Does Green Digital Finance Ease Fiscal Pressure?——Evidence from the Reform and Innovation Pilot Zone
Based on the digital finance inclusion index of 285 cities from 2014 to 2021 and other relevant data,this paper regards how green digital finance policies relieve local fiscal pressure in the green finance reform and innovation pilot zone as a"quasi-natural experiment",describes the connotation of green digital finance,uses the double difference method to extract the change trend of digital finance in China's green finance reform and innovation pilot zone as the measuring standard of green digital finance,and demonstrates the contribution degree,heterogeneity and mechanism of micro-digital finance development in alleviating local fiscal pressure under the background of macro policy of green finance in China.The results show that green digital finance significantly alleviates the local fiscal pressure,and the conclusions pass the robustness and endogeneity tests.The impact of green digital finance on the fiscal pressure of cities with different resource endowments,different administrative levels and different degrees of fiscal decentralization is heterogeneous.Green digital finance can alleviate local fiscal pressure through the complementary effect of financial development and the optimization effect of energy structure and industrial structure;green digital finance can improve fiscal transparency.It is suggested to summarize and promote the development experience of green digital finance and expand the pilot area in a timely manner,relieve local fiscal pressure according to the principle of utility maximization,prioritize resource-based and strong fiscal decentralization cities from those with relatively high fiscal pressure at low administrative levels to expand the pilot area or implement green digital finance policies,and actively promote the digital construction of green finance.
green digital financefiscal pressurereform and innovationpilot zone
NETL
NSTL
万方数据
