Research on the Impact of the Synergy Between Financial Technology and Green Finance on Environmental Efficiency

With the continuous development of the economy and technology, environmental problems in China have become increasingly prominent. Researching how financial technology and green finance impact environmental efficiency is crucial when it comes to finding methods to lower the environmental cost generated by economic activities. This study measured the development level of financial technology and green finance by using the text mining method and the entropy weight TOPSIS. Meanwhile, this study empirically analyzed the influence of financial technology and green finance on environmental efficiency and their mechanisms of action by using the fixed-effect model and the moderation effect model. The results show the following: (1) Financial technology and green finance directly promote environmental efficiency. (2) Financial technology can synergize with green finance to promote improvements in environmental efficiency. (3) Heterogeneity analysis shows that there is a “path dependence” effect in the development of financial technology and green finance. Fintech and green finance had a stronger synergistic effect in improving environmental efficiency in the eastern region with strong technological innovation transformation capabilities, higher physical capital investment, and a larger regional population density. Our research results lay a foundation for the Chinese government to formulate policies related to financial technology, green finance, and environmental protection.