Journal of Social Science Innovation
JSSI, Vol. 1, No. 1, 2026, pp.39-57
Print ISSN: 3134-9226; Online ISSN: 3134-9234
Journal homepage: https://www.ssijournal.com
DOI: Https://doi.org/10.64058/jssi260104sssbi
Liu Wang, Wang Yi
Abstract: Using data from 301 Chinese cities (2011-2021), this study empirically explores digital finance’s impact on urban green development. Findings show digital finance’s promotional effect—validated by endogeneity checks—is more pronounced in non-coastal and the third level cities. Decomposition regression reveals digital payment, insurance, and investment significantly boost green development, while digital credit hinders it. Moderating effect tests indicate green finance positively moderates the relationship, whereas resource endowments exert a negative moderating impact. Threshold effect analysis shows digital finance’s effect is insignificant for cities with below-threshold innovation capacity (digital credit even harms green development), but both digital finance and credit drive it significantly for cities above the threshold. Non-linear analysis finds digital credit has an inverted U-shaped impact (initial promotion, subsequent hindrance), mediated by enhanced green innovation and alleviated financing constraints. Overall, digital finance, green finance’s positive moderation, and sufficient regional innovation act as “stepping stones,” while excessive digital credit, resource endowments’ negative moderation, and insufficient innovation are “stumbling blocks.” The conclusions inform inclusive digital finance development, high-quality economic growth, and ecological protection.
Keywords: digital finance; green development; “inverted U-shaped” effect
Author Biographies: Liu Wang, Assistant Researcher, Business School, Guangzhou College of Technology and Business, Guangzhou, PR China. Research Direction: digital finance, trade policy, international direct investment. E-mail: backstreetpp@outlook.com. Wang Yi (Corresponding author), Intermediate Economist, Business School, Guangzhou College of Technology and Business, Guangzhou, PR China. Research Direction: international finance, capital flows, supply chains. E-mail: lagrangeliu@163.com.
标题：垫脚石还是绊脚石？数字金融对城市绿色发展的影响
摘要：本文基于2011-2021年中国301个城市的数据，实证考察了数字金融对城市绿色发展的影响。研究结果显示：经内生性检验验证，数字金融对绿色发展具有促进作用，且该效应在非沿海地区及第三类城市中更为显著。分解回归表明，数字支付、数字保险与数字投资均能显著推动绿色发展，而数字信贷则对其产生抑制作用。调节效应检验显示，绿色金融在二者关系中发挥正向调节作用，而资源禀赋则存在负向调节效应。门槛效应分析发现：对于创新能力低于门槛值的城市，数字金融的影响并不显著，且数字信贷甚至会损害绿色发展；而当城市创新能力跨越门槛值后，数字金融与数字信贷均能显著驱动绿色发展。非线性分析表明，数字信贷对绿色发展存在先促进、后抑制的倒U型影响，其机制为绿色创新与缓解融资约束的中介效应。总体而言，数字金融、绿色金融的正向调节以及充足的区域创新能力是绿色发展的“垫脚石”；而过度的数字信贷、资源禀赋的负向调节与创新能力不足则是“绊脚石”。本文结论为普惠数字金融发展、经济高质量增长与生态环境保护提供了参考。
关键词：数字金融；绿色发展；“倒U型影响”
作者简介：刘旺，助理研究员，广州工商学院商学院，研究方向：数字金融、贸易政策、国际直接投资。电邮：backstreetpp@outlook.com。王怡（通讯作者），中级经济师，广州工商学院商学院，研究方向：国际金融、资本流动、供应链。电邮：lagrangeliu@163.com。
Received: 6 Jan 2026 / Revised: 19 Apr 2026 / Accepted: 23 Apr 2026 / Published online: 30 Apr 2026 / Print published: 30 May 2026.
