How FinTech Influences Green Industry Development: A Causal Inference Study Based on Double Machine Learning

Abstract

This study employs panel data from 30 provinces between 2011 and 2023 to conduct an empirical analysis on the impact of tech finance on green industry development using a double machine learning model. The findings demonstrate that the advancement of tech finance contributes positively to the growth of green industries. The regression results remain consistent after a series of robustness tests. Mechanism analysis indicates that tech finance fosters green industry development by promoting the agglomeration of technological talent and facilitating industrial structure upgrading. Heterogeneity tests reveal that tech finance has a significant promoting effect on green industry development in eastern and central regions, while its impact is not statistically significant in the western region.