基于2011—2020年省级面板数据，采用方向性距离函数和Malmquist-Luenberger生产率指数测算30个省份的绿色发展效率，并通过动态面板GMM模型实证检验数字金融对绿色发展效率的影响及其机制。研究结果表明：在环境规制约束下，数字金融及其三个子维度对绿色发展效率提升起促进作用，且存在区域异质性；数字金融与环境规制二者的交互作用对绿色发展具有正向影响，表明数字金融能够缓解因环境规制产生的融资约束，在一定程度上弱化环境规制对绿色发展效率的负效应；作用机制检验表明数字金融通过产业结构高级化、金融资源优化配置和技术创新进而对绿色发展效率产生正向影响。

Based on the provincial panel data from 2011 to 2020, this study uses directional distance function and Malmquist-Luenberger productivity index to measure the green development efficiency of 30 provinces in China, and empirically examines the influence of digital finance on green development efficiency and its mechanisms through the dynamic panel GMM model. The research results show that under environmental regulatory constraints, digital finance and its three sub-dimensions play a promoting role in improving green development efficiency, and produce regional heterogeneity in the promotion. The interaction between digital finance and environmental regulation has a positive impact on green development, indicating that digital finance can alleviate the financing constraints caused by environmental regulations and weaken the negative effect of environmental regulation on green development efficiency to some extent. The mechanism test shows that digital finance has a positive effect on green development efficiency through advanced industrial structure, optimized allocation of financial resources and technological innovation.

F124.5；F832；X196

福建省社科研究基地重大项目（FJ2020M JDZ051；FJ2022MJDZ040）