数字金融对企业绿色创新效率的影响研究——基于微观数据和机器学习模型的检验

The Impact of Digital Finance on the Efficiency of Green Innovation in Enterprises:Verification Based on Micro-data and Machine Learning Models

基于2011—2019年中国上市企业面板数据,运用超效率SBM模型测算中国企业绿色创新效率,并实证检验数字金融对企业绿色创新效率的正向影响,进一步运用机器学习—随机森林模型研究数字金融对企业绿色创新效率的非线性效应。研究结果表明:数字金融能够赋能企业绿色创新效率提升,且对国有、大规模以及高污染企业绿色创新效率的赋能效应更强;数字金融可以通过缓解融资约束和降低金融风险间接促进企业绿色创新效率提升;数字金融对企业绿色创新效率的作用存在网络效应。

Based on panel data of Chinese listed companies from 2011 to 2019,the super efficiency SBM model is used to measure the green innovation efficiency of Chinese enterprises,and the impact and mechanism of digital finance on the green innovation efficiency of enterprises are empirically tested.Furthermore,the machine learning random forest model is used to study the nonlinear effect of digital finance on the green innovation efficiency of enterprises.The research results indicate that digital finance can empower enterprises to improve their green innovation efficiency,and has a stronger empowering effect on the green innovation efficiency of state-owned,large-scale,and high polluting enterprises;Digital finance can indirectly promote the efficiency of green innovation in enterprises by alleviating financing constraints and reducing financial risks;There is a network effect of digital finance on the efficiency of green innovation in enterprises.