关键词: 数字金融, 传统金融, 对外直接投资, 绿色创新

Abstract: As an important international technology spillover channel, outward foreign direct investment (OFDI)plays an important role in driving green innovation, and the effective OFDI reverse green innovation spillover is usually restricted by the financial development of the home country and other factors. In particular, with the rapid development of the new generation of such information technology as the Internet and big data, digital finance has not only spawned a new financial form, but also accelerated the digital transformation of traditional finance, which has imperceptibly enhanced the complexity of financial support for OFDI's reverse green innovation. Unfortunately, few scholars have paid much attention to the dynamic joint regulatory mechanism of traditional finance and digital finance when exploring the relationship between OFDI and domestic green innovation. To objectively solve the above problem is of important theoretical and practical significance for continuously improving the effect of OFDI's reverse green innovation by relying on scientific and reasonable financial strategy and tool innovation.
The main contributions of this paper are as follows: For one thing, digital finance and traditional finance are incorporated into the analysis framework of OFDI's reverse green innovation effect enhancement, and the evolutionary characteristics of OFDI's reverse green innovation effect under the constraints of digital finance and traditional finance are explored, and the differences in tools and reality of the regulatory effect are compared, providing a new perspective for improving OFDI's reverse green innovation effect. For another, based on the composite perspective of the interaction between digital finance and traditional finance, this paper explains the regulatory role played by the integration of digital finance and traditional finance in the dynamic change of OFDI's reverse green innovation, and compares the features and rules of digital finance and traditional finance regulation before and after the integration, and the relevant conclusions can provide certain references for further releasing the dividends of OFDI's reverse green innovation.
Based on the three-dimensional perspective of digital finance, traditional finance, and the interaction between digital finance and traditional finance, this paper empirically explores the heterogeneous dynamic adjustment effect of OFDI's impact on green innovation using a panel threshold regression model. The main findings of the study are as follows: (1)Higher digital finance level or moderate traditional finance level is the most conducive to stimulating OFDI reverse green innovation spillover, and there exists an interactive adjustment interval between digital finance and traditional finance that is most conducive to improving the effect of OFDI's reverse green innovation. (2)Integration with a moderate level of traditional finance can help eliminate the negative impact of digital finance on OFDI's reverse green innovation in advance, and the deep integration of the two can also significantly eliminate the negative impact of the excessive development of traditional finance. (3)There is a significant spatial heterogeneity of OFDI reverse green innovation under the regulation of digital finance and traditional finance, which shows the dynamic adjustment characteristics of inverted “N” type, positive “U” type and “U” type in the east, central and west, respectively. (4)At this stage, strengthening the interaction between digital finance and traditional finance will help stimulate the reverse green innovation spillover of OFDI, and this positive interactive adjustment effect will be more obvious in the central and western regions.

Key words: Digital Finance, Traditional Finance, OFDI, Green Innovation