数字金融对重污染企业绿色创新的影响研究——基于融资约束的中介作用

Research on the Impact of Digital Finance on Green Innovation in Heavily Polluting Enterprises——Based on the mediating effect of financing constraints

绿色创新是重污染企业响应生态保护战略、实现高质量发展的重要举措,持续稳定的资金供给是促进企业绿色创新的重要因素。文章运用2011—2020年沪深A股重污染企业相关数据,实证检验了数字金融发展对重污染企业绿色创新的影响,以及融资约束在其中发挥的中介作用。研究结果显示,数字金融对重污染企业绿色创新行为具有显著促进作用,融资约束程度在数字金融对企业绿色创新的影响中起部分中介作用。地区异质性分析发现,数字金融对重污染企业绿色创新的促进作用在中西部地区更加明显;规模异质性分析发现,数字金融对大型重污染企业绿色创新的促进作用要优于中小型企业。

Green innovation is an important measure for heavily polluting enterprises to respond to ecological protection strategy and achieve high-quality development. Sustainable and stable capital supply is an important factor to promote green innovation of enterprises. This paper empirically tests the impact of digital financial development on green innovation of heavy polluting enterprises and the mediating role of financing constraints by using relevant data of Shanghai and Shenzhen A-share heavy polluting enterprises from 2011 to 2020. The results show that digital finance plays a significant role in promoting the green innovation behavior of heavily polluting enterprises, and the degree of financing constraint partially mediates the impact of digital finance on corporate green innovation. The regional heterogeneity analysis found that the promotion effect of digital finance on green innovation of heavily polluting enterprises was more obvious in the central and western regions. The results of scale heterogeneity analysis show that digital finance plays a better role in promoting green innovation in large and heavily polluting enterprises than in small and medium-sized enterprises.