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How digitalization and financial development impact eco-efficiency? Evidence from China
Jiujiu Cui1, Wenju Wang2, Zhenling Chen3,4
1School of Management, Xinxiang University, Xinxiang, 453003, China.
Environmental Science and Pollution Research International
|August 12, 2022
Summary
Digitalization and financial development significantly boost China's ecological efficiency (eco-efficiency). Financial development shows a stronger positive impact, with threshold effects observed, indicating sufficient financial support is crucial for eco-efficiency improvements.
Area of Science:
- Environmental Economics
- Regional Economics
- Sustainable Development
Background:
- Industrial digitalization and financial support are key drivers for China's green economic transformation.
- Understanding the interplay between digitalization, financial development, and ecological efficiency (eco-efficiency) is crucial for sustainable growth.
- Existing research may not fully capture the dynamic and threshold effects of these drivers on eco-efficiency.
Purpose of the Study:
- To investigate the impact of digitalization and financial development on China's regional eco-efficiency.
- To explore the direct, dynamic, and threshold effects of these factors on eco-efficiency.
- To provide policy recommendations for enhancing eco-efficiency and promoting green development in China.
Main Methods:
- Construction of a provincial digital development index for China (2006-2018).
- Estimation of regional eco-efficiency using a non-radial data envelope analysis (DEA) model.
- Application of panel data regression, panel vector autoregression (PVAR), and threshold regression models.
Main Results:
- Both digitalization and financial development show a significant positive correlation with regional eco-efficiency.
- Eco-efficiency exhibits positive and prolonged responses to impulses from digitalization and financial development.
- Financial development demonstrates a greater positive impact on eco-efficiency compared to digitalization.
- A significant threshold effect exists for digitalization's impact, contingent on the level of financial support.
Conclusions:
- Digitalization and financial development are effective tools for improving China's regional eco-efficiency.
- Sufficient financial support is necessary to fully realize the positive impact of digitalization on eco-efficiency.
- The findings offer valuable insights for policymakers aiming to enhance eco-efficiency and foster sustainable economic practices.
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