Research On The Impact Of Digital Financial Inclusion On Green Total Factor Productivity

Digital inclusive finance is a model of providing financial services using digital technology,which can correct the distortion of factor allocation,enhance the efficiency of financial market,support enterprises to carry out green technology innovation and transformation,and reduce environmental pollution and resource consumption.Digital inclusive finance is in line with the core of the new development concept of high-quality development,which can contribute to sustainable development goals.Therefore,digital inclusive finance plays an important role in promoting green total factor productivity.First,based on the provincial panel data from 2011 to 2021,this paper uses the super-efficiency SBM model combined with the GML index to measure the change rate of GTFP from 2012 to 2021,and decomposes it into green technology efficiency and green technology progress.Then,the trend analysis of GTFP and its decomposition index is carried out.Finally,the fixed effect model is used to study the influence of Peking University’s digital financial inclusion index on GTFP and analyze the mechanism.The following conclusions are drawn:(1)China’s provincial-level GTFP is on the rise as a whole,which is mainly driven by the progress of green technology.In terms of regions,the highest rate of increase in GTFP is in the eastern region,and the lowest in the western region.In terms of the decline in green technology efficiency,the eastern region has the largest decline,while the northeastern region has the smallest decline.In terms of the growth rate of green technology progress,the eastern region is the highest,while the northeast region is the lowest.(2)The overall digital financial inclusion index and its sub-indices are conducive to the improvement of GTFP and green technology progress.The overall digital financial inclusion index and the degree of digitalization can promote green technology efficiency,while the other two have no significant impact on green technology efficiency.And these effects have regional heterogeneity and human capital heterogeneity.(3)Digital financial inclusion can have a positive impact on GTFP through technological innovation,industrial structure upgrading and rationalization.Finally,policy recommendations are put forward based on the conclusions:expanding coverage breadth;promoting usage depth;improving degree of digitalization;improving regional human capital level;developing regional leading industries.