The Impact of Digital Finance on the Efficiency of Green Economy:A Study Based on the"Two Mountains"Theory
How digital finance affects the efficiency of green economy is a hot issue that needs urgent discussion.Firstly,the mechanism of how digital finance affects green economy efficiency is sorted out at the theoretical level.Then based on provincial panel data from 2011 to 2020 in China,the green economic efficiency of China's provinces and cities was measured by using the super-efficient SBM model,and the effect and spatial effect of digital finance on green economic efficiency were empirically examined by the bidirectional fixed model,the mediation effect model and the spatial Durbin model.The study shows that(1)China's green economic efficiency decreases from the east region to the middle and west regions;(2)Digital finance can significantly raise green economic efficiency—this conclusion still holds after the robustness test and endogeneity analysis,although there is regional heterogeneity in the rise with that in the east region significantly larger than those in the middle and western regions;(3)Technological innovation and industrial structure upgrading are the mediating channels for digital finance to raise green economy efficiency;(4)There is a significant spatial autocorrelation of green economic efficiency,and digital finance has a positive spatial spillover effect,helping raise the green economic efficiency of neighboring areas.
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