Research Article

Research on the Role and Mechanism of Digital Finance in Improving the Performance of Industrial Green Innovation

Table 4

Analysis of the inclusive effect of digital finance on the performance of industrial green innovation.

The group with a higher level of traditional financial developmentThe group with a lower level of traditional financial development
(1) Gip(2) ec(3) tc(4) Gip(5) ec(6) tc

L.Gip0.2873 (0.0239)-0.2696 (0.0223)
L.ec-0.3038 (0.0309)-0.2262 (0.0136)
L.tc-0.1560 (0.0354)-0.1478 (0.0215)
Dif0.0278 (0.0941)-0.2997 (0.1440)0.2162 (0.0824)0.1408 (0.0634)0.1322 (0.0715)0.0614 (0.0343)
Control variablesYesYesYesYesYesYes
Constant-38.6171 (11.2736)-14.7773 (8.2160)-0.0516 (6.4251)1.0373 (1.5738)-0.1161 (2.9191)-0.6663 (2.7287)
Sargan1.00001.00001.00000.99040.99520.9877
AR(2)0.33410.98100.73340.42040.58370.1405