Impact of digital finance on energy efficiency: empirical findings from China

The world is facing the problem of resource scarcity and environmental degradation. Improving energy efficiency is an effective way to reduce energy consumption and reduce pollutant emissions. Based on relevant data from 30 Chinese provinces from 2011 to 2019, this paper constructs energy efficiency indicators by establishing a super-efficient three-stage SBM-DEA model. It explores the impact of digital finance on energy efficiency using a systematic generalized moment estimation method and constructs an analytical framework for the impact of digital inclusive finance on energy efficiency from the breadth of coverage, depth of use, and degree of digitization of digital inclusive finance. In addition, this paper examines the differences in the impact of digital inclusive finance on energy efficiency from a sub-regional perspective. Research indicates the following: (1) At the national level, the relationship between digital inclusive finance development and energy efficiency in China shows an inverted "U"-shape; the breadth of digital financial coverage, the use of digital insurance services and digital credit services, and the degree of digitalization of digital finance all have significant effects on energy efficiency. (2) From a regional perspective, the impact of digital inclusive finance on energy efficiency has regional heterogeneity. Based on this finding, first, the government should speed up the construction of digital financial infrastructure to promote the further development of digital finance. Second, the government should take appropriate measures to regulate industry giants. Third, the government should adjust measures to local conditions when formulating policies. The above research has certain implications for improving the targeting of digital finance-related policies and promoting the high-quality development of China's economy.