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All Journal Nama jurnal : International Journal of Education and Humanities
Chen, Weimin
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Impact of Digital Finance on Household Service Consumption in China: A Panel Analysis of Domestic Demand Drivers Chen, Weimin; Wang, Ruoyu Wang
International Journal of Education and Humanities Vol. 5 No. 1 (2025): International Journal of Education and Humanities (IJEH)
Publisher : Ilmu Inovasi Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58557/(ijeh).v5i1.280

Abstract

In the current new situation, China’s economic growth model has shifted, with domestic demand becoming the primary driver of economic growth, particularly for service consumption. This study examines the impact of digital finance development on household service consumption. Using data from the China Household Finance Survey (CHFS), the study constructs a digital finance index at the household level. It applies a two-way fixed effects panel model to test its impact on service consumption. The research method uses a two-way fixed effects panel model to identify the relationship between digital finance development and the increase in household service consumption. Empirical findings indicate that digital finance significantly promotes service consumption among residents. After verifying the robustness of the baseline model, several heterogeneity analyses are conducted to explore variations in the effect of digital finance based on differing demographic and economic characteristics. These findings offer important implications for economic policy development, particularly in optimizing the role of digital finance in driving domestic consumption. The study’s primary recommendation is that the government and digital financial service providers expand access to and literacy in digital finance, especially among groups with limited access. This approach is expected to strengthen the role of digital finance as a primary driver of service consumption, support sustainable economic growth, and reduce inequality in access to digital financial services within society
Integrating Financial and Non-Financial Indicators through RF-SVM-Stacking Model for Accurate Green Credit Risk Assessment Chen, Weimin; Li, Chengzhi; Liu, Shuquan; Yang, Mi
International Journal of Education and Humanities Vol. 6 No. 1 (2026): International Journal of Education and Humanities (IJEH)
Publisher : Ilmu Inovasi Nusantara

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Abstract

Green credit has emerged as a crucial financial mechanism to promote sustainable economic development and mitigate environmental degradation. However, the evaluation and risk assessment of green credit remain a significant challenge due to the complexity of environmental factors and the limitations of traditional financial scoring models, which primarily rely on quantitative financial data. This study aims to develop a more accurate and comprehensive green credit scoring approach by integrating financial and non-financial indicators into an advanced hybrid model. To achieve this, an RF-SVM-Stacking integrated model is proposed, combining Random Forest (RF) for feature importance ranking and Support Vector Machine (SVM) for credit scoring. The model incorporates conventional financial indicators along with non-financial factors, including green credit risk characteristics, innovation input indicators, and ESG (Environmental, Social, and Governance) ratings. Methodologically, the stacking ensemble technique is employed to enhance prediction accuracy and robustness across datasets. The empirical analysis demonstrates that the proposed RF-SVM-Stacking model achieves higher accuracy and better generalization capability compared to baseline models such as SVM with Bagging or AdaBoost, neural networks, and Gradient Boosted Decision Trees (GBDT). The findings suggest that incorporating non-financial and sustainability-related metrics significantly enhances the accuracy of green credit risk assessment. These results have important implications for financial institutions and policymakers, suggesting that adopting integrated machine learning approaches can effectively support the development of a sustainable financial system and guide more responsible investment practices aligned with global environmental objectives.
Co-Authors Li, Chengzhi Liu, Shuquan Wang, Ruoyu Wang Yang, Mi