人民黄河2025，Vol.47Issue(12)：21-28,8.DOI:10.3969/j.issn.1000-1379.2025.12.004
数字金融对黄河流域绿色全要素生产率的影响
Impact of Digital Finance on the Green Total Factor Productivity in the Yellow River Basin
摘要
Abstract
In order to offer policy references for promoting the green total factor productivity(GTFP)in the Yellow River Basin driven by digital finance,this study utilized the panel data of 72 prefecture-level cities in the Yellow River Basin from 2011 to 2022.Utilizing a com-prehensive analytical framework that integrated individual and time fixed-effects models,threshold regression models and spatial effects mod-els,the research investigated the impact effects of digital finance on GTFP in the Yellow River Basin and elucidated its underlying mecha-nisms.The results indicate that a)digital finance significantly promotes the enhancement of GTFP in the Yellow River Basin,with the green effect from the digitalization level of digital finance being the most substantial.b)Both a proactive government and a effective market exhibit dual threshold effects in the process of digital finance influencing green total factor productivity in the Yellow River Basin.The positive effect of digital finance on the green total factor productivity of the Yellow River Basin increases nonlinearly with the improvement of government governance and marketization levels.c)The positive effect of digital finance on GTFP in the Yellow River Basin demonstrates regional hetero-geneity and resources dependency heterogeneity,specifically manifests as a greater positive effect in midstream and downstream cities com-pared to upstream cities,and a larger positive effect in non-resources-based cities than in resource-based cities.d)The development of digit-al finance not only elevates the GTFP of the local city but also radiates to enhance that of neighboring cities.The study proposes the following policy recommendations:Persistently advance market-oriented reforms in both breadth and depth to elevate marketization levels.Support green development in the Yellow River Basin through improvements in new infrastructure and structural tax and fee reductions.Optimize measures for digital finance development according to local conditions.Strengthen regional cooperation among cities within the basin,levera-ging the"Belt and Road"Initiative as a linkage.关键词
数字金融/绿色全要素生产率/有为政府/有效市场/空间效应/黄河流域Key words
digital finance/green total factor productivity/proactive government/effective market/spatial effect/Yellow River Basin分类
管理科学引用本文复制引用
范瑞,程思凯,王书华..数字金融对黄河流域绿色全要素生产率的影响[J].人民黄河,2025,47(12):21-28,8.基金项目
教育部人文社会科学研究青年项目(22YJC790024) （22YJC790024）
山西省社会科学院青年课题(YWQN202205) （YWQN202205）
