How does fintech influence carbon emissions: Evidence from China's prefecture-level cities |
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| Institution: | 1. School of Mathematics-Physics & Finance, Anhui Polytechnic University, No.8 Beijing middle Road, Wuhu, Anhui 241000, China;2. School of Finance, Nanjing University of Finance & Economics, No. 3 Wenyuan Road, Nanjing, Jiangsu 210023, China;3. School of Economics, East China Normal University, No.3663, Zhongshan North Road, Putuo District, Shanghai 200062, China;1. School of Intelligent Finance and Business, Xi''an Jiaotong-Liverpool University, Suzhou, China;2. School of Accounting and Finance, The Hong Kong Polytechnic University, Kowloon, Hong Kong, China;4. Faculty of International Tourism and Management, City University of Macau, Avenida Padre Tomás Pereira Taipa, Macau;1. School of Business Administration, South China University of Technology, Guangzhou, China;2. Department of Economics and Finance, City University of Hong Kong, Kowloon, Hong Kong;3. School of Management, State University of New York at Buffalo, USA;1. School of Finance and Accounting, Fuzhou University of International Studies and Trade, Fuzhou, China;2. International Business School, Beijing Foreign Studies University, Beijing, China;1. Universidad de Alicante, Spain;2. Universidad de las Islas Balares, Spain.;3. Universidad CEU Cardenal Herrera, Spain.;1. School of Economics and Management, Beijing Jiaotong University, Beijing, 100044, China;2. Department of Humanities and Management, Hebei University of Chinese Medicine, Shijiazhuang, 050200, Hebei, China;1. College of Music, Guangdong Polytechnic Normal University, 510000, Guangdong, China;2. Rajamangala University of Technology Tawan-Ok, 58 Viphavadi Rangsit Ratchadaphisek, Din Daeng, Bangkok 10400 Thailand |
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| Abstract: | We investigate how fintech development affects carbon emissions using the panel data of 253 prefecture-level cities in China from 2011 to 2019. We employ the city-level digital financial inclusion index to gauge the fintech development and identify the impact mechanisms through which fintech affects the city's carbon emissions. Our results show that fintech can significantly reduce carbon emissions, and this conclusion still holds when considering potential endogeneity, when considering the impact of resource endowment, when using alternative measures of carbon emissions, even after removing the impact of low-carbon pilot cities policy, and after winsorization treatment. We further find that the main mechanisms by which fintech affects carbon emissions are industrial structure, financing constraints, and green technology innovation. Our results provide powerful evidence that fintech positively impacts the real economy, offering more confidence and reason to stimulate fintech development. |
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