数字金融赋能绿色创新的异质非线性调节效应

Heterogeneous nonlinear regulation effect of digital finance empowerment on green innovation

已有研究主要聚焦于探究技术创新过程中数字金融的“普惠效应”,却普遍忽视了数字金融赋能的“网络效应”问题。该研究基于中国省际面板数据和门槛回归技术,实证考察了数字金融助力绿色创新发展的非线性赋能机制。研究表明:数字金融显著驱动了中国绿色创新,且东中部地区的赋能效应远高于西部地区,表明数字金融的“普惠效应”是显著存在的;数字金融的绿色创新赋能效应存在着一个正向的由弱到强的演化过程,但这种“网络效应”特征主要出现在东西部地区,中部地区则表现出正向“U”型非线性规律;数字金融对绿色创新的非线性赋能效应存在异质强化调节机制,在城市化、财政透明度和居民收入水平调节下存在正向且边际效率递增特征,在城乡收入差距和经济增长目标约束下表现为正向且边际效率递减特征,在技术引进作用下则呈现正向倒“U”型特征;当前只有不断提升财政透明度、居民收入和城市化水平,持续缩小城乡收入差距,以及使经济增长目标和技术引进力度保持在合理水平上,才能最大化地提升数字金融赋能的绿色创新效应。该研究发现了绿色创新过程中数字金融赋能的“普惠效应”和“网络效应”的共存现象,相关结论可能为“十四五”时期地方政府搭上“数字金融快车”,加速驱动绿色创新发展提供有益启示。

Existing studies mainly focus on exploring the‘inclusive effect’of digital finance in the process of technological innovation,but generally ignore the‘network effect’of digital finance empowerment.Based on China’s inter-provincial panel data and threshold regression technology,this paper empirically examined the nonlinear empowerment mechanism of digital finance to promote the development of green innovation.The results of this study showed that:during the study period,digital finance significantly drove China’s green innovation and the empowerment effect of the eastern and central regions was much higher than that of the western regions,indicating that the‘inclusive effect’of digital finance was significant;the empowerment effect of digital finance on green innovation had a positive dynamic evolution process from weak to strong,but this kind of‘network effect’characteristic mainly appeared in the eastern and western regions,while the central region showed a positive‘U’-shape nonlinear pattern;and the nonlinear empowerment effect of digital finance on green innovation had a heterogeneous and strengthened adjustment mechanism.It had positive and increasing marginal efficiency characteristics under the adjustment of urbanization,fiscal transparency,and residents’income level.It was manifested under the constraints of urban-rural income gap and economic growth targets.Under the influence of technology introduction,it presented a positive inverted a‘U’-shaped characteristic.At present,only by continuously improving fiscal transparency,residents’income,and urbanization level,continuously narrowing the urban-rural income gap,and keeping the economic growth target and technology introduction at a reasonable level,can we maximize the green innovation effect empowered by digital finance.This article has discovered the coexistence of the‘inclusive effect’and‘network effect’of digital finance empowerment in the process of green innovation.The relevant conclusions may provide local governments with a‘Digital Finance Express’during the 14^(th) Five-Year Plan period to accelerate the development of green innovation.