The Impact of Fintech and Green Finance on New Quality Productive Forces in Yangtze River Delta from the Perspective of Synergy
The development of new productive capacity is an intrinsic requirement and an important focus for promoting high-quality development.New productivity encompasses the synergistic governance implications of scientific and technological innovation and green transformation.This study,from a financial perspective,incorporates financial science and technology,green finance and new productivity into a unified framework.Based on theoretical analysis,we select sample data from 41 cities in the Yangtze River Delta region from 2011 to 2022,and empirically examine how fintech and green finance and their synergies affect the development of new quality productive forces using two-way fixed effects,moderation effects and spatial econometric models.The results show that:(1)Fintech and green finance not only contribute significantly to the development of new quality productivity,but also synergistically enhance this gain,showing a synergistic effect of"1+1>2",which still holds after a series of robustness and endogeneity tests.(2)The impacts of fintech and green finance and their synergies on new quality productive forces are heterogeneous across different levels of green development.In regions with high levels of green development,fintech and green finance and their synergies have a significant impact on the promotion of new and qualitative productivity,while in regions with low levels of green development,the synergistic effect of fintech and green finance has not yet been realized,although their independent effects are significant.(3)Environmental regulation and green technology innovation play a positive moderating role in the synergistic effect.(4)Fintech,green finance and their synergies have significant positive spatial spillover effects on new quality productive forces.The article provides a new theoretical framework for understanding the synergistic effect of fintech and green finance,and provides a practical basis for promoting new quality productive forces and high quality development and policy formulation in the Yangtze River Delta region.
financial technologygreen financenew quality productive forcessynergistic effectYangtze River Delta
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