Nonlinear influence of digital finance on green economic efficiency

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2025-02-21 DOI:10.1016/j.irfa.2025.104031

Guibao Liang, Qiao Xia, Lijie Zhang

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Abstract

Digital finance (DF) significantly improves green economic efficiency (GEE) by promoting technological innovation and the flow of factors with environmental friendliness. Using panel data from 30 provinces in China from 2011 to 2020, this study uses the super-efficiency Slack-Based Measure(SBM) model with undesirable outputs to measure provincial GEE. This study tests the nonlinear impact of DF on GEE and conducts a heterogeneity analysis. The findings show that (1) a significant, positive U-shaped nonlinear relationship exists between DF and GEE, validated by a robustness test and the instrumental variable model. (2) The U-shaped relationship between DF and GEE is significant in undeveloped regions. Meanwhile, the findings show a linear promoting effect in developed areas. (3) Mechanism research demonstrates that the regional technological innovation level is an effective mechanism of the U-shaped relationship. (4) The moderating effects test finds that environmental regulation can positively moderate the nonlinear relationship between DF and GEE. Therefore, the government should fully leverage the functions of DF to improve GEE.

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数字金融对绿色经济效率的非线性影响

数字金融通过促进技术创新和环境友好型要素流动，显著提高绿色经济效率。本文利用2011 - 2020年中国30个省份的面板数据，采用具有不期望产出的超效率Slack-Based测度（SBM）模型对省级经济效益进行测度。本研究检验了DF对GEE的非线性影响，并进行异质性分析。结果表明：(1)DF与GEE之间存在显著的正u型非线性关系，并通过鲁棒性检验和工具变量模型验证了这一点。(2)欠发达地区DF与GEE呈显著的u型关系。与此同时，研究结果显示，在发达地区有线性促进作用。(3)机制研究表明，区域技术创新水平是u型关系的有效机制。(4)调节效应检验发现，环境调控可以正向调节DF与GEE之间的非线性关系。因此，政府应充分发挥DF的作用，提高GEE。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.