Abstract
The development of digital finance provides new opportunities for improving energy efficiency and promoting green development. This paper calculates green total factor energy efficiency (GTFEE) using the super-efficiency SBM model and examines the impact of digital finance on GTFEE. Digital finance has a significant positive impact on GTFEE. Under a bank-dominated financial structure, the positive impact of digital finance on GTFEE is quite significant. In regions with intense banking competition, a large amount of green credit, and lower resource dependence, digital finance is conducive to enhancing GTFEE. Optimizing the allocation efficiency of production factors is an essential mechanism for digital finance to encourage improvements in GTFEE. Digital finance alleviates distortions in factor markets and enhances the matching of the marginal output and the price of capital, labor, and energy factors, thereby facilitating improvements in GTFEE. Further analysis indicates that digital finance has a significant, positive spatial spillover effect on GTFEE, enhancing GTFEE levels in both local and neighboring regions. This study enriches the research on the relationship between digital finance and energy efficiency and provides theoretical foundations and policy references for how digital finance can better serve the green transition of the economy.
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