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| Research on the Dynamic Influence of Digital Finance on Green Technology Innovation Under Environmental Regulation |
| HAN Xianfeng，ZHENG Zhuoji，SONG Wenfei，LI Boxin |
| 1. Kunming University of Science and Technology, Kunming, China; 2. Shaanxi Normal University, Xi’an, China; 3.Xi’an University of Finance and Economics, Xi’an, China |
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Abstract Based on the theoretical explanation of how environmental regulation affects digital finance and empowers green technology innovation, this study makes empirical test by using a panel threshold model and provincial level data. The results show that, digital finance has significantly promoted Chinese green technology innovation, and this positive effect has begun to be released significantly with the attention of national level. Environmental regulation can regulate the green technology innovation effect of digital finance positively and dynamically, but low environmental regulation intensity will cause the dividend loss of digital finance empowerment. More stringent environmental regulation strategy is conducive to the incentive effect of digital finance. There are significant spatial differences in the optimal regulation effects of environmental regulations, with the eastern regions and digital economy agglomerations needing to meet much higher environmental regulation intensity constraints than the central and western regions and non-digital economy agglomerations. And although environmental regulation is conducive to the coordinated development of digital finance and green technology innovation, it generally presents the stepped regulation characteristics of “West>East>Central” and “digital economy agglomerations is stronger than non-agglomerations”.
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Received: 11 March 2022
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