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<p>Against the backdrop of structural imbalances in global energy supply–demand dynamics and escalating geopolitical risks, this study establishes a theoretical framework elucidating digital finance's impact on energy security, systematically evaluating its mechanisms and heterogeneous effects. Utilizing panel data from 30 Chinese provinces (2011–2022), we develop a comprehensive energy security evaluation index system encompassing four dimensions—industrial development, supply security, consumption security, and environmental sustainability—through the entropy method. Employing two-way fixed effects models and panel threshold regression techniques, we investigate digital finance's pathways and nonlinear characteristics in shaping energy security. Key findings reveal: (1) A 1% increase in digital financial development significantly boosts the energy security index by 0.54%. Coverage breadth, usage depth, and digitalization level all positively contribute to energy security. Additionally, digital finance indirectly enhances energy security by promoting green technology innovation and advanced industrial restructuring. (2) The impact of digital finance on energy security exhibits regional heterogeneity, with stronger effects observed in eastern regions, low-carbon pilot areas, and regions with higher financial development. (3) The threshold regression reveals that digital finance's positive impact on energy security strengthens nonlinearly once government technology subsidies surpass the threshold level of 0.0410. These findings provide international policymakers with empirical evidence from China to support the coordinated development of digital transformation and energy security.</p>

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How does digital finance promote energy security? Evidence from China

  • 期刊论文

  • 发表日期：

    2025年9月4日

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  • Jiaqi Wang,
  • Xiaoxiao Xie,
  • Tingqiang Chen

摘要

Against the backdrop of structural imbalances in global energy supply–demand dynamics and escalating geopolitical risks, this study establishes a theoretical framework elucidating digital finance's impact on energy security, systematically evaluating its mechanisms and heterogeneous effects. Utilizing panel data from 30 Chinese provinces (2011–2022), we develop a comprehensive energy security evaluation index system encompassing four dimensions—industrial development, supply security, consumption security, and environmental sustainability—through the entropy method. Employing two-way fixed effects models and panel threshold regression techniques, we investigate digital finance's pathways and nonlinear characteristics in shaping energy security. Key findings reveal: (1) A 1% increase in digital financial development significantly boosts the energy security index by 0.54%. Coverage breadth, usage depth, and digitalization level all positively contribute to energy security. Additionally, digital finance indirectly enhances energy security by promoting green technology innovation and advanced industrial restructuring. (2) The impact of digital finance on energy security exhibits regional heterogeneity, with stronger effects observed in eastern regions, low-carbon pilot areas, and regions with higher financial development. (3) The threshold regression reveals that digital finance's positive impact on energy security strengthens nonlinearly once government technology subsidies surpass the threshold level of 0.0410. These findings provide international policymakers with empirical evidence from China to support the coordinated development of digital transformation and energy security.