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

Since the reform and opening up,Chinese industry has developed rapidly.Its economic development has stepped into the fast lane,and create a "Chinese miracle" that has attracted worldwide attention.In the face of increasingly prominent problems such as environmental and ecological pollution,the focus of economic growth has gradually focused on the development of green and low-carbon economy.Chinese economic development has gradually changed from factor-driven to efficiency-driven,which puts forward higher requirements for the efficiency of Chinese economic development.It is required to carry out green and low-carbon production methods to promote the sustainable development of the green economy.The report of the 20 th National Congress of the Communist Party of China pointed out that "promoting green economic and social development is a key link to achieve high-quality development,and it is of great significance to promote the great rejuvenation of the Chinese nation." Green total factor productivity is the fundamental driving force and important source of green economic growth.It has become an important indicator for the government to measure the sustainable development of a region or city’s green economy.The vigorous development of digital technology makes financial activities more convenient and efficient.It can effectively revitalize idle resources,guide the flow of manpower and capital to high-efficiency departments,improve the level and efficiency of green technology.Digital inclusive finance is formed by the effective combination of digital technology and finance and it has the advantages of convenience,low cost,and wide coverage.It can stimulate the innovation vitality of small and medium groups,and develop more clean energy technologies to improve the energy-saving and emission-reduction efficiency of enterprises.Promoting the adjustment of industrial structure and the low-carbon transformation of economic growth mode will bring more opportunities for improving green total factor productivity.In view of this,this thesis conducts a theoretical and empirical analysis on the impact mechanism of digital financial inclusion on green total factor productivity.Based on defining the concepts of digital inclusive finance and green total factor productivity,firstly,this thesis theoretically analyzes the influence mechanism of digital inclusive finance and green total factor productivity.Secondly,the SBM model considering undesired output and the DEA-Malmquist productivity index method were used to measure the green total factor productivity of 269 cities in China.Finally,the impact of digital financial inclusion and green total factor productivity is empirically analyzed,and the mechanism and heterogeneity of them are explored.The results show that:(1)The development level of digital inclusive finance in the eastern region of China is relatively high,and the growth rate is relatively flat.While the development level in the western region is relatively low,and the growth rate is relatively fast.(2)The green total factor productivity of269 cities in China is on the rise as a whole,and the green total factor productivity of each region presents the spatial characteristics of "high in the east and low in the west" and "high in the south and low in the north".(3)Digital financial inclusion can significantly improve green total factor productivity,and the three sub-dimensions of coverage,depth of use,and degree of digitization can also promote the improvement of green total factor productivity.(4)Digital inclusive finance can indirectly improve green total factor productivity through innovation capabilities,industrial structure upgrades,and technology spillover intermediary effects.(5)Digital inclusive finance in cities with large scale,high infrastructure level,and in the eastern region has a greater role in promoting green total factor productivity.While cities in the western region,with small scale and low infrastructure level have a smaller role in promoting it.Based on the empirical results of digital inclusive finance and green total factor productivity,this thesis puts forward policy suggestions to promote green total factor productivity,such as formulating differentiated policies,increasing investment in scientific research,optimizing industrial structure,and improving financial supervision system.