Digital Finance, Financing Constraints, and Green Technological Innovation: A Spatial Analysis

Bo Li, Zhenya Liu, Xuemei Jia and Fengping Ma
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Bo Li: Beijing International Studies University
Zhenya Liu: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School
Xuemei Jia: Beijing International Studies University
Fengping Ma: Beijing International Studies University

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Abstract: This study investigates the role of financing constraints in mediating the influence of digital finance on green technological innovations by using the spatial Durbin model. Based on the panel data of 273 Chinese cities from 2011 to 2020, the empirical results demonstrate that local and neighboring financing constraints mediate more than 50% of the direct impact of local digital finance on the quantity and quality of green innovation. Moreover, these financing constraints completely mediate the indirect impact of neighbors' digitalization levels, one of the three indicators of digital finance. This underscores the importance of addressing financing constraints and fostering regional cooperation to enhance the efficacy of digital finance in advancing green technology.

Date: 2024
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Published in Global Finance Journal, 2024, 61, ⟨10.1016/j.gfj.2024.100988⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04894960

DOI: 10.1016/j.gfj.2024.100988

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