数字普惠金融对中小企业绿色创新的影响研究

A Study of the Impact of Digital Financial Inclusion on Green Innovation in SMEs

加强对中小企业绿色创新的金融支持,是实现中小企业高质量发展的迫切需要,而数字普惠金融凭借其便捷、高效、普惠的优势,可能成为促进中小企业绿色创新的重要驱动力。为此,本文利用2011—2021年中小板和创业板上市企业数据,实证检验了在企业不同生命周期状态下数字普惠金融对中小企业绿色创新的影响及作用机制。结果表明,数字普惠金融能够显著促进中小企业绿色创新,且对成熟期中小企业的影响更显著,经一系列稳健性检验后,该结论依然稳健。异质性分析发现,数字普惠金融对非国有中小企业、高科技中小企业、非重污染中小企业绿色创新有更显著的促进效应,且对成熟期的非国有中小企业、高科技中小企业和非重污染中小企业的影响更显著。机制分析表明,数字普惠金融可以通过缓解融资约束促进中小企业绿色创新,且对成熟期中小企业的影响更显著。鉴于此,本文建议持续推进数字普惠金融发展,发挥数字普惠金融激励中小企业绿色创新的能动作用,提高其精准度,加强对数字普惠金融的监管,为中小企业绿色创新纾困解难。

Strengthening financial support for SMEs'(Small and medium-sized enterprise) green innovation is an urgent need to realise the high-quality development of SMEs,while digital financial inclusion may become an important driving force to promote SMEs' green innovation by virtue of its convenient,efficient and inclusive advantages.This paper uses the data of SMEs and GEM-listed enterprises from 2011 to 2021to empirically test the impact and mechanism of digital financial inclusion on SMEs' green innovation under different life cycle states of enterprises.It is found that digital financial inclusion significantly promotes green innovation in SMEs and has a more significant impact on mature SMEs,and this conclusion remains robust after robustness or endogeneity tests.Heterogeneity analyses found that digital financial inclusion has a more significant promotional effect on green innovation for non-state SMEs,high-tech SMEs,and nonheavy polluting SMEs,and that it has a more significant effect on non-state SMEs,high-tech SMEs in maturity,and non-heavy polluting SMEs in maturity.Mechanism analyses show that digital financial inclusion can promote green innovation in SMEs by alleviating financing constraints,and that this mechanism has a more significant impact on mature SMEs.This paper suggests to continuously promote the development of digital financial inclusion,improve the dynamic role and precision of digital financial inclusion to incentivize SMEs' green innovation,strengthen the regulation of digital financial inclusion,and alleviate the difficulties of SMEs' green innovation.