数字金融与绿色发展来自——中国286个城市的经验证据

Digital Finance and Green Development——Empirical Evidence from 286 Cities in China

本文基于2011-2020年中国286个地级及以上城市数据,从理论和实证层面检验了数字金融对绿色发展的影响及其作用机制。研究发现,数字金融对绿色发展具有明显的推动作用,其中数字金融使用深度和覆盖广度对绿色发展的促进作用更大;相较于北方城市和中小城市,数字金融对南方城市和大城市绿色发展的赋能效应较强;人力资本在数字金融影响绿色发展过程中发挥正向调节作用,而市场化水平与固定资产投资额的调节效应不明显;机制检验得出,数字金融可以通过提高绿色技术创新能力和社会环境认知能力,促进城市绿色发展。

Based on the data of 286 cities at prefecture level and above in China during 2011-2020,this paper examines the impact of digital finance on green development and its mechanism from both theoretical and empirical levels.It is found that digital finance has an obvious promoting effect on green development,among which the depth and coverage of digital finance have a greater promoting effect on urban green development.Compared to northern cities and small and medium-sized cities,digital finance has a stronger empowering effect on green development in southern and large cities.Human capital plays a positive moderating role in the process of digital finance affecting urban green development,while the moderating effect of marketization level and fixed asset investment is not obvious.According to the mechanism test,digital finance can promote urban green development by improving green technology innovation capabilities and social en-vironment awareness.