金融科技赋能企业绿色技术创新的作用机制——基于沪深A股上市公司的实证分析

Mechanism of Financial Technology Empowering Green Technology Innovation in Enterprises——An Empirical Analysis of A-share Listed Companies in Shanghai and Shenzhen

利用2011—2021年沪深A股上市企业数据,对金融科技赋能企业绿色技术创新的作用机制进行实证分析。研究发现,金融科技有助于企业绿色技术创新。异质性分析表明,在国有企业、大规模企业、非重污染行业企业、高科技行业企业、高金融监管水平企业及中西部地区企业,金融科技对企业绿色技术创新的赋能作用更高。中介效应分析表明,金融科技能够通过缓解融资约束、提升环境信息披露促进企业绿色技术创新。调节效应分析表明,环境规制、知识产权保护和企业社会责任在金融科技对企业绿色技术创新的影响中起正向调节作用。进一步分析表明,金融科技对企业绿色技术创新的促进作用在成长期最大,成熟期次之,衰退期不明显;金融科技对邻近地区的企业绿色技术创新存在正向的空间溢出效应;金融科技强化了绿色技术创新在提升企业价值中的作用。

The paper uses the 2011-2021 data of A-share listed companies in Shanghai and Shenzhen to empirically analyze the mechanism of green technology innovation of financial technology empowered enterprises.Research has found that financial technology helps companies innovate in green technology.Heterogeneity analysis shows that in state-owned enterprises,large-scale enterprises,non-heavily polluting industry enterprises,high-tech industry enterprises,high financial regulatory level enterprises,and enterprises in the central and western regions,financial technology has a higher empowering effect on green technology innovation in enterprises.The intermediary effect analysis shows that financial technology can promote green technology innovation in enterprises by alleviating financing constraints and enhancing environmental information disclosure.The analysis of regulatory effects indicates that environmental regulations,intellectual property protection,and corporate social responsibility play a positive regulatory role in the impact of financial technology on corporate green technology innovation.Further analysis shows that financial technology has the greatest promoting effect on green technology innovation in enterprises during the growth period,followed by the mature period,and is not significant during the recession period;financial technology has a positive spatial spillover effect on green technology innovation of enterprises in neighboring regions;financial technology has strengthened the role of green technology innovation in enhancing enterprise value.