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

In recent years,the contradiction between economic growth and resources and environment has become increasingly prominent.The "GDP only theory" no longer meets the requirements of China’s high-quality economic development.How to save resources and protect the environment while considering economic benefits has become an important problem to be solved in China.Total factor productivity does not consider environmental factors such as energy consumption and pollution emissions.An important way to realize the transformation of urban green economy is to comprehensively improve green total factor productivity.To improve green total factor productivity,the key lies in technological innovation.The development of any technology is inseparable from the help of modern financial service system.Inclusive finance can bring new opportunities for the financing problems of vulnerable groups and small,medium and micro enterprises excluded by traditional financial institutions,effectively resolve the difficulties of financial services,and then promote economic growth.However,the development of Inclusive Finance is limited by technical and regional constraints.Digital finance eliminates this disadvantage and can provide services for economically backward and remote areas that cannot be touched by traditional financial services.The application of emerging technologies such as big data,artificial intelligence and cloud computing has expanded customer coverage and effectively solved the rigid situation of Financial Exclusion of vulnerable groups.At the same time,there is often the problem of information asymmetry in traditional financial transactions.The use of digital technology can significantly improve the ability of risk identification and better resist financial risks.It has great potential in solving the financing difficulties of small,medium-sized and micro enterprises.Digital finance has changed the development mode of Inclusive Finance.The advantages of increasingly diversified financial products and services drive the high-quality development of China’s economy.By exploring the impact mechanism of the development of digital Inclusive Finance on China’s green total factor productivity,this paper is of great significance to the green transformation of China’s economy.This paper combs the relevant literature and summarizes the theoretical basis affecting the relationship between digital Inclusive Finance and green total factor productivity.Taking the panel data of 284 prefecture level cities from 2011 to 2019 as samples,this paper calculates the green total factor productivity of each city by using SBM directional distance function and GML index.Starting from digital finance and three sub indicators,using the fixed effect model,this paper empirically analyzes the impact of the total index of digital Inclusive Finance,the coverage,depth and digitization degree of digital Finance on green total factor productivity,then tests its robustness,uses the instrumental variable method to solve the existing endogenous problems,and uses scientific and technological innovation The upgrading of industrial structure as an intermediary variable tests the impact mechanism of digital Inclusive Finance on green total factor productivity.Finally,it analyzes the heterogeneity of digital Finance on green total factor productivity from the regional and human capital levels.After the above empirical tests,the research conclusions are as follows: first,digital Inclusive Finance is conducive to promoting the growth of green total factor productivity in local cities,and technological progress is the main factor for the improvement of green total factor productivity.Second,scientific and technological innovation and industrial structure upgrading are the two intermediary ways for digital Inclusive Finance to affect the growth of green total factor productivity.Third,the impact of digital Inclusive Finance on green total factor productivity of local cities is heterogeneous in regional location and material human capital.Finally,in order to improve green total factor productivity and promote sustainable and healthy economic development,this paper puts forward policy suggestions for the development of digital Inclusive Finance.