数字金融对能源密集型企业绿色转型的影响

The Impact of Digital Finance on the Green Transformationof Energy-intensive Enterprises

在双碳目标以及绿色新发展阶段的背景下,数字金融已经成为驱动企业绿色转型的关键力量。基于2011—2020年我国能源密集型行业上市公司数据,深入研究数字金融对企业绿色转型的影响机制。研究发现:第一,数字金融发展能够显著促进企业绿色转型,且该效应在经过一系列检验后依然成立;第二,中介效应分析表明,数字金融能通过财务机制和创新机制推动企业绿色转型;第三,异质性分析表明,数字金融对企业绿色转型的促进作用在人力资本水平高、环境规制强度高、金融发展水平低的城市中更显著,在小企业、非国有企业以及衰退期企业中更显著;第四,企业CEO绿色经历和内部控制质量可以保障数字金融作用的发挥,对能源密集型企业绿色转型起到正向调节作用。

Under the background of dual carbon goal and new green development stage,digital finance has become a key force driving the green transformation of enterprises.Based on the data of listed companies in energy-intensive industries in China from 2011 to 2020,this paper deeply studies the impact mechanism of digital finance on enterprise green transformation.The results show that:1)The development of digital finance can significantly promote the green transformation of enterprises,and the above effects are still valid after a series of tests;2)The mediating effect analysis shows that digital finance can promote the green transformation of enterprises through financial mechanism and innovation mechanism;3)Heterogeneity analysis shows that the promotion effect of digital finance on corporate green transformation is more significant in cities with high human capital level,high intensity of environmental regulation and low level of financial development,and is more significant in small enterprises,non-state-owned enterprises and enterprises in recession period;4)Further,CEO green experience and internal control quality can ensure the role of digital finance,and play a positive role in regulating the green transformation of energy-intensive enterprises.