金融学院知识库

在“十四五”规划与2035年远景目标中，明确了推进绿色发展和促进人与自然和谐共生的目标。工业绿色化发展可以解决传统污染和资源浪费问题，推动全球产业变革，是实现绿色发展的重要阶段，工业绿色发展效率是衡量一个国家或地区工业绿色发展水平的重要指标。数字普惠金融作为重要的数字化金融模式，可以有效的减少融资约束、优化资源配置、促进降本增效，推动产业结构升级，提升工业绿色发展效率，助力绿色发展目标的实现。

首先，本文基于数字普惠金融与工业绿色发展效率的研究成果，结合相关理论，深入剖析了数字普惠金融对工业绿色发展效率的直接影响、间接影响及异质性影响，进而提出研究假设。其次，采用基于SBM-DDF函数的GML指数，使用2011-2021年的相关数据，对工业绿色发展效率进行测度，并将该指数分解为技术效率变化指数和技术进步变化指数，并就二者多年以来的发展情况做了梳理介绍。然后，基于2011-2021年的省级面板数据，构建双向固定效应模型，以数字普惠金融指数及二级指标为核心解释变量分别做基准回归分析；采用剔除地区面板数据和替换变量的方法进行稳健性检验，将数字普惠金融滞后一期作为工具变量采用2SLS回归进行内生性检验；以创新投入和技术进步为中介变量进行中介效应检验；最后将全国范围内的30个省级行政区（不含港澳台及西藏）按照地理环境差异划分为东部、中部、西部和东北地区，进行区域异质性检验，得出最终结论，在此基础上，从政府和企业两个层面提出建议。

本文通过实证分析得出以下结论：第一，数字普惠金融对工业绿色发展效率具有提升作用，且其覆盖广度、使用深度以及数字化程度均能对工业绿色发展效率起到正向的影响作用，其中数字普惠金融覆盖广度对工业绿色发展效率的推动效果最明显。第二，数字普惠金融可以通过技术进步和增加创新投入提升工业绿色发展效率。第三，数字普惠金融对工业绿色发展效率的影响具有区域异质性，越是经济发达的地区，其促进作用就越强。

The 14th Five-Year Plan and the Long-Range Objectives 2035 clearly state to promote green development and promote the harmonious coexistence of man and nature. The green development of industry can solve the problems of traditional pollution and resource waste, promote global industrial transformation, and is an important stage to achieve green development, and the efficiency of industrial green development is an important indicator to measure the level of industrial green development in a country or region. As an important digital financial model, digital inclusive finance can effectively reduce financing constraints, optimize resource allocation, promote cost reduction and efficiency improvement, promote the upgrading of industrial structure, improve the efficiency of industrial green development, and help achieve green development goals.

Firstly, based on the research results of digital inclusive finance and industrial green development efficiency, combined with relevant theories, this paper deeply analyzes the direct impact, indirect impact and heterogeneous impact of digital inclusive finance on industrial green development efficiency, and then puts forward research hypotheses. Secondly, the GML index based on the SBM-DDF function was used to measure the efficiency of industrial green development from 2011 to 2021, and the index was decomposed into the technical efficiency change index and the technological progress change index, and the development of the two over the years was sorted out and introduced. Then, based on the provincial panel data from 2011 to 2021, a two-way fixed-effect model was constructed, and the benchmark regression analysis was carried out with the Peking University Digital Inclusive Finance Index and its secondary indicators as the core explanatory variables, the robustness test was carried out by eliminating the regional panel data and substitute variables, the lagging period of digital financial inclusion was used as an instrumental variable and the two-stage least squares regression was used to test the endogenous effect, and the mediating effect was tested with innovation investment and technological progress as the mediating variables, Central, Western, and Northeast regions for regional heterogeneity testing. Finally, conclusions are drawn and recommendations are made from both the government and business perspectives.

Through empirical analysis, this paper draws the following conclusions: First, the development of digital inclusive finance has a significant role in promoting the efficiency of industrial green development, and the coverage breadth, depth of use and degree of digitalization of its secondary indicators can have a positive impact on the impact of industrial green development, among which the coverage breadth of digital inclusive finance has the most obvious effect on the efficiency of industrial green development. Second, digital inclusive finance can promote the efficiency of green industrial development through technological progress and increased investment in innovation. Third, digital inclusive finance has a regional heterogeneous impact on the efficiency of industrial green development, and the more economically developed the region, the stronger its promotion effect.