Abstract
Digital finance is a product of emerging technology-enabled innovation in financial services and has a critical impact on the green transformation of the manufacturing industry. We propose a new efficiency measurement model based on the slacks-based measure (SBM) to measure the efficiency of green transformation on regional manufacturing. Chinese interprovincial data from 2010 to 2019 were obtained for the study. In addition, we estimated the effect of digital finance on green transformation of manufacturing using a benchmark panel model. Finally, considering the regional heterogeneity and spatial effects of green transformation efficiency in the manufacturing industry, we constructed a spatial Durbin model based on an economic-geographic nested spatial weight matrix to analyze the spatial influence of digital finance on green transformation in the manufacturing industry. The results show that the green transformation of the manufacturing industry has significant positive spatial spillover effects owing to the existence of competition, demonstration, and economic correlation effects among regions.
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The CPC Central Committee’s Proposal for Formulating the 14th Five-Year Plan and the Long-term Goals for China’s Economic and Social Development in the next five Years. http://www.gov.cn/xinwen/2021-03/13/content_5592681.htm
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Funding
This work was supported by the National Natural Science Foundation of China (No. 71873040), the Project of the Service Trade Sustainable Development Research Base of Guangdong (No. 2019WZJD004), the Project of Innovation and Industrial Development Research Group (No. 2018WCXTD005), and the Innovation Research Team Project in Guangdong University (Humanities and Social Science) “Innovation Research Team for Green Finance and Sustainable Development” (No. 2023WCXTD014).
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All authors contributed to the study conception and design. Material preparation, data collection, and analysis were performed by Wenxiu Li, Jiajie Cai, Yanwan Zhu, Jianxin Li, and Zhenwu Li. The first draft of the manuscript was written by Jiajie Cai, and all authors commented on previous versions of the manuscript.
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Li, W., Cai, J., Zhu, Y. et al. Can digital finance development drive green transformation in manufacturing? Evidence from China. Environ Sci Pollut Res 31, 23876–23895 (2024). https://doi.org/10.1007/s11356-024-32402-1
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DOI: https://doi.org/10.1007/s11356-024-32402-1