On Nonlinear Impact of Digital Finance on Urban Carbon Emissions
Digital finance played an integral and directive role in the comprehensive green transformation of the economic and social spheres,serving as a pivotal tool for carbon emissions reduction.This paper,based on the context of the digital revolution within the financial sector,employed panel data of 284 prefecture-level cities in China from 2011 to 2021 and adopted fixed effects model,mediating effect model,and moderating effect model to explore the nonlinear impact of digital finance on carbon emissions and its potential mechanisms.The research findings indicated that:the digital finance had an inverted U-shaped impact on carbon emissions,namely a trend of initially rising and subsequently falling,which was confirmed by plenty of robust testing.Heterogeneity analysis showed that this inverted U-shaped impact predominantly occurred in peripheral and resource-based cities while a negative linear relationship was discerned within non resource-based cities.Furthermore,the verification of mechanism underscored the significance of technological innovation and entrepreneurial activities as pivotal channels through which digital finance affected carbon emissions.Furthermore,it stressed that local governmental economic growth targets would mitigate the inverted U-shaped impact of digital finance on carbon emissions,whereas tasks for environmental governance could amplify this inverted U-shaped relationship.Hence local authorities should start from the development direction,the working direction and the resource allocation of digital finance to unleash the dividends of carbon reduction.
digital financecarbon emissionsinverted U-shapedinnovation and entrepreneurshipgovernment's dual targets
万方数据
维普
