Research On The Impact Of Digital Finance On Regional Green Innovation

At the 20 th Party Congress,it was proposed to promote green development and the harmonious coexistence of man and nature.This major decision and deployment is of great significance for China to achieve high-quality development.In recent years,people’s awareness of environmental protection has been increasing,and the concept of green development has become more and more deeply rooted in people’s hearts.With the continuous improvement and development of innovation capacity,the problem of ecological and environmental damage brought about by China’s rapid economic growth phase is still serious.Therefore,in the context of China’s high-quality economic development stage,green innovation development has become an inevitable choice to overcome the problem of economic growth and ecological and environmental constraints.As a new financial industry,digital finance has many advantages such as "wide coverage,low cost and high efficiency",which can accelerate the deep integration of digital technology and the real economy,enhance the efficiency of financial services and optimise the allocation of financial resources,and inject new impetus and vitality into the development of regional green innovation.Against this background,it is of great theoretical and practical significance to explore in depth the impact of digital finance development on regional green innovation.In order to explore the impact and results of digital finance on regional green innovation in China,based on the relevant literature,firstly,this paper uses the Super-SBM-DEA model to measure the green innovation efficiency of each region in China,and analyses the regional differences and spatial and temporal dynamic evolution trends of digital finance and regional green innovation.Secondly,this paper investigates the impact of digital finance on regional green innovation without and with spatial factors using a double fixed-effects panel model and a spatial Durbin model respectively.Using the mediating effects model,the paper empirically analyses the impact of digital finance and its three sub-dimensions on the development of regional green innovation by enhancing human capital,promoting industrial structure upgrading and stimulating residents’ consumption levels,and analyses the heterogeneity of the impact of digital finance on green innovation in eastern,central and western regions and economically developed and less developed regions of China.Finally,based on the research content of this paper,relevant policy recommendations are put forward.The main conclusions of this paper are: firstly,the development of green innovation in China has achieved certain results with the support of national policies,but there is a problem of uneven regional development in the development of digital finance and the efficiency of provincial green innovation.Secondly,digital finance is a new driving force to promote regional green innovation development.At the 1%significance level,the total index of digital finance,the breadth of digital finance coverage and the depth of digital finance use will have a positive impact on the development of regional green innovation in China.Thirdly,digital finance can promote the development of regional green innovation by raising the level of human capital,promoting the upgrading of industrial structure and stimulating the level of residential consumption.Fourth,there are geographical differences in the development of digital finance on regional green innovation.Fifth,regional green innovation is spatially correlated and has a positive spatial spillover effect;an increase in the level of digital finance will drive the development of green innovation in the region,however,digital finance has a negative spatial spillover effect on the development of green innovation in neighbouring regions and will have a ’siphoning effect’ on neighbouring regions.