Can Financial Digitization Enhance the Endogenous Driving Force of Green Financial Development?——Evidence from Regional and Bank Levels
Based on the provincial panel data from 2011 to 2020,the article uses entropy weight method to con-struct provincial green finance index,and empirically finds that:the digitalization of regional finance has a significant role in promoting the development of green finance,and the conclusion is still valid after a series of robustness tests such as instrumental variables;and the role of regional financial digitization is stronger in non-green financial reform and innovation pilot zones and regions with weak financial regulation,indicating that the current regional financial digi-tization can reduce the dependence of green financial development on the government's green financial policies and en-hance its endogenous momentum;at the same time,the role of regional financial digitization is stronger in regions with a high degree of marketization and environmental regulation,suggesting that greater governmental environmental pressures and better local market-oriented environments are more conducive to the role of financial digitization.An em-pirical analysis using unbalanced panel data of 37 commercial banks from 2011 to 2021 finds that,at the micro level,digital transformation of commercial banks is able to expand the scale of green credit by improving their operational effi-ciency and risk management capabilities,thus further validating the endogenous power mechanism of financial digitiza-tion.
financial digitizationgreen financeendogenous driving force
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