Research on the Impact of Digital Finance on the Green Development of Chinese Cities

Table 4

Endogenous treatment and robustness test.

	(1) Instrumental variable method	(2) Control macro factors	(3) Winsorization	(4) Exclude the abnormal year
	Lngtfp	Lngtfp	Lngtfp	Lngtfp
Lndfi	0.2361^∗∗∗	0.0358^∗∗∗	0.0435^∗∗∗	0.0366^∗∗∗
	(0.0612)	(0.0112)	(0.0123)	(0.0108)
Lnpgdp	−0.0238^∗∗∗	−0.0113	−0.0064	−0.0069
	(0.0072)	(0.0057)	(0.0058)	(0.0057)
Edu	0.0068^∗∗∗	0.0063^∗∗∗	0.0069^∗∗∗	0.0074^∗∗∗
	(0.0024)	(0.0022)	(0.0022)	(0.0023)
Lnurban	0.0537^∗∗∗	0.0497^∗∗∗	0.0538^∗∗∗	0.0412^∗∗
	(0.0133)	(0.0130)	(0.0158)	(0.0174)
Fdi	0.0191	0.0948	0.0325	0.0350
	(0.0795)	(0.0802)	(0.1073)	(0.0971)
Finance	0.0052^∗∗∗	0.0058^∗∗∗	0.0157^∗∗∗	0.0063^∗∗∗
	(0.0018)	(0.0018)	(0.0040)	(0.0018)
c.year#c.prov		0.00003
		(0.0000)
K–P rk LM p-value	0.0000
K–P rk wald F statistic	131.076 [16.38]
_Cons		−2.9121	−0.3816^∗∗∗	−0.3208^∗∗∗
		(1.7734)	(0.1039)	(0.1227)
Year fe	Yes	Yes	Yes	Yes
City fe	Yes	Yes	Yes	Yes
N	2288	2574	2574	2288
R^2	0.0273	0.7315	0.7332	0.7223