Financial technology(FinTech)has emerged as a key policy instrument for transforming economic development models.Whether it can energize the low-carbon economy and enhance carbon emission efficiency(CEE)has drawn incr...Financial technology(FinTech)has emerged as a key policy instrument for transforming economic development models.Whether it can energize the low-carbon economy and enhance carbon emission efficiency(CEE)has drawn increasing scholarly attention.Using panel data from 278 Chinese cities(2006–2021),this study constructs a quasi-natural experiment and applies a difference-in-differences(DID)model to evaluate the policy effects of FinTech on CEE.Mediation and moderation models further explore the mechanisms underlying this relationship.The findings reveal that FinTech significantly improves CEE,generating policy dividends that advance low-carbon development.This conclusion remains robust under dual machine learning causal inference,propensity score matching DID,and other robustness tests.Financing constraints,innovation level,and industrial structure upgrading fully mediate the effect of FinTech on CEE,where financing constraints and innovation show positive mediation effects,while industrial structure upgrading has a negative one.Moreover,financial agglomeration weakens FinTech’s positive influence on CEE,and the effects differ across regions,development levels,and resource endowments.This study broadens the analytical framework connecting FinTech and CEE and deepens understanding of the mechanisms linking financial innovation to lowcarbon transition.展开更多
基金supported by the National Natural Science Foundation of China[Grant No.72371179]the Social Science Foundation of Jiangsu Province[Grant Nos.25GLB009 and 25ZXZD010]+3 种基金the Talent Cultivation Foundation of Southwest University of Science and Technology[Grant No.25sx7003]the Key Laboratory of Green Materials Development and Innovation[Grant No.LSCL-2502]the Major Special Project of the Sichuan Provincial Philosophy and Social Science Foundation[Grant No.SCJJ24ZD30]the Collaborative Innovation Center for New Urbanization and Social Governance of Soochow University.
文摘Financial technology(FinTech)has emerged as a key policy instrument for transforming economic development models.Whether it can energize the low-carbon economy and enhance carbon emission efficiency(CEE)has drawn increasing scholarly attention.Using panel data from 278 Chinese cities(2006–2021),this study constructs a quasi-natural experiment and applies a difference-in-differences(DID)model to evaluate the policy effects of FinTech on CEE.Mediation and moderation models further explore the mechanisms underlying this relationship.The findings reveal that FinTech significantly improves CEE,generating policy dividends that advance low-carbon development.This conclusion remains robust under dual machine learning causal inference,propensity score matching DID,and other robustness tests.Financing constraints,innovation level,and industrial structure upgrading fully mediate the effect of FinTech on CEE,where financing constraints and innovation show positive mediation effects,while industrial structure upgrading has a negative one.Moreover,financial agglomeration weakens FinTech’s positive influence on CEE,and the effects differ across regions,development levels,and resource endowments.This study broadens the analytical framework connecting FinTech and CEE and deepens understanding of the mechanisms linking financial innovation to lowcarbon transition.
