Table 2.
Variable settings and descriptive statistics
| Category | Variables | Definition | symbol | Data Processing | Mean | Std.Dev | min | max |
|---|---|---|---|---|---|---|---|---|
| Explained variables | Energy efficiency | EEF | 0.8693 | 0.0979 | 0.7062 | 1.2181 | ||
| Explanatory variables | Total digital finance index | Digital Inclusive Finance Index of Peking University | DFI | Divide by 1000 | 0.2034 | 0.0916 | 0.0183 | 0.4103 |
| Digital financial coverage breadth index | COV | Divide by 1000 | 0.1836 | 0.0902 | 0.0020 | 0.3847 | ||
| Digitization index | DIGI | Divide by 1000 | 0.2784 | 0.1180 | 0.0076 | 0.4622 | ||
| Digital credit services index | CRE | Divide by 1000 | 0.4494 | 0.2161 | 0.0003 | 0.9323 | ||
| Digital insurance service index | INSU | Divide by 1000 | 0.1298 | 0.0577 | 0.0012 | 0.2822 | ||
| Control variables | Technological advances | Ratio of R&D investment to GDP per capita | TEC | Divide by 1000 | 0.0543 | 0.0546 | 0.0015 | 0.2458 |
| Industrial structure upgrading index | STRUC | Divide by 1000 | 2.39E − 03 | 1.24E − 04 | 2.13E − 03 | 2.83E − 03 | ||
| Changes in the size of the economy | Economic growth rate | ECO | Divide by 1000 | 8.41E − 05 | 2.39E − 05 | 5.00E − 06 | 1.64E − 04 | |
| Energy mix | Ratio of coal consumption to total energy consumption | ENERGY | Divide by 1000 | 9.36E − 04 | 4.43E − 04 | 2.48E − 05 | 2.46E − 03 |