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

摘要： 数字金融与传统金融的良性互动是互联网时代下提升金融服务效能的重要途径,其对对外直接投资(OFDI)逆向绿色创新的调节机制及动态影响是本文关心的问题。基于中国省级面板数据及门槛模型研究发现,数字金融与传统金融对OFDI逆向绿色创新具有异质调节影响,只有在较高的数字金融和适度的传统金融水平加持下,才能最大化激发OFDI逆向绿色创新溢出;数字金融与传统金融的复合调节效应存在先负后正的“U”型非线性特征,且二者在适度水平下的互动赋能效果最优;与适度水平的传统金融融合,有助于提前扭转数字金融对OFDI逆向绿色创新的潜在负面冲击;与高水平的数字金融融合,有利于消除传统金融过度发展对OFDI逆向绿色创新的弱化调节;现阶段传统金融具有积极的调节效果,数字金融的冲击效果则恰恰相反,加快推动二者融合可成为提升OFDI逆向绿色创新效应的新动能。本文研究对“十四五”时期理解数字金融与传统金融逻辑关系,以及通过二者融合加速释放OFDI逆向绿色创新红利具有一定的借鉴意义。

关键词: 数字金融, 传统金融, 对外直接投资, 绿色创新