Is the development of digital finance conducive to reducing haze pollution? Empirical evidence from 284 cities in China.

Using the panel data of 284 cities from 2011 to 2020 in China, this research statistically tests the direct impact and internal mechanism of digital finance on urban haze pollution. The results show the following: (1) the development of digital finance can significantly inhibit the concentration of urban haze, and there is a stronger inhibitory effect in areas where the government pays more emphasis to haze pollution and in cities with high levels; (2) after mechanism inspection, it is found that digital finance can indirectly promote urban haze pollution by influencing green innovation, cooperative innovation, industrial structure upgrading, and producer service agglomeration; (3) the results of the spatial econometric analysis show that digital finance can suppress the haze concentration in the region and simultaneously inhibit the neighboring areas through spillover effects; (4) further inspection shows that the spatial spillover effect of digital finance on haze pollution has an obvious spatial attenuation feature, demonstrating that a dense area of spatial spillover is within 310 km. The spillover effect gradually disappears when the threshold is exceeded.