数字金融对林业绿色全要素生产率的影响机制

The Impact Mechanism of Digital Finance on Green Total Factor Productivity of Forestry

基于中国2012—2021年30个省域的面板数据,采用SBM-ML模型测算各省份林业绿色全要素生产率,并使用Tobit模型及中介模型研究数字金融对林业绿色全要素生产率的影响及作用机制。研究表明:技术进步是林业绿色全要素生产率的主要增长源;数字金融对提升林业绿色全要素生产率具有显著的促进作用,但对推动林业高质量发展具有异质性;数字金融能够通过提高林业技术创新能力实现林业绿色全要素生产率的提升。因此,政府应该大力推动林业技术进步,提高林业技术效率,加快推进数字金融与林业发展深度融合,不断增强中国林业技术创新能力,助力林业高质量发展。

⑴Background——The green total factor productivity(TFP)of forestry is a key index to measure the high-quality development of forestry,which can fully reflect the comprehensive efficiency of forestry development.As a new factor of production,data can weaken the problems of large credit risk and asymmetric information in the traditional finance in supporting forestry.This paper discusses the effect and impact mechanism of digital finance on green TFP of forestry in order to provide scientific support for the policy formulation of high-quality development of Chinese forestry in the future.⑵Methods——This paper based on the panel data of 30 provinces in China from 2012 to 2021,this paper uses the SBM-ML model to measure the green total factor productivity of forestry in each province,selected green TFP of forestry as the explained variable,digital financial development level as the explanatory variable,forestry technological innovation level as the mediating variable,economic development level,industrial structure level of financial support for forestry,forest coverage rate as the control variables,and used the Tobit model and the mediation model to study the impact and mechanism of digital finance on the green total factor productivity of forestry.⑶Results——First,the average value of forestry green TFP index was 1.135,the average value of technical efficiency index was 1.007,and the average value of technological progress index was 1.132.Second,digital finance had a positive impact on forestry green TFP at a significant level of 1%,with a coefficient of 0.078.Third,In the process of digital finance helping the growth of forestry green TFP,forestry technology innovation ability played a complete intermediary effect,showing a mechanism of“digital finance development→improvement of forestry technology innovation ability→growth of forestry green TFP”,which accounted for 60.6%of the total effect.Fourth,the impact of digital finance on the green TFP of forestry was heterogeneous:in the underdeveloped regions with traditional financial development,the eastern region and the central region,the high-quality development of forestry empowered by digital finance passed the test at the significant level of 1%,5%and 10%,and the coefficients were 0.116,0.095 and 0.088,respectively.⑷Conclusions and Discussions——First,technological progress is the main growth source of forestry green TFP,with an average annual increase of 13.2%,and technical efficiency also plays a certain role in the improvement of forestry green TFP,with an average annual increase of 0.7%.Second,digital finance can promote the growth of forestry green TFP,so digital finance can be used to promote the high-quality development of forestry.Third,digital finance can promote the growth of forestry green TFP by improving forestry technological innovation ability,and forestry technological innovation ability plays an important role in this process.Fourth,the impact of digital finance on forestry green TFP shows heterogeneity with the development level of regions and traditional finance,which indicates that digital finance can help reduce the constraints of information asymmetry on forestry credit.Based on the above research conclusions,the following policy suggestions are put forward:First,promote the progress of forestry technology and improve the efficiency of forestry technology.Second,accelerate the deep integration of digital finance and forestry development.Third,enhance the ability of forestry technology innovation through a variety of ways.Fourth,all regions should develop digital finance according to local conditions.