly,this paper uses the mediating effect model to test the relationship between the transmission channels of "financial technology-technological innovation-Green total factor generation rate".Thirdly,heterogeneity analysis should be included in the research framework.We should study where the effect of financial technology on green production efficiency is more obvious.Through the empirical analysis,the following conclusions are drawn:1.Financial technology promotes the growth of green space capacity in each administrative region.2.Technological innovation plays a mediating role in the impact of financial technology on green TFP growth.3.The impact of financial technology on provincial green TFP has regional economic heterogeneity.Finally,we submitted a policy proposal to promote the healthy development of the economy.We should learn from the advanced experience of industrial green transformation at home and abroad,pay attention to the decisive role of market resource allocation,and improve the service system and service platform of fi-nancial technology.In the long run,it is urgent to implement the regional strategy of differentiated science and technology finance development and strengthen the planning and layout of science and technology innovation system.