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

As the blood of the real economy,the improvement of the allocation efficiency of financial resources and the supply quality of financial services have a profound impact on the development of micro enterprises and the operation of macro-economy.The development of digital inclusive finance can give better play to the function of resource allocation,alleviate factor mismatch,reduce financing constraints,promote industrial upgrading,promote green total factor productivity(GTFP),and improve the quality and efficiency of serving the development of the real economy.Based on the two-way fixed effect model,this paper analyzes the impact of China’s digital Inclusive Finance on green total factor productivity.On this basis,from the perspective of industrial structure optimization,this paper takes the rationalization and upgrading of industrial structure as intermediary variables to explore its intermediary effect on the impact of digital Inclusive Finance on green total factor productivity.Further,the relationship between digital Inclusive Finance and green total factor productivity was analyzed in different regions.Finally,the research conclusion was drawn.Based on strengthening infrastructure construction,optimizing regional resource allocation,and paying attention to industrial structure adjustment,reasonable suggestions were put forward on how to effectively play the role of digital Inclusive Finance in promoting green total factor productivity.Firstly,the development of digital Inclusive Finance has a significant positive effect on the improvement of green total factor productivity.Secondly,rationalization and upgrading of industrial structure are important intermediary channels for digital Inclusive Finance to affect green total factor productivity.Digital inclusive finance promotes the level of green total factor productivity by promoting the coordinated development of industrial structure and the transformation to high efficiency.Thirdly,there is regional heterogeneity in the impact of digital Inclusive Finance on green total factor productivity.The combination of financial inclusion and scientific and technological innovation has promoted the significant improvement of green total factor productivity.