{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,10]],"date-time":"2025-11-10T21:22:49Z","timestamp":1762809769310,"version":"build-2065373602"},"reference-count":105,"publisher":"MDPI AG","issue":"9","license":[{"start":{"date-parts":[[2025,9,17]],"date-time":"2025-09-17T00:00:00Z","timestamp":1758067200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Fundamental Research Funds for the Central Universities","award":["N2423014","2025lslqnwzzkt-017"],"award-info":[{"award-number":["N2423014","2025lslqnwzzkt-017"]}]},{"name":"Liaoning Provincial Economic and Social Development Research Project","award":["N2423014","2025lslqnwzzkt-017"],"award-info":[{"award-number":["N2423014","2025lslqnwzzkt-017"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Improving urban energy efficiency is essential for addressing energy shortages and environmental pollution, thereby facilitating a win\u2013win outcome for both the economy and the environment. As an emerging financial force, fintech is essential for facilitating energy saving, reducing emissions, and advancing modernization. Using panel data of 278 cities in China from 2011 to 2022 to construct a spatial Durbin model for investigating how fintech affects energy efficiency, the following results were found: (1) Energy efficiency shows positive spatial dependence features, and the enhancement of energy efficiency in this location positively influences the energy efficiency of spatially connected regions. (2) Fintech improves local energy efficiency and has notable positive geographical spillover effects on surrounding regions\u2019 energy efficiency. (3) Three mediating pathways are identified: upgrading industrial structure, promoting green innovation, and driving green finance evolution. (4) The regulatory mechanism suggests that environmental regulations can help strengthen fintech\u2019s geographical spillover benefits for the energy efficiency of neighboring areas. The impact of fintech on energy efficiency exhibits heterogeneity due to differences in urban resources and digital infrastructure. These insights offer important theoretical contributions and practical significance for policy-makers in advancing fintech development and urban energy efficiency.<\/jats:p>","DOI":"10.3390\/systems13090815","type":"journal-article","created":{"date-parts":[[2025,9,17]],"date-time":"2025-09-17T15:12:44Z","timestamp":1758121964000},"page":"815","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Unraveling the Spatial Effects of Fintech on Urban Energy Efficiency in China"],"prefix":"10.3390","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0515-8611","authenticated-orcid":false,"given":"Di","family":"Wang","sequence":"first","affiliation":[{"name":"School of Business Administration, Northeastern University, Shenyang 110169, China"},{"name":"School of Economics, Northeastern University at Qinhuangdao, Qinhuangdao 066000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Tianqi","family":"Wang","sequence":"additional","affiliation":[{"name":"School of Economics, Northeastern University at Qinhuangdao, Qinhuangdao 066000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Rong","family":"Zhao","sequence":"additional","affiliation":[{"name":"School of Economics, Northeastern University at Qinhuangdao, Qinhuangdao 066000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2025,9,17]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"118361","DOI":"10.1016\/j.energy.2020.118361","article-title":"Revisiting China\u2019s provincial energy efficiency and its influencing factors","volume":"208","author":"Liu","year":"2020","journal-title":"Energy"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"134405","DOI":"10.1016\/j.energy.2025.134405","article-title":"Unveiling the impact of natural energy resources depletion on energy industry productivity in top 10 economies: Moderating role of FinTech","volume":"315","author":"Shah","year":"2025","journal-title":"Energy"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"105405","DOI":"10.1016\/j.frl.2024.105405","article-title":"Financial technology and firm productivity: Evidence from Chinese listed enterprises","volume":"63","author":"Wang","year":"2024","journal-title":"Finance Res. Lett."},{"key":"ref_4","first-page":"1","article-title":"Relationship banking and information technology: The role of artificial intelligence and FinTech","volume":"21","author":"Jaksic","year":"2019","journal-title":"Risk Manag. Int. J."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"138614","DOI":"10.1109\/ACCESS.2019.2936860","article-title":"Research on Financial Technology Innovation and Application Based on 5G Network","volume":"7","author":"Tian","year":"2019","journal-title":"IEEE Access"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"226","DOI":"10.1016\/j.techfore.2018.07.053","article-title":"Measuring GDP in the digital economy: Increasing dependence on uncaptured GDP","volume":"137","author":"Watanabe","year":"2018","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_7","doi-asserted-by":"crossref","unstructured":"Li, X.Y., Liu, J., and Ni, P.J. (2021). The Impact of the Digital Economy on CO2 Emissions: A Theoretical and Empirical Analysis. Sustainability, 13.","DOI":"10.3390\/su13137267"},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"103700","DOI":"10.1016\/j.irfa.2024.103700","article-title":"Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance","volume":"96","author":"Gyau","year":"2024","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"129458","DOI":"10.1016\/j.jclepro.2021.129458","article-title":"Digital finance, green technological innovation and energy-environmental performance: Evidence from China\u2019s regional economies","volume":"327","author":"Cao","year":"2021","journal-title":"J. Clean. Prod."},{"key":"ref_10","first-page":"1639","article-title":"Introduction to the Special Issue on Perspectives on Big Data. Prod","volume":"27","author":"Singhal","year":"2018","journal-title":"Oper. Manag."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"126837","DOI":"10.1016\/j.energy.2023.126837","article-title":"The energy rebound effect of digital development: Evidence from 285 cities in China","volume":"270","author":"Peng","year":"2023","journal-title":"Energy"},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"316","DOI":"10.1080\/09654313.2012.716244","article-title":"Recent Theoretical Paradigms in Urban Growth","volume":"21","author":"Capello","year":"2013","journal-title":"Eur. Plan. Stud."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"2277","DOI":"10.1007\/s10311-022-01435-8","article-title":"Strategies to achieve a carbon neutral society: A review","volume":"20","author":"Chen","year":"2022","journal-title":"Environ. Chem. Lett."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"132","DOI":"10.1016\/j.enpol.2014.01.016","article-title":"Power industry restructuring and eco-efficiency changes: A new slacks-based model in Malmquist-Luenberger Index measurement","volume":"68","author":"Arabi","year":"2014","journal-title":"Energy Policy"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"113713","DOI":"10.1016\/j.enconman.2020.113713","article-title":"Static and dynamic energy structure analysis in the world for resource optimization using total factor productivity method based on slacks-based measure integrating data envelopment analysis","volume":"228","author":"Geng","year":"2021","journal-title":"Energy Convers. Manag."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"120823","DOI":"10.1016\/j.energy.2021.120823","article-title":"How biased technological progress sustainably improve the energy efficiency: An empirical research of manufacturing industry in China","volume":"230","author":"Chen","year":"2021","journal-title":"Energy"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"123124","DOI":"10.1016\/j.techfore.2023.123124","article-title":"Technology-driven carbon reduction: Analyzing the impact of digital technology on China\u2019s carbon emission and its mechanism","volume":"200","author":"Liu","year":"2024","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_18","doi-asserted-by":"crossref","unstructured":"Song, M.L., Zheng, H.Y., and Shen, Z.Y. (2023). Whether the carbon emissions trading system improves energy efficiency\u2014Empirical testing based on China\u2019s provincial panel data. Energy, 275.","DOI":"10.1016\/j.energy.2023.127465"},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"3814","DOI":"10.1257\/aer.20151272","article-title":"Why Is Pollution from US Manufacturing Declining? The Roles of Environmental Regulation, Productivity, and Trade","volume":"108","author":"Shapiro","year":"2018","journal-title":"Am. Econ. Rev."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"101949","DOI":"10.1016\/j.erss.2021.101949","article-title":"Leveraging community based organizations and fintech to improve small-scale renewable energy financing in sub-Saharan Africa","volume":"73","author":"Butu","year":"2021","journal-title":"Energy Res. Soc. Sci."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"1608","DOI":"10.1016\/j.renene.2021.07.144","article-title":"Do FinTech trigger renewable energy use? Evidence from OECD countries","volume":"179","author":"Croutzet","year":"2021","journal-title":"Renew. Energy"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"103251","DOI":"10.1016\/j.resourpol.2022.103251","article-title":"Fintech development, renewable energy consumption, government effectiveness and management of natural resources along the belt and road countries","volume":"80","author":"Tan","year":"2023","journal-title":"Resour. Policy"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"103550","DOI":"10.1016\/j.resourpol.2023.103550","article-title":"Fintech and energy efficiency: Evidence from OECD countries","volume":"82","author":"Teng","year":"2023","journal-title":"Resour. Policy"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"279","DOI":"10.1111\/jifm.12179","article-title":"Spillover analysis across FinTech, ESG, and renewable energy indices before and during the Russia\u2013Ukraine war: International evidence","volume":"34","author":"Nasrallah","year":"2023","journal-title":"J. Int. Financ. Manag. Account."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"103734","DOI":"10.1016\/j.resourpol.2023.103734","article-title":"Impact of FinTech, governance and environmental taxes on energy transition: Pre-post COVID-19 analysis of belt and road initiative countries","volume":"85","author":"Ullah","year":"2023","journal-title":"Resour. Policy"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"106881","DOI":"10.1016\/j.eneco.2023.106881","article-title":"How Fintech and effective governance derive the greener energy transition: Evidence from panel-corrected standard errors approach","volume":"125","author":"Xu","year":"2023","journal-title":"Energy Econ."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"103902","DOI":"10.1016\/j.resourpol.2023.103902","article-title":"Asymmetric effects of renewable energy, fintech development, natural resources, and environmental regulations on the climate change in the post-covid era","volume":"85","author":"Lu","year":"2023","journal-title":"Resour. Policy"},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"5290","DOI":"10.1016\/j.egyr.2025.04.052","article-title":"The smart green tide: A bibliometric analysis of AI and renewable energy transition","volume":"13","author":"Gao","year":"2025","journal-title":"Energy Rep."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"101744","DOI":"10.1016\/j.esr.2025.101744","article-title":"The impact of artificial intelligence adoption and financial accessibility on energy sustainability","volume":"59","year":"2025","journal-title":"Energy Strat. Rev."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"101696","DOI":"10.1016\/j.esr.2025.101696","article-title":"Inclusive green finance approach to assess energy resilience: Integrating artificial intelligence (AI) utilization in energy strategy perspective","volume":"59","author":"Xu","year":"2025","journal-title":"Energy Strat. Rev."},{"key":"ref_31","doi-asserted-by":"crossref","unstructured":"Zhou, C.Y., and Wu, Y.F. (2025). Geographic distance, information asymmetry, and ESG ratings. Appl. Econ. Lett., 1\u20135.","DOI":"10.1080\/13504851.2025.2498620"},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"104352","DOI":"10.1016\/j.iref.2025.104352","article-title":"The spatial spillover effect of digital economy on regional tax Revenue: An empirical study based on the decay boundary and spillover path","volume":"102","author":"Liu","year":"2025","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"103116","DOI":"10.1016\/j.resourpol.2022.103116","article-title":"The impact of green digital finance on energy resources and climate change mitigation in carbon neutrality: Case of 60 economies","volume":"79","author":"Yu","year":"2022","journal-title":"Resour. Policy"},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"1091","DOI":"10.1162\/003355300555024","article-title":"The razor\u2019s edge: Distortions and incremental reform in the People\u2019s Republic of China","volume":"115","author":"Young","year":"2000","journal-title":"Q. J. Econ."},{"key":"ref_35","doi-asserted-by":"crossref","unstructured":"Xiao, S., and Sun, B. (2023). How Has the Inter-City Corporate Network Spatio-Temporally Evolved in China? Evidence from Chinese Investment in Newly Established Enterprises from 1980\u20132017. Land, 12.","DOI":"10.3390\/land12010204"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"69","DOI":"10.1016\/j.jbusres.2019.07.006","article-title":"Does big data enhance firm innovation competency? The mediating role of data-driven insights","volume":"104","author":"Ghasemaghaei","year":"2019","journal-title":"J. Bus. Res."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"101211","DOI":"10.1016\/j.esr.2023.101211","article-title":"The impact of green credit on energy efficiency from a green innovation perspective: Empirical evidence from China based on a spatial Durbin model","volume":"50","author":"Zhao","year":"2023","journal-title":"Energy Strat. Rev."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"108","DOI":"10.1080\/1351847X.2021.1945646","article-title":"The diffusion of fintech, financial inclusion and income per capita","volume":"28","author":"Kanga","year":"2022","journal-title":"Eur. J. Financ."},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"101553","DOI":"10.1016\/j.esr.2024.101553","article-title":"How digital finance and green finance can synergize to improve urban energy use efficiency? New evidence from China","volume":"55","author":"Shi","year":"2024","journal-title":"Energy Strat. Rev."},{"key":"ref_40","doi-asserted-by":"crossref","unstructured":"Jiang, H., Chen, Z.H., Liang, Y.W., Zhao, W.C., Liu, D., and Chen, Z.Y. (2023). The impact of industrial structure upgrading and digital economy integration on China\u2019s urban carbon emissions. Front. Ecol. Evol., 11.","DOI":"10.3389\/fevo.2023.1231855"},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"117125","DOI":"10.1016\/j.jenvman.2022.117125","article-title":"How does digital finance affect industrial structure upgrading? Evidence from Chinese prefecture-level cities","volume":"330","author":"Ren","year":"2023","journal-title":"J. Environ. Manag."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"131618","DOI":"10.1016\/j.jclepro.2022.131618","article-title":"Impacts of digital inclusive finance on CO2 emissions from a spatial perspective: Evidence from 272 cities in China","volume":"355","author":"Wang","year":"2022","journal-title":"J. Clean. Prod."},{"key":"ref_43","doi-asserted-by":"crossref","unstructured":"Su, Y.Y., Li, Z.H., and Yang, C.Y. (2021). Spatial Interaction Spillover Effects between Digital Financial Technology and Urban Ecological Efficiency in China: An Empirical Study Based on Spatial Simultaneous Equations. Int. J. Environ. Res. Public Health, 18.","DOI":"10.3390\/ijerph18168535"},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"156463","DOI":"10.1016\/j.scitotenv.2022.156463","article-title":"Influence of digital finance and green technology innovation on China\u2019s carbon emission efficiency: Empirical analysis based on spatial metrology","volume":"838","author":"Zhang","year":"2022","journal-title":"Sci. Total. Environ."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"115833","DOI":"10.1016\/j.jenvman.2022.115833","article-title":"How does digital finance influence green technology innovation in China? Evidence from the financing constraints perspective","volume":"320","author":"Lin","year":"2022","journal-title":"J. Environ. Manag."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"3574","DOI":"10.1002\/bse.3105","article-title":"Digital finance and sustainable development: Evidence from environmental inequality in China","volume":"31","author":"Li","year":"2022","journal-title":"Bus. Strat. Environ."},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"122004","DOI":"10.1016\/j.techfore.2022.122004","article-title":"Technological changes, financial development and ecological consequences: A comparative study of developed and developing economies","volume":"184","author":"Liu","year":"2022","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"33","DOI":"10.1016\/j.iref.2023.07.056","article-title":"Empirical Evidence of Fintech and Green Environment: Using the Green Finance As a Mediating Variable","volume":"89","author":"Qin","year":"2024","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"104127","DOI":"10.1016\/j.frl.2023.104127","article-title":"Analysis of the Carbon Emission Reduction Effect of Fintech and the Transmission Channel of Green Finance","volume":"56","author":"Xu","year":"2023","journal-title":"Financ. Res. Lett."},{"key":"ref_50","doi-asserted-by":"crossref","unstructured":"Zhao, K., Wu, C., Liu, J., and Liu, Y. (2024). Green Finance, Green Technology Innovation and the Upgrading of China\u2019s Industrial Structure: A Study from the Perspective of Heterogeneous Environmental Regulation. Sustainability, 16.","DOI":"10.3390\/su16114330"},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"119417","DOI":"10.1016\/j.renene.2023.119417","article-title":"How Does Green Finance Affect Energy Efficiency? The Role of Green Technology Innovation and Energy Structure","volume":"219","author":"Lee","year":"2023","journal-title":"Renew. Energy"},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"13063","DOI":"10.1007\/s11356-024-32001-0","article-title":"Impact of green finance on industrial structure upgrading: Implications for environmental sustainability in Chinese regions","volume":"31","author":"Li","year":"2024","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"114025","DOI":"10.1016\/j.enpol.2024.114025","article-title":"An Outlook at the Switch to Renewable Energy in Emerging Economies: The Beneficial Effect of Technological Innovation and Green Finance","volume":"187","author":"Sampene","year":"2024","journal-title":"Energy Policy"},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"7226","DOI":"10.1002\/sd.3081","article-title":"Sustainable Development Pathways: Exploring the Impact of Green Finance on Urban Metabolic Efficiency","volume":"32","author":"Han","year":"2024","journal-title":"Sustain. Dev."},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"140353","DOI":"10.1016\/j.jclepro.2023.140353","article-title":"Does Green Finance Reduce Environmental Degradation? The Role of Green Innovation, Environmental Tax, and Geopolitical Risk in China","volume":"435","author":"Mehboob","year":"2024","journal-title":"J. Clean. Prod."},{"key":"ref_56","doi-asserted-by":"crossref","unstructured":"Kong, X.Y., and Xu, T. (2023). How FinTech affects total factor energy efficiency? Evidence from Chinese cities. Front. Energy Res., 11.","DOI":"10.3389\/fenrg.2023.1296820"},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"142004","DOI":"10.1016\/j.scitotenv.2020.142004","article-title":"Economic effects analysis of environmental regulation policy in the process of industrial structure upgrading: Evidence from Chinese provincial panel data","volume":"753","author":"Yu","year":"2021","journal-title":"Sci. Total. Environ."},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"112183","DOI":"10.1016\/j.enpol.2021.112183","article-title":"Environmental regulation and haze pollution: Neighbor-companion or neighbor-beggar?","volume":"151","author":"Zhou","year":"2021","journal-title":"Energy Policy"},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"108137","DOI":"10.1016\/j.ecolecon.2024.108137","article-title":"How does environmental regulation promote green technology innovation? Evidence from China\u2019s total emission control policy","volume":"219","author":"Yan","year":"2024","journal-title":"Ecol. Econ."},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"210","DOI":"10.1016\/j.jclepro.2019.06.184","article-title":"Effects of environmental regulation and FDI on urban innovation in China: A spatial Durbin econometric analysis","volume":"235","author":"Feng","year":"2019","journal-title":"J. Clean. Prod."},{"key":"ref_61","doi-asserted-by":"crossref","unstructured":"Zhang, Y., Chen, M., Zhong, S., and Liu, M.Y. (2024). Fintech\u2019s role in carbon emission efficiency: Dynamic spatial analysis. Sci. Rep., 14.","DOI":"10.1038\/s41598-024-74834-2"},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"384","DOI":"10.1016\/j.landusepol.2017.12.018","article-title":"How do industrial land price variations affect industrial diffusion? Evidence from a spatial analysis of China","volume":"71","author":"Chen","year":"2018","journal-title":"Land Use Policy"},{"key":"ref_63","doi-asserted-by":"crossref","unstructured":"Zhou, J., Lan, H.L., Zhao, C., and Zhou, J.P. (2021). Haze Pollution Levels, Spatial Spillover Influence, and Impacts of the Digital Economy: Empirical Evidence from China. Sustainability, 13.","DOI":"10.3390\/su13169076"},{"key":"ref_64","doi-asserted-by":"crossref","first-page":"102304","DOI":"10.1016\/j.najef.2024.102304","article-title":"Regional FinTech development and total factor productivity among firms: Evidence from China","volume":"75","author":"Li","year":"2025","journal-title":"N. Am. J. Econ. Financ."},{"key":"ref_65","doi-asserted-by":"crossref","first-page":"253","DOI":"10.1080\/17538963.2016.1211383","article-title":"General patterns and regional disparity of internet finance development in China: Evidence from the Peking University Internet Finance Development Index","volume":"9","author":"Guo","year":"2016","journal-title":"China Econ. J."},{"key":"ref_66","doi-asserted-by":"crossref","first-page":"918","DOI":"10.1016\/j.techfore.2012.09.001","article-title":"An application of the text mining approach to select technology centers of excellence","volume":"80","author":"Ghazinoory","year":"2013","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_67","doi-asserted-by":"crossref","first-page":"100476","DOI":"10.1016\/j.jik.2024.100476","article-title":"Financial technology as a heterogeneous driver of carbon emission reduction in China: Evidence from a novel sparse quantile regression","volume":"9","author":"Chen","year":"2024","journal-title":"J. Innov. Knowl."},{"key":"ref_68","doi-asserted-by":"crossref","first-page":"104768","DOI":"10.1016\/j.frl.2023.104768","article-title":"Green credit, financial regulation and corporate green innovation: Evidence from China","volume":"59","author":"Chen","year":"2024","journal-title":"Financ. Res. Lett."},{"key":"ref_69","doi-asserted-by":"crossref","first-page":"81","DOI":"10.1016\/j.chieco.2011.08.002","article-title":"Capital inputs in the Chinese economy: Estimates for the total economy, industry and manufacturing","volume":"23","author":"Wang","year":"2012","journal-title":"China Econ. Rev."},{"key":"ref_70","doi-asserted-by":"crossref","first-page":"1220","DOI":"10.1086\/378532","article-title":"Gold into base metals: Productivity growth in the People\u2019s Republic of China during the reform period","volume":"111","author":"Young","year":"2003","journal-title":"J. Political Econ."},{"key":"ref_71","doi-asserted-by":"crossref","first-page":"7356","DOI":"10.1080\/01431161.2013.820365","article-title":"Intercalibration of DMSP-OLS night-time light data by the invariant region method","volume":"34","author":"Wu","year":"2013","journal-title":"Int. J. Remote Sens."},{"key":"ref_72","doi-asserted-by":"crossref","first-page":"889","DOI":"10.5194\/essd-13-889-2021","article-title":"An extended time series (2000\u20132018) of global NPP-VIIRS-like nighttime light data from a cross-sensor calibration","volume":"13","author":"Chen","year":"2021","journal-title":"Earth Syst. Sci. Data"},{"key":"ref_73","doi-asserted-by":"crossref","first-page":"1705","DOI":"10.3390\/rs6021705","article-title":"Evaluating the Ability of NPP-VIIRS Nighttime Light Data to Estimate the Gross Domestic Product and the Electric Power Consumption of China at Multiple Scales: A Comparison with DMSP-OLS Data","volume":"6","author":"Shi","year":"2014","journal-title":"Remote Sens."},{"key":"ref_74","doi-asserted-by":"crossref","first-page":"994","DOI":"10.1257\/aer.102.2.994","article-title":"Measuring Economic Growth from Outer Space","volume":"102","author":"Henderson","year":"2012","journal-title":"Am. Econ. Rev."},{"key":"ref_75","doi-asserted-by":"crossref","unstructured":"Gao, D., Mo, X.L., Xiong, R.C., and Huang, Z.L. (2022). Tax Policy and Total Factor Carbon Emission Efficiency: Evidence from China\u2019s VAT Reform. Int. J. Environ. Res. Public Health, 19.","DOI":"10.3390\/ijerph19159257"},{"key":"ref_76","doi-asserted-by":"crossref","first-page":"106494","DOI":"10.1016\/j.eneco.2022.106494","article-title":"Urban environmental legislation and corporate environmental performance: End governance or process control?","volume":"118","author":"Zhang","year":"2023","journal-title":"Energy Econ."},{"key":"ref_77","doi-asserted-by":"crossref","first-page":"107294","DOI":"10.1016\/j.eiar.2023.107294","article-title":"Evaluating the efficiency of green economic production and environmental pollution control in China","volume":"104","author":"Guo","year":"2024","journal-title":"Environ. Impact Assess. Rev."},{"key":"ref_78","doi-asserted-by":"crossref","first-page":"37","DOI":"10.1007\/s12053-008-9029-3","article-title":"Incentives for energy efficiency in the EU Emissions Trading Scheme","volume":"2","author":"Schleich","year":"2009","journal-title":"Energy Effic."},{"key":"ref_79","doi-asserted-by":"crossref","unstructured":"Wang, Y., Zhao, N., Lei, X., and Long, R. (2021). Green Finance Innovation and Regional Green Development. Sustainability, 13.","DOI":"10.3390\/su13158230"},{"key":"ref_80","doi-asserted-by":"crossref","first-page":"107358","DOI":"10.1016\/j.eneco.2024.107358","article-title":"Environmental jurisdiction and energy efficiency: Evidence from China\u2019s establishment of environmental courts","volume":"131","author":"He","year":"2024","journal-title":"Energy Econ."},{"key":"ref_81","doi-asserted-by":"crossref","first-page":"101873","DOI":"10.1007\/s11356-023-29454-0","article-title":"Does the opening of high-speed rails improve urban carbon efficiency? Evidence from a spatial difference-in-difference method. Environ","volume":"30","author":"Gao","year":"2023","journal-title":"Sci. Pollut. Res."},{"key":"ref_82","doi-asserted-by":"crossref","first-page":"100631","DOI":"10.1016\/j.esr.2021.100631","article-title":"Performance analysis of government subsidies for photovoltaic industry: Based on spatial econometric model","volume":"34","author":"Shao","year":"2021","journal-title":"Energy Strat. Rev."},{"key":"ref_83","doi-asserted-by":"crossref","first-page":"104847","DOI":"10.1016\/j.frl.2023.104847","article-title":"Does Fintech development affect capital misallocation: A non-linear and spatial spillover perspective","volume":"60","author":"Lan","year":"2024","journal-title":"Financ. Res. Lett."},{"key":"ref_84","doi-asserted-by":"crossref","first-page":"706","DOI":"10.1057\/s41599-024-03215-x","article-title":"The spatial effect of low-carbon development of regional industries driven by the digital economy: Evidence from Chinese cities","volume":"11","author":"Zhang","year":"2024","journal-title":"Humanit. Soc. Sci. Commun."},{"key":"ref_85","doi-asserted-by":"crossref","first-page":"1617","DOI":"10.1016\/j.eneco.2012.01.004","article-title":"Population density and efficiency in energy consumption: An empirical analysis of service establishments","volume":"34","author":"Morikawa","year":"2012","journal-title":"Energy Econ."},{"key":"ref_86","doi-asserted-by":"crossref","first-page":"112781","DOI":"10.1016\/j.jenvman.2021.112781","article-title":"The impact of innovation on environmental quality: Evidence for the non-linear relationship of patents and CO2 emissions in China","volume":"292","author":"Li","year":"2021","journal-title":"J. Environ. Manag."},{"key":"ref_87","doi-asserted-by":"crossref","first-page":"364","DOI":"10.1016\/j.jeem.2012.02.007","article-title":"Announcing climate policy: Can a green paradox arise without scarcity?","volume":"64","author":"Smulders","year":"2012","journal-title":"J. Environ. Econ. Manag."},{"key":"ref_88","doi-asserted-by":"crossref","first-page":"138984","DOI":"10.1016\/j.jclepro.2023.138984","article-title":"The impact of fintech on carbon efficiency: Evidence from Chinese cities","volume":"425","author":"Teng","year":"2023","journal-title":"J. Clean. Prod."},{"key":"ref_89","doi-asserted-by":"crossref","first-page":"3412","DOI":"10.1016\/j.jbankfin.2013.05.006","article-title":"Does banking competition alleviate or worsen credit constraints faced by small- and medium-sized enterprises? Evidence from China","volume":"37","author":"Chong","year":"2013","journal-title":"J. Bank. Financ."},{"key":"ref_90","doi-asserted-by":"crossref","first-page":"105783","DOI":"10.1016\/j.jeconom.2024.105783","article-title":"The chained difference-in-differences","volume":"248","author":"Benatia","year":"2025","journal-title":"J. Econ."},{"key":"ref_91","doi-asserted-by":"crossref","first-page":"113827","DOI":"10.1016\/j.enpol.2023.113827","article-title":"Fintech development and green innovation: Evidence from China","volume":"183","author":"Liu","year":"2023","journal-title":"Energy Policy"},{"key":"ref_92","doi-asserted-by":"crossref","first-page":"4211","DOI":"10.1002\/csr.2801","article-title":"Unlocking sustainability potential: The impact of green finance reform on corporate ESG performance","volume":"31","author":"Gao","year":"2024","journal-title":"Corp. Soc. Responsib. Environ. Manag."},{"key":"ref_93","doi-asserted-by":"crossref","unstructured":"Gao, D., Feng, H., and Cao, Y.J. (2024). The Spatial Spillover Effect of Innovative City Policy on Carbon Efficiency: Evidence from China. Singap. Econ. Rev., 1\u201323.","DOI":"10.1142\/S0217590824500024"},{"key":"ref_94","doi-asserted-by":"crossref","first-page":"1225","DOI":"10.1002\/mde.3168","article-title":"The impact of digital finance on financial efficiency","volume":"41","author":"Wang","year":"2020","journal-title":"Manag. Decis. Econ."},{"key":"ref_95","first-page":"328","article-title":"The sharing economy and digital platforms: A review and research agenda","volume":"43","author":"Sutherland","year":"2018","journal-title":"Int. J. Inf. Manag."},{"key":"ref_96","doi-asserted-by":"crossref","first-page":"175","DOI":"10.1057\/s41599-025-04508-5","article-title":"Digital finance and equitable industrial carbon emissions: An empirical analysis of Chinese cities","volume":"12","author":"Lu","year":"2025","journal-title":"Humanit. Soc. Sci. Commun."},{"key":"ref_97","doi-asserted-by":"crossref","first-page":"101656","DOI":"10.1016\/j.gsf.2023.101656","article-title":"Is the spatial impact of digital financial inclusion on CO2 emissions real? A spatial fluctuation spillover perspective","volume":"15","author":"Wang","year":"2024","journal-title":"Geosci. Front."},{"key":"ref_98","doi-asserted-by":"crossref","first-page":"843","DOI":"10.1257\/aer.98.3.843","article-title":"Do People Vote with Their Feet? An Empirical Test of Tiebout\u2019s Mechanism","volume":"98","author":"Banzhaf","year":"2008","journal-title":"Am. Econ. Rev."},{"key":"ref_99","doi-asserted-by":"crossref","first-page":"100931","DOI":"10.1016\/j.esr.2022.100931","article-title":"A bilateral decomposition analysis of the impacts of environmental regulation on energy efficiency in China from 2006 to 2018","volume":"43","author":"Song","year":"2022","journal-title":"Energy Strat. Rev."},{"key":"ref_100","doi-asserted-by":"crossref","unstructured":"Gao, D., Zhou, X.T., Yan, Z.L., and Mo, X.L. (2023). The Impact of the Resource-Exhausted City Program on Manufacturing Enterprises\u2019 Performance: A Policy Measures Perspective. Systems, 11.","DOI":"10.3390\/systems11080415"},{"key":"ref_101","doi-asserted-by":"crossref","first-page":"1456","DOI":"10.1016\/j.enpol.2008.12.003","article-title":"Jevons\u2019 Paradox revisited: The evidence for backfire from improved energy efficiency","volume":"37","author":"Sorrell","year":"2009","journal-title":"Energy Policy"},{"key":"ref_102","doi-asserted-by":"crossref","unstructured":"Fich, L.E., Viola, S., and Bentsen, N.S. (2022). Jevons Paradox: Sustainable Development Goals and Energy Rebound in Complex Economic Systems. Energies, 15.","DOI":"10.3390\/en15165821"},{"key":"ref_103","doi-asserted-by":"crossref","first-page":"111708","DOI":"10.1016\/j.enpol.2020.111708","article-title":"Recycling carbon tax for inclusive green growth: A CGE analysis of India","volume":"144","author":"Ojha","year":"2020","journal-title":"Energy Policy"},{"key":"ref_104","doi-asserted-by":"crossref","first-page":"883","DOI":"10.1016\/j.iref.2024.01.046","article-title":"Research on the impact of digital transformation on the production efficiency of manufacturing enterprises: Institution-based analysis of the threshold effect","volume":"91","author":"Wang","year":"2024","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_105","doi-asserted-by":"crossref","first-page":"529","DOI":"10.1057\/s41599-025-04853-5","article-title":"Smarter is greener: Can intelligent manufacturing improve enterprises\u2019 ESG performance?","volume":"12","author":"Gao","year":"2025","journal-title":"Humanit. Soc. Sci. Commun."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/9\/815\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,9]],"date-time":"2025-10-09T18:47:28Z","timestamp":1760035648000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/9\/815"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,9,17]]},"references-count":105,"journal-issue":{"issue":"9","published-online":{"date-parts":[[2025,9]]}},"alternative-id":["systems13090815"],"URL":"https:\/\/doi.org\/10.3390\/systems13090815","relation":{},"ISSN":["2079-8954"],"issn-type":[{"type":"electronic","value":"2079-8954"}],"subject":[],"published":{"date-parts":[[2025,9,17]]}}}