金融学院知识库

资源短缺和环境恶化问题早已从人类认识的边缘走进了认识中心，正视这两大问题对经济社会发展有着极其重大的意义。绿色发展把环境资源作为社会经济发展的内在要素，是经济活动过程与结果绿色化和生态化的发展。绿色技术创新以实现绿色发展为核心追求，是加快发展方式绿色转型的必然选择。企业作为创新主体，绿色技术创新是实现其转型升级的根本途径。然而，绿色技术创新活动具有投入大、周期长和风险高的特点，需要更加多元化的金融产品和服务做支撑。当前世界范围内正掀起一股数字金融热潮，如何抢占此发展机遇对激发绿色技术创新活力至关重要。数字金融通过内嵌的技术可以在降低信息不对称、降低交易成本、提高金融业务办理效率以及优化营商环境等方面助力企业的绿色变革。基于这一背景，本文将数字金融加入到绿色技术创新的影响因素分析中，深入分析我国数字金融对企业绿色技术创新的影响效应。

本文首先梳理了数字金融和企业绿色技术创新的研究文献，归纳总结了相关概念界定、特征和理论基础，接着研究了我国数字金融发展和企业绿色技术创新的发展现状，结合相关理论基础做了数字金融对企业绿色技术创新影响机制和异质性的理论分析。最后，本文以2012-2021年沪深A股上市企业为研究对象，采用双向固定效应模型回归分析数字金融对企业绿色技术创新的影响机制，运用分组回归法检验了地区和企业的异质性。结果显示：第一，数字金融能够显著促进企业进行绿色技术创新。第二，数字金融发展可以通过缓解融资约束、促进产业结构合理化与高级化进而推动企业绿色技术创新。第三，地区异质性经检验发现，数字金融对企业绿色技术创新的影响在东部、中部和东北地区都有显著的正向推动作用，但在西部不显著；企业异质性经检验发现，数字金融对非国有企业、大型企业和高新技术企业的绿色技术创新的促进效果更为显著。

The problems of resource shortage and environmental degradation have long gone from the edge of human cognition to the center of cognition. It is of great significance to face up to these two problems for economic and social development. Green development regards environmental resources as the internal factor of social and economic development, and is the development of green and ecological economic activities and results. The core pursuit of green technological innovation is to achieve green development, which is an inevitable choice to accelerate the green transformation of development methods. As the main body of innovation, green technology innovation is the fundamental way to realize its transformation and upgrading. However, green technology innovation activities have the distinguishing features of put into more money, long revolution and high hazard,, and need to be supported by more diversified financial products and services. Currently, there is a worldwide upsurge in digital finance, and how to seize this development opportunity is crucial to improving the level of green technology innovation. Through embedded technologies, digital finance can help enterprises achieve green transformation in reducing information asymmetry, reducing transaction costs, improving the efficiency of financial business processing, and optimizing the business environment. Based on this background, this paper will add digital finance to the analysis of influencing factors of green technology innovation, and deeply analyze the impact of digital finance on green technology innovation of enterprises in China.

This paper first combs the research literature of digital finance and enterprise green technology innovation, and summarizes the relevant concept definition, characteristics and theoretical basis. Then it studies the development of digital finance and the current situation of green technology innovation of enterprises in China, and makes a theoretical analysis of the impact mechanism and heterogeneity of digital finance on green technology innovation of enterprises based on relevant theoretical basis. Finally, this paper takes the A-share listed companies in Shanghai and Shenzhen from 2012 to 2021 as the research object, uses two-way fixed effect model regression to analyze the impact mechanism of digital finance on green technology innovation of enterprises, and uses grouping regression to test the heterogeneity of regions and enterprises. The results show that: firstly, the development of digital finance can significantly promote green technology innovation in enterprises. Secondly, the development of digital finance can promote green technology innovation of enterprises by easing financing constraints, promoting rationalization and upgrading of industrial structure. Thirdly, the regional heterogeneity is tested and found that the impact of digital finance on green technology innovation of enterprises is significantly positive in the eastern, western and northeastern regions, but not significant in the western region; Through the test of enterprise heterogeneity, it is found that the promotion effect of digital finance on green technological innovation of non-state-owned enterprises, large enterprises and high-tech enterprises is more significant.