Research on the Impact of Digital Inclusive Finance on Industrial Green Development Efficiency

Fayao Wang and Jun Mao
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Fayao Wang: Faculty of Economics and Management, Fuzhou Institute of Technology, Fuzhou, China.
Jun Mao: Faculty of Economics and Management, Fuzhou Institute of Technology, Fuzhou, China.

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Abstract: Aims: To quantify industrial green development efficiency across 30 Chinese provinces from 2010 to 2024 and examine how digital inclusive finance affects this efficiency, with particular attention to the underlying mechanisms, heterogeneity across regions and firm types, and key policy-related factors. Study Design: An empirical longitudinal panel study using annual province-level data. Place and Duration of Study: China (30 provinces), 2010–2024. Methodology: Industrial green development efficiency was calculated using the SBM-DDF model and the GML index. Digital inclusive finance was measured using a composite index. Panel regressions were employed to estimate the effect of digital inclusive finance on green efficiency. Heterogeneity analyses compared eastern, central, and western provinces; the periods before and after the "Internet+" policy; and enterprise types, including large versus small and medium-sized enterprises and state-owned versus private enterprises. Robustness checks included replacing the dependent variable, winsorising continuous variables, and using a one-period lag of digital inclusive finance. Results: Industrial green development efficiency increased steadily, with a compound annual growth rate of 3.6%. The decomposition indicates that technological progress accounted for 66.8% of the improvement, whereas gains in technical efficiency were slower. Digital inclusive finance had a positive and statistically significant effect on green efficiency, with a stronger effect in eastern provinces. Following the implementation of the "Internet+" policy, the estimated effect increased by 40.2%. The enabling effect was stronger for large and state-owned industrial firms than for small and medium-sized and private firms. Conclusion: Digital inclusive finance supports industrial green transformation in China. Policies should strengthen region-specific design, provide more targeted support for green investment, and reduce financing barriers for smaller and private industrial firms to advance the dual-carbon goals and high-quality development.

Date: 2026-07-20
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Published in Asian Journal of Economics, Business and Accounting, 2026, 26 (7), pp.213-226

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