摘要：空气质量关乎千家万户与高质量发展成色，推动发展方式绿色转型是把握空气污染防治主动权的根本之策。本文使用2011—2021年中国285个城市的面板数据，分别以北京大学数字普惠金融指数与PM2.5、PM10和PM1这三个不同当量直径的空气颗粒物平均浓度来衡量数字普惠金融发展水平与空气质量，考察了数字普惠金融对城市空气质量的影响效应与内在机理。研究发现，数字普惠金融显著降低了城市PM2.5、PM10和PM1浓度，改善了空气质量。使用工具变量估计、自变量滞后一期回归等方法进行检验，结果保持稳健。异质性分析表明，数字普惠金融对城市空气质量的影响具有地理方位、行政级别、资源储备异质性。基于发展方式绿色转型的机制分析表明，数字普惠金融通过推动产业结构升级、助力创新能力提升、促进数字创新创业，从而改善城市空气质量。门槛效应检验发现，数字普惠金融对城市空气质量的影响存在非线性门槛特征。文章的研究结论为发挥数字普惠金融赋能绿色高质量发展、助力空气污染防治的实践提供了可靠的理论与经验证据。
关键词：数字普惠金融；城市空气质量；发展方式绿色转型；门槛效应
Does Digital Inclusive Finance Improve Air Quality? Empirical Evidence from 285 Cities in China
Liu Songtao, Luo Weilin
Abstract: Air quality concerns every household and is a reflection of high quality development. Promoting a green transformation in the way we develop is the fundamental strategy to take the initiative in air pollution prevention and control. This paper uses panel data from 285 cities in China from 2011 to 2021 and measures the level of digital inclusive finance development and air quality with the Peking University Digital Inclusive Finance Index and the average concentrations of PM2.5, PM10, and PM1, three different equivalent diameter air particles. It examines the effect and internal mechanism of digital inclusive finance on urban air quality. The study finds that digital inclusive finance significantly reduces the concentrations of PM2.5, PM10, and PM1 in cities, improves air quality, and the results remain robust after testing with instrumental variable estimation and lagging the independent variable by one period. Heterogeneity analysis indicates that the impact of digital inclusive finance on urban air quality varies based on geographical location, administrative level, and resource reserves. Mechanism analysis based on the green transformation of development shows that digital inclusive finance improves urban air quality by promoting industrial structure upgrading, enhancing innovation capability, and fostering digital innovation entrepreneurship. Threshold effect testing reveals that the influence of digital inclusive finance on urban air quality exhibits non-linear threshold characteristics. The research conclusion of the article provides reliable theoretical and empirical evidence for the practice of leveraging digital inclusive finance to empower green high-quality development and assist in air pollution prevention and control.
Keywords: Digital Inclusive Finance; Urban Air Quality; Green Development Transitions; Threshold Effect
