金融科技能提升城市包容性绿色全要素生产率吗?

Can Fintech Improve the Inclusive Green Total Factor Productivity in Cities?

包容性绿色全要素生产率强调绿色发展、社会公平与经济增长协调并进,是判断城市经济发展质量的重要依据。本文以2011—2019年中国284个地级及以上城市的数据为样本,实证检验了金融科技对城市包容性绿色全要素生产率的影响及作用机制。研究发现,金融科技对城市包容性绿色全要素生产率具有明显的促进作用,主要表现在技术进步指数显著提升,这一结论在经过一系列内生性处理和稳健性检验后依然成立。机制分析显示,金融科技能够通过促进绿色创新、增加环保投资以及激发创业活力提升城市包容性绿色全要素生产率。异质性分析表明,金融科技对包容性绿色全要素生产率的提升作用在人力资本水平、金融发展水平和基础设施水平较高的城市中更为明显。本文的研究为加快实现经济绿色发展和包容性增长的“双重红利”提供了重要的经验证据。

The inclusive green total factor productivity emphasizes the coordinated progress of green development,social equity and economic growth,and is an important basis for judging the quality of urban economic development.This paper empirically examines the impact of fintech on the inclusive green total factor productivity in cities and its mechanism using data of 284 cities at prefecture level and above in China from 2011—2019.It is found that fintech has a significant promoting effect on the inclusive green total factor productivity of cities,which is mainly reflected in the significant improvement of the technological progress index,and this conclusion remains valid after a series of endogenous processing and robustness tests.Mechanism analysis shows that fintech can enhance the inclusive green total factor productivity in cities by promoting green innovation,increasing environmental protection investment,and stimulating entrepreneurial vitality.Heterogeneity analysis shows that the promotion effect of fintech on the inclusive green total factor productivity is more obvious in cities with higher human capital,better financial development and better infrastructure construction.The research of this paper provides important empirical evidence for accelerating the realization of the"double dividend"of economic green development and inclusive growth.