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

Since the reform and opening up,China’s economy and society have developed rapidly,but at the same time,there have also been ecological problems such as environmental pollution and unreasonable resource development and utilization.In order to solve these problems,improve public awareness of environmental protection and promote coordinated and balanced development of society,green development has been placed on an unprecedented level.In this context,finance,as the blood and core of modern economy,should give full play to its positive role in promoting GTFP.However,the traditional financial development model can no longer meet the needs of economic restructuring and sustainable development due to technical and information barriers.Digital inclusive finance is a new financial service model formed on the basis of inclusive finance by combining big data,cloud computing and Internet and other information technologies.It has the characteristics of low cost,high coverage and convenience,and has injected new vitality into improving the imbalance of China’s financial structure.Therefore,this thesis takes GTFP as a proxy variable to measure the high-quality development of the economy,examines whether digital inclusive finance can promote the growth of GTFP,clarifies the internal logic and transmission mechanism of GTFP growth,and provides useful policy suggestions for China to accelerate the realization of green transformation from a scientific perspective.Based on the development status of digital inclusive finance and GTFP in China,this thesis analyzes the impact of digital inclusive finance on GTFP using panel data of 30 provinces in China from 2011 to 2019,and further discusses the transmission mechanism of digital inclusive finance on GTFP.The main conclusions are as follows:First,on the whole,the development level of China’s digital inclusive finance continued to grow from 2011 to 2019.The median value of the national digital inclusive finance index in 2011 was 33.6,and rose to 318.12,and the average annual growth rate of the median value of the national digital inclusive finance index in 2019 reached 29.1%.Among them,the eastern region leads the rest of the country,while the western region lags behind in the development of digital inclusive finance.Secondly,this thesis uses the methods of two-way fixed effect model,fixed effect model and random effect model to prove that digital inclusive finance has effectively improved China’s GTFP level.The study found that the three secondary indicators of digital inclusive finance also have a significant improvement effect on GTFP,especially the coverage.Thirdly,this thesis uses the intermediary effect test to find that digital inclusive finance can improve GTFP by reducing regional carbon emissions,alleviating resource mismatch and promoting industrial structure optimization.In addition,digital inclusive finance plays a heterogeneous role in promoting GTFP: from the perspective of economic development level,digital inclusive finance plays a more significant role in promoting GTFP in the eastern economy than in developed provinces and cities;From the perspective of financial development level,it is more conducive to play the role of digital inclusive finance in promoting GTFP in areas with developed financial level.Therefore,this thesis proposes to improve the construction of digital inclusive financial infrastructure and improve the efficiency of financial resource allocation;Promote green and low-carbon production and lifestyle,and improve the ability of green digital inclusive financial services;Promote the integrated development of digital inclusive finance and green finance,and expand the application of financial technology in the field of green finance;The four major measures to improve the dynamic financial supervision mechanism and promote the healthy development of the digital economy provide direction for expanding the coverage of financial services,accelerating the development of digital inclusive finance,and realizing the green transformation of economic society.