亚开行-数字金融能否推动低碳转型？来自中华人民共和国的证据（英）-2023.7-28页_466kb

报告摘要

Can Digital Finance Promote Low-Carbon Transition? Evidence From The People’s Republic Of China

1 Introduction

Digital finance's role in low-carbon transition is investigated using panel data from 283 Chinese cities (2011-2019). The study finds that digital finance positively impacts low-carbon transition, with effects driven by usage depth and digitization level, but not coverage breadth. Results are robust across various checks, highlighting green innovation as a key channel. Heterogeneity exists based on geographic regions and transition levels.

2 Main Findings

Digital finance significantly accelerates low-carbon transition, with a consistent positive coefficient in regressions.
The impact is robust to sample exclusions, measurement changes, policy controls, and endogeneity corrections.
Green innovation acts as a primary channel, explaining part of the effect, with digital finance boosting green patents and applications.
Impact varies by region: strong in eastern cities (east of Heihe-Tengchong line) but absent in western cities; only effective in cities with high low-carbon transition levels.

3 Methodology

Data: Panel of 283 Chinese cities from 2011 to 2019, using variables like GDP, energy consumption, and carbon emissions.
Low-carbon transition measured via super-efficiency SBM-DEA with undesired outputs.
Digital finance measured by the PKU_DFIIC index, including subindices for coverage breadth, usage depth, and digitization level.
Instrumental variable approach (SSIV) used to address endogeneity, based on inverse spherical distance to Hangzhou.
Empirical model includes city and year fixed effects, controlling for variables like economic development potential and population density.

4 Policy Implications

Cities should promote digital finance's usage depth and digitization to enhance low-carbon transition.
Differentiated policies are needed for regional disparities, with emphasis on supporting western cities and those with low transition levels.
Strengthening green innovation support can deepen low-carbon transition, aligning with China and other countries' sustainability goals.

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