Research on the Mechanism and Spatial Effect of Digital Finance on Energy Efficiency

Abstract

Digital economy has become the mainstream form of global economic development in the new era. Digital finance relies on digital technology to optimize the allocation of financial resources, break traditional financial barriers, and effectively guide the flow of funds to green and low-carbon fields, which plays an important role in improving energy efficiency and promoting green transformation. Based on the realistic background of "double carbon" strategy and green energy transformation, this paper takes clarifying the impact mechanism and spatial effect of digital Finance on green all factor energy efficiency as the core goal, constructs an integrated analysis framework based on financial function theory, financial exclusion theory, endogenous growth theory and Porter hypothesis, systematically analyzes the mechanism of digital finance affecting energy efficiency from the theoretical level, and identifies three core intermediary transmission channels: technological innovation, industrial structure upgrading and regional economic development level. Systematic tests are carried out by using two-way fixed effect model, spatial Dubin model and Moran index. Theoretical analysis shows that digital finance can significantly improve the energy efficiency of regional green total factors, and the conclusion has good robustness; Digital finance can indirectly enable energy efficiency improvement through technological innovation, industrial upgrading and economic growth path; Its green enabling effect has dimension and environmental regulation heterogeneity, and shows significant positive spatial spillover characteristics. The development of local digital finance can drive the improvement of energy efficiency in neighboring areas. Based on the research conclusions, this paper puts forward optimization countermeasures from the aspects of improving digital financial infrastructure, smoothing multi-dimensional transmission paths, implementing differentiated regional policies, and building a cross regional collaborative governance mechanism, so as to provide theoretical reference and practical enlightenment for relying on digital finance to help regional energy quality and efficiency improvement and promote green and high-quality development.