Research On The Impact Of Financial Technology On The Development Of Green Finance

The report of the 20th National Congress of the Communist Party of China pointed out that it is necessary to firmly establish and practice that green waters and green mountains are golden mountains and silver mountains,and plan and develop from the perspective of harmonious coexistence between man and nature.In the face of the practical requirements of green and low-carbon development and the huge green financial market,the high-quality development of green finance has become increasingly important.As a new engine of financial development,financial technology has natural advantages in promoting information exchange,reducing information asymmetric risks,reducing transaction costs,and optimizing risk management.In recent years,the widely and in-depth application of financial technology has played an increasingly important role in promoting the transformation of traditional finance to digital finance,helping relevant institutions better identify green projects and green subjects,green and low-carbon investment and financing,green finance risk monitoring,and constantly innovating operation models.In this context,studying the impact of financial technology on the development of green finance is of great significance to the high-quality green development of China’s finance.This paper analyzes the impact of technology finance on the development of green finance from both theoretical and empirical aspects.Firstly,based on the combing of the literature related to fintech and green finance,and the definition and clarification of the connotation and related theories of fintech,green finance,This paper analyzes the mechanism of fintech on the development of green finance through green technology innovation.Then,based on China’s financial technology,green finance and the combination of the development status of the two,a green finance development level evaluation system was established from five aspects: green securities,green insurance,green rights and interests,green investment and green credit,and the development level of green finance in 30 provinces in China except Hong Kong,Macao,Taiwan and Tibet from 2011 to 2021 was measured,and the development level of green finance in various regions of China was analyzed based on the measurement results.In terms of empirical analysis,on the one hand,this paper uses the individual fixed-effect model to analyze the impact of financial technology on the development of green finance from the national level,and divide 30 provinces into three regions of eastern,central and western regions for heterogeneity research on the other hand.The empirical results show that: firstly,great progress has been made in the development of green finance in China;Secondly,China’s financial technology plays an obvious role in driving the development of green finance;Thirdly,the intermediary effect of financial technology affecting the development of green finance through green technology innovation exists.Fourth,the degree of financial technology promoting the development of green finance is heterogeneous,but the promotion role is highly significant.Finally,based on the above research conclusions,suggestions are given for fintech to better promote the high-quality development of green finance.