Impact of Digital Finance Development on China's Green Development Level

Based on the panel data of 30 provinces in China from 2011 to 2018, this paper examines the impact of digital finance on China's green development level through benchmark regression models, intermediary effect models, threshold effect models and Spatial Dubin Models. The results show that: ① digital finance at the national and sub-regional levels can improve China's green development; ② digital finance has improved the level of green development in China through an intermediary mechanism that raises innovation efficiency, expands technology spillovers, and promotes the upgrading of industrial structure; ③ digital financial has a single threshold effect on China's green development level; ④ digital finance has a spatial spillover effect on the level of green development in China, digital finance can significantly improve the level of local green development, but it is not conducive to improving the level of green development in neighboring areas.