Nonlinear influence of digital finance on green economic efficiency

IF 7.5 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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引用次数: 0

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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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.