Non-Linear Impacts and Spatial Spillover of Digital Finance on Green Total Factor Productivity: An Empirical Study of Smart Cities in China

Yu, Ying Hua; Zhang, Qian; Fan, ST

doi:10.3390/su15129260

Cited by 3 publications

(2 citation statements)

References 42 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…To validate the suitability of spatial econometric models, this study conducted the LM, Hausman, LR, and Wald tests [108], which confirmed the presence of spatial correlation in the error and lagged terms. Consequently, this study chose the fixed-effects SDM for our regression analysis.…”

Section: Spatial Estimation Resultsmentioning

confidence: 90%

Reexamining the Impact of Global Value Chain Participation on Regional Economic Growth: New Evidence Based on a Nonlinear Model and Spatial Spillover Effects with Panel Data from Chinese Cities

Li,

He,

et al. 2023

Sustainability

View full text Add to dashboard Cite

This study utilizes panel data drawn from 239 Chinese cities, and it employs fixed-effects models, mediation models, and spatial spillover models to reexamine the actual impact of the global value chain’s (GVC) participation on regional economic growth. The findings reveal that this impact exhibits a U-shaped nonlinear pattern, with the turning point of GVC occurring at 0.45, which is higher than that of 222 cities. Most cities are on the left side of the U-shaped curve, which corresponds with the second stage of the “in-out-in-again” GVC participation pattern (i.e., the “out” stage). During this stage, a decline in foreign value-added ratio (FVAR), with regard to exports (accompanied by an increase in the domestic value-added ratio), promotes economic growth. Innovation capability acts as a mediator in the relationship between GVC participation and economic growth. Furthermore, GVC participation has significant spillover effects on neighboring cities, with siphon and spillover effects coexisting. Thus, China should focus on establishing domestic value chains and innovation systems, achieving relative independence from existing GVCs dominated by developed countries, enhancing indigenous innovation capabilities, and laying the foundation for the third stage (in-again) of reintegration into GVCs, at the high value-added end, to achieve a higher level of openness. This study explores the nonlinear impact of GVC participation on regional economic growth in China from both theoretical and empirical perspectives, focusing on the finest divisions that remain feasible—cities. This approach expands and supplements the relevant field of research in valuable ways, yielding more realistic research conclusions and policy recommendations.

show abstract

Section: Spatial Estimation Resultsmentioning

confidence: 90%

Reexamining the Impact of Global Value Chain Participation on Regional Economic Growth: New Evidence Based on a Nonlinear Model and Spatial Spillover Effects with Panel Data from Chinese Cities

Li,

He,

et al. 2023

Sustainability

View full text Add to dashboard Cite

show abstract

“…As an innovative product generated from the integration of finance and digital technology (Ren et al, 2023b;Yu et al, 2023), the impact of digital finance on the modernization of industrial chains is not only limited to the financial sector but also manifests in the positive externality of digital technology (Xiao et al, 2023a). These two facets play a crucial role in how digital finance influences the development of industrial chains.…”

Section: Theoretical Analysis and Research Hypothesesmentioning

confidence: 99%

The impact of digital finance on the modernization of China’s industrial chain

Xiao,

Fang,

et al. 2023

Front. Energy Res.

View full text Add to dashboard Cite

In the pivotal era of global industrial transformation, digital finance has emerged as a key driver in enhancing the modernization of China’s industrial chain. This study, utilizing data from 30 Chinese provinces from 2012 to 2020, investigates the influence of digital finance on industrial chain modernization through fixed effects and spatial econometric models. Our findings indicate a significant, positive impact of digital finance on industrial chain modernization. Heterogeneity analysis reveals that the eastern region benefits more from digital finance than central and western regions, and its influence has been more pronounced after 2016. Mechanistically, digital finance positively affects industrial agglomeration, industrial structure optimization, and facilitates Innovation Achievements Transformation, albeit with varying effectiveness across subindicators. Further, we observe positive spatial spillovers for both digital finance and industrial chain modernization. While digital finance significantly enhances industrial chain modernization, its impact on adjacent regions is negligible. Importantly, digital finance exerts a positive influence on industrial chain modernization in both short-term and long-term scenarios. This research elucidates the interplay between digital finance and the modernization of China’s industrial chain.

show abstract

The Nonlinear Effects of Digital Finance on Corporate ESG Performance: Evidence from China

Yin,

Su,

Ding

2024

Sustainability

View full text Add to dashboard Cite

Digital finance enhances corporate ESG performance and is essential for achieving sustainable development; however, its consistent effectiveness in improving ESG outcomes remains contested. Using panel data from A-share listed companies on the Shanghai and Shenzhen stock exchanges in China from 2011 to 2021, this study empirically examines nonlinear effects, transmission mechanisms, and moderating factors. The results indicate a U-shaped relationship between digital finance and ESG performance, with a positive impact becoming apparent when digital finance exceeds the threshold of 3.81. Mechanism tests reveal that green technological innovation and public environmental attention are crucial transmission channels for the nonlinear effects. Furthermore, financial regulation levels and environmental uncertainty negatively moderate this relationship, while corporate digital transformation has a positive moderating effect. Further analysis shows that the U-shaped relationship is more pronounced in areas with lesser financial advancement and higher levels of environmental regulation, as well as in non-high-tech industries, non-manufacturing sectors, smaller firms, and companies without political connections. This study provides empirical evidence and policy insights to support the promotion of financial services that better facilitate corporate sustainability.

show abstract

Non-Linear Impacts and Spatial Spillover of Digital Finance on Green Total Factor Productivity: An Empirical Study of Smart Cities in China

Cited by 3 publications

References 42 publications

Reexamining the Impact of Global Value Chain Participation on Regional Economic Growth: New Evidence Based on a Nonlinear Model and Spatial Spillover Effects with Panel Data from Chinese Cities

Reexamining the Impact of Global Value Chain Participation on Regional Economic Growth: New Evidence Based on a Nonlinear Model and Spatial Spillover Effects with Panel Data from Chinese Cities

The impact of digital finance on the modernization of China’s industrial chain

The Nonlinear Effects of Digital Finance on Corporate ESG Performance: Evidence from China

Contact Info

Product

Resources

About