College of Economics and Management, Taiyuan University of Technology

为贯彻新发展理念,助力“双碳”目标实现,做深做实数字金融,助力绿色低碳发展。选取我国2012—2021年30个省份的面板数据,以固定效应模型实证考察数字金融对全要素碳生产率的影响,以调节效应和门槛效应模型,实证检验绿色技术创新和地方政府负债水平在数字金融助力全要素碳生产率增长过程中产生的影响。研究表明,数字金融对碳生产率存在显著的促进作用,绿色技术创新强化了其促进作用。在此基础上,进一步检验了绿色技术创新和地方政府债务的门槛效应。结果表明,数字金融对全要素碳生产率的提升作用在绿色技术创新的调节作用下存在双门槛效应,随着绿色技术创新水平的提高,数字金融对全要素碳生产率的边际作用效果先增强后减弱;而伴随着地方政府债务规模的扩张,数字金融对全要素碳生产率的促进作用逐渐减弱,存在单门槛效应。鉴于此,提出激发数字金融节能减排活力、构建绿色低碳技术体系与合理控制政府债务规模的相关建议,为践行中国式现代化道路提供理论参考。

To implement the new development concept and help realize the goal of “ double carbon” , digital finance should be deepened and strengthened to help green and low-carbon development. Based on the panel data of 30 provinces in China from 2012 to 2021, this paper examines the impact of digital finance on total factor carbon productivity through empirical research with a fixed effect model and em- pirically tests the impact of green technology innovation and local government debt level on the growth of total factor carbon productivity with a moderating effect and threshold effect model. The study shows that digital finance has a significant effect on carbon productivity, and green technological innovation strengthens its promotional effect. On this basis, the threshold effects of green technological innovation and local government debt are further examined, and the results show that under the moderating effect of green technology innovation, there is a double-threshold impact of digital finance on the enhancement of total factor carbon productivity, and with the improvement of the level of green technological innova- tion, the marginality of digital finance on total factor carbon productivity is enhanced firstly and then weakened; and along with the expansion of the local government debt scale, the contribution of digital finance to total factor carbon productivity gradually weakens, and there is a single-threshold effect. Giv- en this, the paper puts forward relevant suggestions to stimulate the energy-saving and emission-reduc- tion vitality of digital finance, build a green and low-carbon technology system, and reasonably control the scale of government debt, to provide theoretical references for practicing the modernization road of Chinese style.

国家社会科学基金项目“后疫情背景下主权信用评级的决定因素、市场影响及风险防范研究”(21BJY125)