Digital finance as a catalyst for green innovation: Threshold effect of diminishing marginal returns

IF 10.2 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-02 DOI:10.1016/j.irfa.2025.104840

Jun Wen , Hongbo Hai , Lingxiao Li , Jie Dou , Ran Tao

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引用次数: 0

Abstract

This study uses a regional panel covering 2011–2023 to examine how digitally enabled financial services shape eco-innovation, allowing for non-linear responses. The baseline estimations indicate that digital finance acts as a strong driver of environmentally oriented innovation. Threshold diagnostics uncover three cut-off points along the coverage and digitization dimensions: the stimulus strengthens up to midranges and then tapers, consistent with diminishing incremental gains. In contrast, along the depth-of-use margin the relationship is monotonic—greater intensity of use is linked to progressively larger effects, with no observable turning point. Analysis of transmission channels shows that digital finance promotes eco-innovation by concentrating innovation inputs (talent, capital, data) and improving allocative efficiency. Subsample evidence suggests that impacts are larger on the extensive margin (incremental outputs) than on frontier breakthroughs, and they are concentrated in eastern provinces and in cities that are not resource-dependent. The findings expand related theory and offer guidance for aligning finance with green technological progress.

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数字金融作为绿色创新的催化剂：边际收益递减的门槛效应

本研究使用2011-2023年的区域面板来研究数字化金融服务如何影响生态创新，并允许非线性响应。基线估计表明，数字金融是环境导向型创新的强大驱动力。阈值诊断揭示了覆盖范围和数字化维度上的三个截止点：刺激在中等范围内增强，然后逐渐减弱，与增量收益递减相一致。相反，沿着使用深度边界，这种关系是单调的——更大的使用强度与越来越大的影响相关联，没有可观察到的转折点。传导渠道分析表明，数字金融通过集中创新投入（人才、资金、数据）和提高配置效率来促进生态创新。亚样本证据表明，对外延边际（增量产出）的影响大于对前沿突破的影响，而且这些影响集中在东部省份和不依赖资源的城市。研究结果拓展了相关理论，为金融与绿色技术进步的对接提供了指导。

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

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.