Research On The Impact Of Digital Finance On Green Total Factor Productivit

At present,China’s economy has entered a stage of high-quality development,of which the development of a green economy is an inherent requirement,while digital finance is conducive to improving market mechanisms and promoting technological innovation,and is the key to determining the development of a green economy.Therefore,it is clearly significant for this paper to study the impact of digital finance on green total factor productivity,which can serve both the transformation of green economy and promote highquality economic development.This paper firstly compares the relevant research literature on digital finance and green total factor productivity,on the basis of which the theoretical mechanism of digital finance affecting green total factor productivity is proposed;secondly,based on the statistical data of 280 cities,China’s green total factor productivity is measured from 2011 to 2019,and the two-way fixed effect model and intermediary effect model are used to test the impact of digital finance on green total factor productivity,its mechanism of action and its heterogeneity;finally,it is to summarize the main research findings and put forward relevant policy recommendations.The findings show that:(1)The development of digital finance effectively improves green total factor productivity and also has a long-term lagged effect on it;(2)Factor optimization and scientific and technological innovation are important intermediaries of the role of digital finance in greening total factor productivity;(3)Further analysis shows that increasing green total factor productivity by curbing factor price distortions and promoting technological innovation must be conditional on environmental regulation,which to some extent validates the "Porter hypothesis".(4)Heterogeneity analysis shows that digital finance has a more pronounced effect on green TFP in western regions,regions with higher levels of science and education inputs and higher marketization indices.Therefore,the further development of digital finance,the development of appropriate environmental regulatory policies and the promotion of market-based reforms and technological innovation,all of which are currently leveraged by advances in information technology,are important aspects of promoting the development of a green economy.Specific elements include: first,promoting the deep integration of digital technology with the financial sector.For example,strengthening digital financial technology,improving digital technology infrastructure in less developed regions,innovating cooperation models between finance and technology,etc.Second,correcting factor price distortions under environmental regulation.Strengthen the resource allocation function of the financial system through digital finance in order to promote the marketisation of energy,labour and other factors of production.Third,stimulate enterprises to undertake more science and technology innovation.Increasing the technological innovation capacity of enterprises through various means,while increasing the cost of using high energy consumption,high pollution and other inefficient factors of production,can effectively incentivise enterprises to engage in green technological innovation.