Analysis of the impact of digital financial development on green total factor productivity and its spatial spillover effects

This paper, based on provincial panel data from China, employs spatial econometric models and Data Envelopment Analysis (DEA) methods to systematically investigate the impact of digital financial development on Green Total Factor Productivity (GTFP) and its spatial correlation characteristics. The study finds that digital finance not only significantly enhances local green production efficiency but also generates positive spatial spillover effects on neighboring regions through technology diffusion and factor mobility. Heterogeneity analysis reveals distinct regional differences: the eastern region, leveraging its sound digital infrastructure and market-oriented mechanisms, forms a core diffusion effect; the western region is limited by its factor endowments and policy capacity, resulting in relatively constrained spillover effects; the central and northeastern regions, due to path dependence in traditional industries and factor siphoning, face differentiated transformation challenges. Finally, based on a coordinated governance logic of core area radiation - growth pole cultivation - peripheral area compensation, the paper proposes constructing a differentiated policy framework. It emphasizes the integrated design of digital technology sharing, institutional innovation, and ecological compensation mechanisms to address regional development imbalances and to provide theoretical support and practical pathways for promoting green transition and spatially balanced development.