Zhang Jinyue, Sun Zhenglin
School of Business Administration, Northeastern University, Shenyang, 110169, China.
School of Business Administration, Northeastern University, Shenyang, 110169, China.
J Environ Manage. 2025 May;382:125366. doi: 10.1016/j.jenvman.2025.125366. Epub 2025 Apr 15.
Against the dual backdrop of the intensification of global climate change and the deepening of sustainable development goals, enhancing the green total factor energy efficiency (GTFEE) of cities has emerged as a crucial pathway to achieve the transition towards a low-carbon economy. Exploring the impact of the synergistic development of fintech and green finance on GTFEE not only helps to expand the theoretical boundaries of green economic growth but also provides policymakers with new dimensions for decision-making. In this paper, a two-way fixed effects model and a Spatial Durbin Model are employed to investigate the temporal and spatial impacts of the synergistic development of fintech and green finance on the GTFEE of cities. Furthermore, from the perspective of exogenous policy shocks, a Difference-in-Differences (DID) model is used to explore the policy impacts on the GTFEE of cities brought about by the synergistic implementation of the establishment of a Big Data Bureau and green finance policies. The findings reveal that: (1) The synergistic development of fintech and green finance can substantially augment the urban GTFEE. (2) The synergy between fintech and green finance can significantly enhance the GTFEE in non-resource-based cities, those with high innovation and entrepreneurship levels, and cities in the servitization stage. (3) The synergistic development of fintech and green finance exhibits a pronounced positive spatial spillover effect on GTFEE. (4) Regarding the relation between fintech-green finance synergy and urban GTFEE, environmental regulation has an inverted U-shaped moderating effect, industrial agglomeration a U-shaped one, and financial development level a significant single-threshold facilitating effect. (5) The results of the dual-policy shock analysis indicate that the synergistic implementation of the establishment of Big Data Bureaus and green finance policies inhibits the improvement of urban GTFEE. This study provides empirical evidence from China, contributing to the improvement of the synergistic implementation of financial-related policies and the enhancement of urban energy efficiency.
在全球气候变化加剧和可持续发展目标不断深化的双重背景下，提高城市绿色全要素能源效率（GTFEE）已成为实现向低碳经济转型的关键途径。探究金融科技与绿色金融协同发展对GTFEE的影响，不仅有助于拓展绿色经济增长的理论边界，还为政策制定者提供了新的决策维度。本文采用双向固定效应模型和空间杜宾模型，研究金融科技与绿色金融协同发展对城市GTFEE的时空影响。此外，从外生政策冲击的角度，运用双重差分（DID）模型，探讨设立大数据局与绿色金融政策协同实施对城市GTFEE的政策影响。研究结果表明：（1）金融科技与绿色金融的协同发展能够显著提高城市GTFEE。（2）金融科技与绿色金融的协同效应能够显著提升非资源型城市、创新创业水平高的城市以及处于服务化阶段城市的GTFEE。（3）金融科技与绿色金融的协同发展对GTFEE具有显著的正向空间溢出效应。（4）在金融科技—绿色金融协同与城市GTFEE的关系方面，环境规制具有倒U型调节效应，产业集聚具有U型调节效应，金融发展水平具有显著的单门槛促进效应。（5）双重政策冲击分析结果表明，大数据局设立与绿色金融政策的协同实施抑制了城市GTFEE的提升。本研究提供了来自中国的实证证据，有助于改进金融相关政策的协同实施，提高城市能源效率。
