With technological transformations such as big data, blockchain, artificial intelligence, and cloud computing, digital techniques are infiltrating the field of finance. Digital finance (DF) is a resource-saving and environmentally friendly innovative financial service. It shows great green attributes and can drive the flow of financial resources towards environmentally-friendly enterprises, thereby promoting green low-carbon circular development (GLCD). However, few studies have explored the coupling mechanism between DF and GLCD. To fill this gap, this paper explores the effect of DF on GLCD, and established a mediating effect model to investigate the mechanism of DF in promoting GLCD. Additionally, this paper established a random forest model and a CatBoost model based on machine learning to examine the relative importance of DF and the factors affecting GLCD. The results show that DF has significant positive effects on GLCD, and technological innovation plays a key role in the effect of DF on GLCD; meanwhile, the effect of DF on GLCD shows nonlinear features with an increasing “marginal effect”; moreover, both DF and conventional factors have significant impacts on GLCD. Our study highlights the effect of DF on GLCD and underscores the importance of developing policies for DF and GLCD. This study provides an empirical basis and path reference for DF to achieve “carbon peak, carbon neutralization” in China.

To reasonably guide and promote the high-quality development of China's software industry through policies, and to improve the total factor productivity (TFP) of China's software industry are the inevitable requirements of the conjunctive development. Previous research mainly used econometric methods to explore the impact of specific variables or factors in different regions on the TFP of the software industry. Here we provide a solution for the path selection to improve the TFP of the software industry. The DEA-Malmquist index analysis method to measure the TFP of the software industry and the fuzzy set qualitative comparative analysis method (fsQCA) are adopted to explore the different promotion paths of provinces based on the relevant data of 29 provinces in China. The results show that 5 path configurations achieve high TFP. Specifically, regions with high TFP in the software industry tend to be those with high enterprise scale, high R&D investment, and high R&D personnel investment. When the scale of enterprises is high, the region should fully consider the degree of R&D investment and the degree of higher education. When the investment of R&D personnel is high, the high education level of human factors and the investment intensity of fixed assets of capital factors should be brought into full play. When the investment in fixed assets and R&D investment are high, the region should fully consider the investment of R&D personnel and the scale of the enterprise.

The high-quality development of the industrial software industry is of strategic significance to enhancing the core competitiveness of the manufacturing industry and promoting the high-quality development of China’s industrial economy. By integrating the “capital-technology-environment-human” production factor theory and configuration perspective, this paper constructs a comprehensive analysis framework that drives the total factor productivity (TFP) of the industrial software industry. This paper uses 40 typical industrial software firms in 2018–2020 as case samples and uses fuzzy set Qualitative Comparative Analysis (fsQCA) to empirically explore the influencing factors and complex mechanisms that achieve high-quality development of the industrial software industry. It is found that: (1) a single industrial factor is hardly a necessary condition to drive the industrial software industry; (2) there are four paths to achieving high TFP, which are summarized as “technical-human-environmental” balanced driving type, “capital-human-environmental” balanced driving type, “technical-capital” dual driving type, and “capital” single driving type. There are four driving mechanisms. There are also four not-high TFP configurations with asymmetric characteristics; (3) under certain conditions, the combination of capital factors, technical factors, environmental factors, and human factors can drive TFP in an “all roads lead to Rome”. In this process, the government’s attention plays a more universal role. The study not only expands the application scenarios of fsQCA but also provides decision guidelines for the practice of strategic emerging industrialization represented by the industrial software industry.

The high-quality development of the industrial software industry is of strategic significance to enhancing the core competitiveness of the manufacturing industry and promoting the high-quality development of China's industrial economy. By integrating the "capital- technology-environment-human" production factor theory and configuration perspective, this paper constructs a comprehensive analysis framework that drives the total factor productivity (TFP) of the industrial software industry. It uses 40 typical industrial software firms as case samples and uses fuzzy set Qualitative Comparative Analysis (fsQCA) was used to empirically explore the influencing factors and complex mechanisms that achieve high-quality development of the industrial software industry. It is found that: (1) a single industrial factor is hardly a necessary condition to drive industrial software industry; (2) there are four paths to achieve high TFP, which are summarized as "technology-human-environment" balanced driving type, "capital-human-environment" balanced driving type, "technology-capital" dual driving type, and "capital" single driving type. There are four driving mechanisms. There are also four not-high TFP configurations with asymmetric characteristics; (3) under certain conditions, the combination of capital factors, capital factors, environmental factors and human factors can drive TFP in a "all roads lead to Rome". In this process, the government's attention plays a more universal role. The study not only expands the application scenarios of fsQCA, but also provides decision guidelines for the practice of strategic emerging industrialization represented by industrial software industry.