数字普惠金融与绿色技术创新:红利还是鸿沟

Digital Inclusive Finance and Green Technology Innovation: Dividend or Gap

基于2011—2019年中国A股上市公司数据,研究数字普惠金融对绿色技术创新的影响及其作用机制,研究发现,数字普惠金融能够显著促进企业绿色技术创新。细分绿色创新类别后,数字普惠金融仅能显著促进实质性绿色技术创新,而对策略性绿色技术创新无显著作用。机制检验表明,数字普惠金融能够通过缓解融资约束和提升城市财富,促进企业绿色技术创新。异质性分析表明,在高环境规制强度地区、内陆地区以及CEO无银行金融背景的企业,数字普惠金融对绿色技术创新的促进效应更显著。进一步分析表明,当前金融监管与数字普惠金融发展存在一定程度的不匹配,但随时间推移开始逐渐释放政策监管红利。

This study used data on China’s A-share listed companies from 2011 to 2019 to study the impact and mechanism of digital inclusive finance on green technology innovation.The results indicated that digital inclusive finance can significantly promote green technology innovation of enterprises.After subdividing the categories of green innovation, it was found that digital inclusive finance only significantly promotes substantive green technology innovation and has no significant effect on strategic green technology innovation.The mechanism test showed that digital inclusive finance can promote enterprises’ green technology innovation by alleviating financing constraints and raising urban wealth.Heterogeneity analysis showed that digital inclusive finance has a more significant promotion effect on green technology innovation in areas with high environmental regulatory intensity, inland areas, and among firms whose CEOs do not have a banking or finance background.Further analysis showed that there is a certain degree of mismatch between the current finance supervision and development of digital inclusive finance.However, dividends from policy supervision have been gradually released.