The mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103038

Zhongwei Zhu , Qian Hua , Shuai Xu , Weiwei Lin

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Abstract

This paper aims to measure the development levels of China's green finance (GF) and new quality productive forces (NQPFs), and explore the mechanism and heterogeneous effects of GF on the development of NQPFs. By employing the data envelopment analysis and the entropy value method, this paper innovatively constructs a new multi-dimensional evaluation system of "GF-NQPFs". And the study sheds light on the promotion effect of GF on NQPFs from the perspectives of technological innovation and data factors. The study presents three key findings. Firstly, the development level of China's GF has been steadily rising, with the scale of key indicators such as green investment expanding. Secondly, GF can efficiently drive forward the progress of NQPFs. Thirdly, the mechanism through which GF promotes the development of NQPFs is chiefly manifested in two aspects: technological innovation and data factors. The discovery of the driving mechanism of technological innovation and data factors and the key role of green investment provides a scientific reference for developing China's GF and improving NQPFs.

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绿色金融促进中国新型优质生产力的机制：技术创新与数据因素

本文旨在测度中国绿色金融和新质量生产力的发展水平，并探讨绿色金融对新质量生产力发展的影响机制和异质性效应。采用数据包络分析和熵值法，创新性地构建了一个新的“GF-NQPFs”多维评价体系。并从技术创新和数据因素两方面揭示了GF对NQPFs的促进作用。该研究提出了三个关键发现。一是发展水平稳步提升，绿色投资等关键指标规模不断扩大。其次，GF可以有效地推动NQPFs的进展。第三，GF促进NQPFs发展的机制主要表现在两个方面：技术创新和数据因素。技术创新驱动机制和数据要素的发现，以及绿色投资的关键作用，为中国发展经济总量和提高不稳定要素提供了科学参考。

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

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance