The driving effect of digital finance on green total factor productivity—analysis based on double/debiased machine learning model and spatial durbin model

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-22 DOI:10.1016/j.frl.2025.107463

Pengfei Shi , Honghao Zhang , Chaojing Sun , Xinrui Wang , Xingming Li

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Abstract

As a crucial component of modern finance, digital finance significantly contributes to enhancing the green economic development. Based on the panel data from 2011 to 2021, this paper explored the impact of digital finance on the tourism green total factor productivity by double/debiased machine learning model and spatial durbin model. The research findings are as follows: (1) Digital finance has significant promoting effect. The tourism green total factor productivity has exhibited a steady upward trend. (2) Technology innovation serves as a critical mediator, facilitating green development in industries through technology diffusion. There are significant differences in the effectiveness of digital finance in different regions. (3) Digital finance not only directly improves the local development, but also fosters the coordinated development of surrounding cities through spatial spillover effects, accelerating the green and high-quality transformation of the region. This paper proposes policy recommendations to accelerate the construction of digital financial infrastructure, enhance regional coordination, and promote innovation-driven development.

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数字金融对绿色全要素生产率的驱动效应——基于双/去偏机器学习模型和空间durbin模型的分析

数字金融作为现代金融的重要组成部分，对促进绿色经济发展具有重要意义。本文基于2011 - 2021年的面板数据，运用双/去偏机器学习模型和空间durbin模型，探讨了数字金融对旅游绿色全要素生产率的影响。研究发现：(1)数字金融具有显著的促进作用。旅游绿色全要素生产率呈现稳步上升趋势。(2)技术创新是产业绿色发展的重要中介，通过技术扩散促进产业绿色发展。不同地区数字金融的有效性存在显著差异。(3)数字金融不仅直接促进了当地的发展，还通过空间溢出效应促进了周边城市的协调发展，加速了区域绿色、高质量的转型。本文提出了加快数字金融基础设施建设、加强区域协调、促进创新驱动发展的政策建议。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance