The Impact Of Digital Finance On China's Urban Green Total Factor Productivity: Mechanism Analysis And Empirical Tes

The report of the Nineteenth National Congress of the Communist Party of China pointed out that my country’s economy is undergoing a development process from a high-speed development stage to a high-quality development stage,and is currently in a critical period of transforming the development mode,optimizing the economic structure,and stimulating new growth drivers.At the same time,with the improvement of the economic level,the traditional extensive growth mode has led to a huge waste of resources and serious pollution of the environment,which restricts the sustainable development of my country’s economy.General Secretary Xi Jinping proposed at the 20 th National Congress that to do a good job in protecting natural resources and the environment and improving the system of ecological civilization,we must implement the important idea that green water and lush mountains are invaluable assets.It is very important to realize the coordination of economic development and environmental protection and promote green total factor productivity.In recent years,with the development of digital technology,digital finance has continuously penetrated into the traditional financial industry,helping inclusive finance to break through the development constraints.Inclusive digital finance has become a new growth point of the financial industry,which can expand the coverage of financial services and guide financial resources.The key areas and weak links in the development of the stream economy,promote green production of enterprises,make the concept of green consumption deeply rooted in the hearts of the people,and then promote high-quality economic development.In the context of the development of my country’s digital finance,this thesis first clarifies the theoretical mechanism of digital finance’s impact on green total factor productivity and puts forward research hypotheses based on relevant theoretical foundations and related literature at home and abroad.Secondly,using the panel data of 282 cities from 2011 to 2018 as the research sample,the proposed research hypothesis was empirically tested.This thesis examines the impact of digital finance on the green total factor productivity of Chinese cities,as well as the mediating role of industrial structure and green technology innovation,and verifies it through robustness tests.Then,cities are divided into eastern cities and cities in central and western regions according to geographical location,and cities are divided into high-level cities and low-level cities according to economic development level.The study found that the development of digital finance can significantly promote the improvement of green total factor productivity,and industrial structure and green technology innovation play an intermediary role in this promotion.The conclusion is still valid after replacing the explained variables,excluding municipalities,shrinking treatment for robustness test and introducing instrumental variables for endogenous test.In terms of heterogeneity,in terms of regions,the promotion effect of digital finance on green total factor productivity is stronger in the eastern region and weaker in the central and western regions;in terms of economic development level,the effect of digital finance on green total factor productivity is stronger.The promotion effect is stronger in areas with high economic development,and weaker in areas with low economic development.Finally,further empirical analysis is conducted to test the threshold effect of digital finance on green total factor productivity by introducing a threshold model,and the green total factor productivity is divided into 7 quantile points to study the impact of digital finance on green total factor productivity of different quantile points.The study found that there are double thresholds for digital finance to affect green total factor productivity;when the quantile of green total factor productivity increases,the positive promotion effect of digital finance on green total factor productivity continues to increase.Based on the above conclusions and the actual situation of regional development,this thesis puts forward policy suggestions on the impact of digital finance on green total factor productivity in my country,including improving the digital financial system,promoting the construction of digital financial infrastructure,accelerating the development of digital finance and digital financial supervision in different dimensions and regions,It provides a new idea for the development of my country’s digital finance to improve green total factor productivity.