Innovative Application of Financial Technology in Promoting Green Supply Chain Finance and Carbon Emission Management
22 set 2025
INFORMAZIONI SU QUESTO ARTICOLO
Categoria dell'articolo: Research Papers
Pubblicato online: 22 set 2025
Ricevuto: 08 gen 2025
Accettato: 30 apr 2025
DOI: https://doi.org/10.2478/amns-2025-0947
Parole chiave
© 2025 Juan Du, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
Figure 1

Figure 2.

Descriptive statistics of major variables
| Variable | Sample size | Mean | Standard deviation | Minimum value | Maximum value |
|---|---|---|---|---|---|
| Fin | 3435 | 1.3648 | 0.3795 | 0.2349 | 2.1359 |
| CO2GDP | 3435 | 1.0064 | 1.7539 | 0.0158 | 58.0963 |
| Pep | 3435 | 5.7265 | 0.9125 | 1.6128 | 8.2155 |
| Gov | 3435 | 0.1954 | 0.1055 | 0.0346 | 0.9163 |
| Urban | 3435 | 56.0485 | 15.0365 | 19.7532 | 100 |
| Pegy | 3435 | 0.1132 | 1.0256 | 0.2362 | 40.8235 |
| Patent | 3435 | 7.6163 | 1.6486 | 2.9465 | 12.5396 |
| Sec | 3435 | 46.1596 | 11.0957 | 10.6248 | 89.7655 |
Financial technology returns to carbon emissions
| (1) | |
|---|---|
| CO2GDP | |
| Fin | -0.7598 |
| (-3.0645) | |
| Pep | 0.01981 |
| (0.1648) | |
| Gov | -0.1348 |
| (-2.7865) | |
| Urban | 15.5485 |
| (5.6432) | |
| Pegy | 0.45668 |
| (1.2935) | |
| Patent | 0.34853 |
| (1.2648) | |
| Sec | 0.2455 |
| (0.3154) | |
| _cons | 7.4865 |
| (4.6258) | |
| Province | YES |
| Year | YES |
| N | 320 |
| R2 | 0.3485 |
| Adj.R2 | 0.2495 |
The return of financial technology to green supply chain finance
| (1) | |
|---|---|
| Gre | |
| Fin | 2.1965*** |
| (4.2156) | |
| Cov | 5.4295*** |
| (2.8462) | |
| Infor | 0.2948 |
| (1.2364) | |
| Reg | -3.4851*** |
| (-3.1685) | |
| Growth | -10.8165* |
| (-1.8164) | |
| Dar | 0.1592 |
| (0.2465) | |
| ROA | 2.0452** |
| (0.9154) | |
| Indep | 1.2645 |
| (0.3498) | |
| Fa | 3.4685 |
| (1.2988) | |
| Ta | 5.8862 |
| (0.9845) | |
| _cons | 3.9455 |
| (1.8126) | |
| Province | YES |
| Year | YES |
| N | 320 |
| R2 | 0.8465 |
| Adj.R2 | 0.8053 |
Endogenous test results
| Variable | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| First stage | Second order | First stage | Second order | CO2GDP | Score | |
| CO2GDP | 0.1458** | 0.7628*** | 0.2654*** | |||
| (-12.3458) | (-5.4585) | (-6.5462) | ||||
| IV1 | ||||||
| (-0.9545) | ||||||
| IV2 | ||||||
| (-0.0065) | ||||||
| IV3 | ||||||
| (-0.0275) | ||||||
| Constant term | 0.2958*** | -0.5154 | 0.1258 | -0.6158** | -0.0745 | -1.5184*** |
| (-0.0945) | (-1.2568) | (-0.0958) | (-2.546) | (-0.0648) | (-8.1515) | |
| Control variable | YES | YES | YES | YES | YES | YES |
| Time fixed effect | YES | YES | YES | YES | YES | YES |
| Individual fixation effect | YES | YES | YES | YES | YES | YES |
| Sample size | 320 | 320 | 320 | 320 | 320 | 320 |
| R2 | 0.4566 | 0.4856 | 0.5769 | |||
Descriptive statistics
| Variable | Sample size | Mean | Standard deviation | Minimum value | Maximum value |
|---|---|---|---|---|---|
| Gre | 5026 | 0.1348 | 0.1325 | 0 | 0.7265 |
| Fin | 5026 | 0.4595 | 0.2445 | 0.0032 | 0.9418 |
| Cov | 5026 | 3.4184 | 1.3174 | 1.6284 | 5.5615 |
| Infor | 5026 | -0.0048 | 0.1355 | -1.6185 | 6.1544 |
| Reg | 5026 | 16.6158 | 9.1454 | 5.2154 | 30.2569 |
| Growth | 5026 | 0.5915 | 10.5215 | -2.0556 | 434.5955 |
| Dar | 5026 | 0.4023 | 0.1863 | 0.0165 | 0.9875 |
| ROA | 5026 | 0.0369 | 0.0876 | -1.6184 | 0.7845 |
| Indep | 5026 | 37.4524 | 5.4262 | 16.6185 | 66.6185 |
| Fa | 5026 | 0.2648 | 0.1359 | 0.0021 | 0.9154 |
| Ta | 5026 | 22.3145 | 0.9364 | 19.8465 | 26.4564 |
