This paper aims to dissect the deep-seated mechanisms of green finance in the critical area of digital resource development.Facing the immense energy consumption brought by the high-speed de-velopment of the digital e...This paper aims to dissect the deep-seated mechanisms of green finance in the critical area of digital resource development.Facing the immense energy consumption brought by the high-speed de-velopment of the digital economy and the urgent constraints of“dual carbon”goals,green finance has surpassed its traditional role as a financing tool.By integrating institutional embeddedness and evolutionary economics theories,this paper constructs a multi-level embedded analysis framework of“macro-institution–meso-industry–micro-technology”and proposes a three-stage model for the functional evolution of green finance:“compliance-driven financing,”“strategic integration,”and“ecological co-evolution.”The study finds that green finance is deeply embedded in the entire lifecy-cle of digital resources(especially data centers)through mechanisms such as policy guidance,market standards,industrial chain penetration,and technological integration.Its function evolves from pas-sive financing to meet external compliance requirements to an endogenous strategy for enhancing core corporate competitiveness,and is ultimately expected to foster a data-driven green innovation ecosystem against the backdrop of the marketization of data elements.The research in this paper provides a new theoretical perspective for understanding the dynamic role of green finance in the digital age and offers beneficial insights for relevant policy-making and market practices.展开更多
文摘This paper aims to dissect the deep-seated mechanisms of green finance in the critical area of digital resource development.Facing the immense energy consumption brought by the high-speed de-velopment of the digital economy and the urgent constraints of“dual carbon”goals,green finance has surpassed its traditional role as a financing tool.By integrating institutional embeddedness and evolutionary economics theories,this paper constructs a multi-level embedded analysis framework of“macro-institution–meso-industry–micro-technology”and proposes a three-stage model for the functional evolution of green finance:“compliance-driven financing,”“strategic integration,”and“ecological co-evolution.”The study finds that green finance is deeply embedded in the entire lifecy-cle of digital resources(especially data centers)through mechanisms such as policy guidance,market standards,industrial chain penetration,and technological integration.Its function evolves from pas-sive financing to meet external compliance requirements to an endogenous strategy for enhancing core corporate competitiveness,and is ultimately expected to foster a data-driven green innovation ecosystem against the backdrop of the marketization of data elements.The research in this paper provides a new theoretical perspective for understanding the dynamic role of green finance in the digital age and offers beneficial insights for relevant policy-making and market practices.
