The mechanisms of green finance reform and digital transformation on regional industrial innovation and entrepreneurship: Evidence from a quasi-natural experiment

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-08 DOI:10.1016/j.frl.2025.107933

Shifei Zhao , Jianwu Liu , Guizhong Jiang

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引用次数: 0

Abstract

Drawing upon data from Chinese prefecture-level cities spanning the period from 2007 to 2023, this paper empirically examines the intrinsic relationships and mechanisms among green financial reform, digital transformation, and regional industrial innovation and entrepreneurship using baseline regression, difference-in-differences, and mediation effect models. The results indicate that green financial reform significantly promotes regional industrial innovation and entrepreneurship; digital transformation also has a positive effect and plays a mediating role in this relationship, with heterogeneous effects across regions with different urbanization levels. It is worth noting that the synergistic effects of green financial reform and digital transformation are also evident in the fields of education and sports. For example, green loans are used to support low-carbon renovations of campuses and educational informatization projects, while digital technologies are leveraged to empower innovation in the sports industry and upgrade public fitness service models. This research enriches academic understanding in these fields and provides valuable theoretical and practical insights for policymaking.

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绿色金融改革与数字化转型对区域产业创新创业的影响机制：来自准自然实验的证据

本文利用2007 - 2023年中国地级市数据，运用基线回归、差中差和中介效应模型，实证检验了绿色金融改革、数字化转型与区域产业创新创业之间的内在关系和机制。结果表明：绿色金融改革显著促进了区域产业创新创业；在这一关系中，数字化转型也具有正向作用和中介作用，但在不同城镇化水平的地区之间存在异质性效应。值得注意的是，绿色金融改革和数字化转型的协同效应在教育和体育领域也很明显。例如，利用绿色贷款支持校园低碳改造和教育信息化项目，利用数字技术为体育产业创新赋能，提升公共健身服务模式。本研究丰富了这些领域的学术认识，为政策制定提供了有价值的理论和实践见解。

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