The Impact Of Fintech On Green Development Research

At present,mankind is facing challenges such as poverty,inequality,and climate change.China’s realization of carbon peaking,carbon neutrality,and the completion of the green development and transformation of its economic system are crucial to the sustainable development of the Chinese nation and the building of a community with a shared future for mankind.However,in the economic and social development,there are problems such as insufficient motivation for innovation and entrepreneurship,environmental pollution,and waste of resources,which restrict the green and highquality economic development.Fintech is the combination of traditional finance and artificial intelligence and other technologies,which can effectively alleviate development problems such as financing constraints and insufficient allocation.It can also speed up the supply of green finance and promote energy conservation and emission reduction of industrial enterprises.China’s fintech development level is high and the world’s leading position,which should have a huge impact on the economy and society.Therefore,it is of great practical and theoretical significance to study the impact of financial technology on economic development,especially the realization of green development.This paper firstly sorts out the relevant literature on green development,fintech and financial geographic structure,and defines and summarizes them,summarizes the literature theory on the relationship between fintech,fintech agglomeration and green development,and proposes the impact of fintech by constructing a theoretical framework.Two hypotheses for green development.Secondly,the green development evaluation index is constructed through the global principal component analysis method,the number of urban fintech companies is used to measure the development level of urban fintech,and the location entropy of fintech is used to measure the agglomeration of fintech.Finally,using the urban balance panel data from 2010 to 2018 to conduct empirical analysis,two-way fixed effect model,mediation effect model,gravity model,instrumental variable method,systematic GMM and other methods to explore the relationship between fintech and green development.The research found that: First,fintech can significantly improve the level of urban green development.By using the instrumental variable method,system GMM and other methods to deal with endogeneity,changing the variable measurement method,changing the sample interval and other robustness tests,the results of this paper are still robust and reliable.Second,the sub-indicator test shows that the effect of Fintech on green development is The green driving effect mainly lies in reducing emission consumption and boosting economic growth;the heterogeneity analysis shows that the role of fintech in green development is the strongest in the eastern region,slightly weaker in the central region,and the weakest in the western region;whether it is environmental regulation or financial regulation,When the degree of regulation is dynamically neutral,fintech can play an optimal green promotion role.Third,from the results of the mechanism test,the development of regional fintech can significantly speed up the transformation of kinetic energy.From the perspective of “supply-side kinetic energy”,it is mainly manifested in improving the level of green technology innovation and promoting the industrial structure in terms of “demand-side kinetic energy”.Advanced,so as to promote the green development of the city.Fourth,fintech companies are concentrated in municipalities directly under the central government and central cities in various provinces.Both local fintech agglomeration and fintech center spillover will promote green development.Local fintech agglomeration and fintech center spillover have substitution effects on green development.The influence of the green development on the green development is approximately symmetrical with the change of the distance of the "U"-shaped hyperbolic characteristic.Research conclusions: First,the government should take green technology innovation and industrial structure upgrading as a fulcrum to guide fintech to support the development of high-tech industries.At the same time,it should strengthen intellectual property protection,strengthen incentive policy coordination,and optimize business environment to promote innovation and entrepreneurship.development,driving the growth momentum of green development.Second,on the basis of safeguarding systemic risks,maintain dynamic and neutral supervision,expand the scope of the "regulatory sandbox" pilot,give fintech enough room for trial and error,give full play to market mechanisms,and solve problems such as low resource allocation efficiency,and then Drive green development.Third,the development of the fintech industry should take into account both agglomeration and dispersal,which will help to "balance in agglomeration" and achieve high-quality green development.