地方政府债务与企业绿色创新——基于数字金融的调节效应

Local Government Debt and Green Innovation——The Moderating Effect of Digital Finance

企业绿色创新是适应新时代发展需求和推动经济高质量发展的核心动力。基于2011-2021年企业—城市微观宏观匹配数据考察地方政府债务对企业绿色创新的影响及其作用机制,并分析数字金融在其中的调节效应。研究发现:地方政府债务对企业绿色创新水平有显著的负向影响,其中对非国有企业以及东部地区企业绿色创新的抑制作用更强;数字金融削弱了地方政府债务对企业绿色创新的挤出效应;机制分析显示,地方政府债务通过提高企业融资约束以及降低研发投入进而抑制企业绿色创新。

Green innovation in enterprises is the core driving force for adapting to the development needs of the new era and promoting high-quality economic development.Based on micro-macro matching data of enterprises and cities from 2011 to 2021,this article examines the impact of local government debt on enterprise green innovation and its operating mechanism,and analyzes the regulatory effect of digital finance.The research findings indicate that government debt has a remarkably negative impact on the level of enterprise green innovation,with a stronger inhibitory effect on non-state-owned enterprises and enterprises in the eastern region.Digital finance weakens the crowding-out effect of government debt on enterprise green innovation.Mechanism analysis reveals that government debt inhibits enterprise green innovation by increasing corporate financing constraints and reducing investments on researches and development.