Impact of digital finance on urban ecological resilience: evidence from the Yangtze River Economic Belt in China.

From the emergence of the new coronavirus pandemic to extreme climatic catastrophes, the development and enhancement of urban ecological resilience has evolved into a critical and strategic imperative. Investigating the capacity of digital finance to promote urban ecological resilience bears substantial relevance to the sustainable advancement of urban centers. This study examines the influence of digital finance on urban ecological resilience by applying a benchmark regression model on data from 107 prefecture-level cities within the Yangtze River Economic Belt across 2011-2020. Additionally, this study delves into its mechanism and spatial spillover impacts via a mediating effect model and a spatial effect model. The findings revealed that (1) digital finance strengthens the ecological resilience of the locale and beneficially impacts the surrounding regions; (2) digital finance enhances urban ecological resilience by fostering technological innovation and reducing energy intensity; and (3) in the lower reaches of the Yangtze River, digital finance plays a greater role in improving urban ecological resilience. Cities with high level of traditional financial development, high level of economic development and high intensity of environmental regulation have a more obvious role in promoting urban ecological resilience. Within the paradigm of ecological civilization, it is advisable for governmental bodies to fortify inter-regional digital financial collaboration, refine the green financial infrastructure, and advocate for sustainable, low-carbon, high-quality urban development.