数字金融对企业绿色技术创新的作用机制与影响效应

The Influence Effect and Role Mechanism of Digital Finance on Enterprises'Green Technology Innovation

提高企业绿色化、低碳化水平是实现经济高质量发展的关键环节,数字金融对企业绿色化发展有着重要意义。对此,在理论研究的基础上,从融资约束缓解、金融资源错配减缓和政策精准匹配三个方面分析数字金融促进企业绿色技术创新的作用机制,并采用双向固定效应模型,实证检验数字金融对企业绿色技术创新的影响。结果显示,数字金融的发展能够显著提升企业对绿色技术选择的偏好,且数字金融对企业实质性绿色技术创新效应更显著。从异质性角度看,数字金融的绿色技术创新激励效应在非国有企业、中西部地区企业以及重污染行业企业中更明显。因此,应当借助数字化技术完善金融供给体系,纾解企业融资困境并优化金融资源配置,强化政策精准匹配,引导重污染行业企业向绿色技术方向转型。

Improving the greening and decarbonization level of enterprises is a key link to achieve high-quality economic development,and digital finance has great significance for the greening of enterprises.In this regard,on the basis of theoretical research,we analyze the mechanism of digital finance to promote enterprise green technology innovation from three aspects:financing constraint alleviation,financial resources mismatch mitigation and policy precision matching,and empirically test the impact of digital finance on enterprise green technology innovation by adopting a two-way fixed effect model.The results show that the development of digital finance can significantly enhance the enterprises'preference for green technology selection,and the effect of digital finance on enterprises'substantive green technology innovation is more significant.From the perspective of heterogeneity,the incentive effect of digital finance on green technology innovation is more obvious in nonstate-owned enterprises,enterprises in central and western regions,and enterprises in heavily polluted industries.Therefore,digital technology should be used to improve the financial supply system,alleviate the financing difficulties of enterprises and optimize the allocation of financial resources,strengthen the precise matching of policies,and guide enterprises in heavy pollution industries to transform into green technology.