数字金融对中国用水强度的影响及其机理

The impact of digital finance on water use intensity in China and mechanisms

【目的】以信息技术为基础的数字金融为节水型社会建设提供了新契机,如何有效释放数字金融发展带来的“节水减排”红利,是促进中国式现代化发展的重要议题。【方法】基于2011—2020年中国30个省份的面板数据,利用固定效应模型、中介效应模型等方法实证检验数字金融发展与水资源利用之间的关系。【结果】(1)数字金融发展能有效发挥对用水强度的抑制作用,这种作用主要通过提升数字金融的覆盖广度和使用深度来实现,且在经过替换变量、工具变量法以及有限信息最大似然法等稳健性检验后依然成立。(2)从传导路径看,技术创新和产业结构合理化在数字金融对用水强度影响中发挥了显著的中介作用,但产业结构高级化的中介作用却不明显。(3)从异质性角度看,数字金融对东部地区用水效率具有积极影响;同时对一产和二产的用水强度发挥了显著的抑制作用,但对第三产业的影响不显著;另外水资源禀赋高的地区更容易发挥数字金融的红利效应。【结论】因此,需加强数字金融建设,积极创新金融服务,因地制宜、因产施策充分发挥数字金融对资源利用的正向促进作用。

[Objective]Digital finance based on information technology provides a new opportunity for the construction of a water-saving society.Effectively release the dividend of water saving and emission reduction brought by the development of digital finance is an important issue for promoting the development of the Chinese-style modernization.[Methods]Based on panel data from 30 provinces in China from 2011 to 2020,this study empirically tested the relationship between digital finance development and water resource utilization using methods such as fixed effect and mediation effect models.[Results](1)The development of digital finance has an inhibitory effect on water use intensity,which is mainly achieved by improving the coverage and depth of use of digital finance,and the result is still valid after robustness tests such as substitution of variables,instrumental variable method,and limited information maximum likelihood method.(2)From the perspective of transmission pathways,technological innovation and industrial structure adjustment have played a significant mediating role between digital finance and water use intensity,but the mediating role of industrial structure upgrading is not significant.(3)From the perspective of heterogeneity,digital finance has a positive impact on water use efficiency in the eastern region;Meanwhile,digital finance has a significant inhibitory effect on the water use intensity of the primary and secondary industries,but the impact on the water use intensity of the tertiary industry is not significant;Regions with favorable water endowments are more likely to reap the benefits of digital finance.[Conclusion]Therefore,it is necessary to strengthen the construction of digital finance,actively innovate financial services,and give full play to the enabling role of digital finance in resource utilization according to local conditions and production policies.