School of Economics and Trade, Hunan University, Changsha, 410082, PR China.
School of Economics, Beijing Technology and Business University, Beijing, 100048, PR China.
J Environ Manage. 2023 Sep 15;342:118158. doi: 10.1016/j.jenvman.2023.118158. Epub 2023 May 13.
Digital inclusive finance (DIF) is playing an increasingly prominent role in green development. This study analyses the ecological effects generated by DIF and its mechanism of action from the perspectives of emission reduction (pollution emissions index; ERI) and efficiency gains (green total factor productivity; GTFP). Using panel data from 285 cities in China from 2011 to 2020, we empirically test the effects of DIF on ERI and GTFP. The results reveal a significant dual ecological effect of DIF in terms of ERI and GTFP, but there are differences in the various dimensions of DIF. Influenced by national policies, DIF produced more substantial ecological effects after 2015, which are more pronounced in developed eastern regions. Human capital significantly enhances the ecological effects of DIF, and human capital and industrial structure are critical paths for DIF to reduce ERI and increase GTFP. This study provides policy insights for governments to leverage digital finance tools to advance sustainable development.
数字包容性金融（DIF）在绿色发展中发挥着越来越重要的作用。本研究从减排（污染排放指数；ERI）和效率提升（绿色全要素生产率；GTFP）的角度，分析了 DIF 产生的生态效应及其作用机制。利用 2011 年至 2020 年中国 285 个城市的面板数据，我们实证检验了 DIF 对 ERI 和 GTFP 的影响。结果表明，DIF 在 ERI 和 GTFP 方面具有显著的双重生态效应，但 DIF 的各个维度存在差异。受国家政策影响，2015 年后 DIF 产生了更显著的生态效应，在发达的东部地区更为明显。人力资本显著增强了 DIF 的生态效应，人力资本和产业结构是 DIF 降低 ERI 和提高 GTFP 的关键路径。本研究为政府利用数字金融工具推动可持续发展提供了政策启示。
