How Does Fintech Affect Green Total Factor Energy Efficiency? Evidence from 240 Cities in China

Zi-Han Liu, Zheng-Zheng Li (), Oana Ramona Lobonț and Kai-Hua Wang
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Zi-Han Liu: School of Economics, Qingdao University, Qingdao 266000, China
Zheng-Zheng Li: Doctoral School of Economics and Business Administration, Faculty of Economics and Business Administration, West University of Timisoara, 300223 Timisoara, Romania
Oana Ramona Lobonț: Department of Finance, Business Information Systems and Modelling, Faculty of Economics and Business Administration, West University of Timisoara, 300223 Timisoara, Romania
Kai-Hua Wang: Doctoral School of Economics and Business Administration, Faculty of Economics and Business Administration, West University of Timisoara, 300223 Timisoara, Romania

Sustainability, 2025, vol. 17, issue 19, 1-25

Abstract: Enhancing green total factor energy efficiency (GTFEE) is crucial for achieving sustainable development. Against this backdrop, this study aims to investigate the impact of fintech on GTFEE, using annual data from 240 Chinese cities between 2011 and 2021. Methodologically, we employ the SBM–Malmquist–Luenberger model to measure GTFEE and assess the role of fintech. The results demonstrate that fintech significantly promotes GTFEE, a finding that remains robust after addressing endogeneity issues and replacing key variables. Further mechanism analysis reveals that fintech facilitates GTFEE by alleviating financing constraints and stimulating technological innovation. Moreover, the effect is particularly pronounced in eastern regions, non-resource-based cities, service-oriented cities, and larger urban areas. Importantly, quantile regression results confirm that fintech exerts a stronger positive impact at higher quantiles of the GTFEE distribution. These findings offer both theoretical insights and practical policy implications for advancing energy efficiency through fintech development.

Keywords: fintech; green total factor energy efficiency; financing constraints; technological innovation (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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