“金融科技-实体经济”匹配与企业绿色转型

“Fintech-Real Economy”Matching and Green Transformation of Enterprises

本文基于中国沪深两市A股上市企业2011—2020年数据,实证检验“金融科技-实体经济”匹配对企业绿色转型的影响、机制和外部重要条件。实证结果表明,匹配度提升对企业绿色转型具有显著正向影响,并且在金融科技发展滞后的普遍情形中稳健成立。异质性检验发现,在时间维度上,匹配度提升在经济政策不确定性较高条件下有更好的绿色转型促进效果;在地区维度上,匹配度提升在污染排放较高地区有更强的绿色转型驱动力。机制检验发现,匹配度提升能够通过改善融资约束、提升环保支出、增强主动性风险承担路径强化对绿色转型的促进作用。在政策优化上,有效的金融监管和绿色信贷政策支持是充分发挥匹配度绿色动能的重要制度因素。本文研究的结论为优化金融科技与实体经济发展、推动企业绿色转型及完善政策工具提供了经验证据和政策启示。

Green development is a global trend,but it is especially urgent in China as the country faces significant ecological and environmental issues.The 20th National Congress of the Communist Party of China stressed the need to promote green development and accelerate the transformation of development models.Financial support is crucial for innovation-driven economic transformation.The People’s Bank of China’s Fintech Development Plan(2022—2025)emphasizes strong support for innovation,the digital economy,rural revitalization,and carbon neutrality.Employing fintech to promote the green transformation of enterprises as China works to peak carbon emissions and achieve carbon neutrality is vital for high-quality development.However,challenges like unbalanced fintech growth and the mismatch between fintech and the real economy persist,making it imperative to align fintech with the real economy for economic development.Previous fintech research tends to focus narrowly on the impact of specific fintech on economic entities while neglecting the fundamental characteristics of the real economy on which fintech development relies.It also lacks a thorough evaluation of the effects of the match between fintech and the real economy.If fintech development outpaces economic maturity,it risks detachment from the real economy,leading to“pumping”and“idling”effects.Conversely,if fintech development lags behind economic maturity,it will fail to produce the advanced technology needed to meet the diverse financial needs of the real economy.Therefore,an optimal financial system must align with the real economy.In this context,this paper explores new financial business models that are suited to China and aligned with the green transformation of individual enterprises,all under the carbon peaking and carbon neutrality goals,while considering the need for promoting fintech-economy integration.This paper’s contribution lies in the following three aspects.First,it constructs a matching function using interdisciplinary methods,applying ranking techniques from labor economics and sociology to finance while replacing sociological data with detailed“financial-economic”data to enhance accuracy and support the integration of new financial forms with the real economy.Second,it analyzes the issue of match/mismatch between fintech and the real economy,highlights that China’s fintech development lags behind its real economy and examines how improved matching affects the green transformation of enterprises.Third,it explores the impact of matching effects on green transformation through financial regulation and green credit within a“constraint-incentive”framework suited to China’s unique context.The research findings suggest three key policy implications.First,it is crucial to identify the optimal matching interval between fintech and the real economy to maximize their potential,which may involve enhancing fintech in underdeveloped regions or promoting new fintech models in fast-growing areas.Second,improving financial regulation and expanding green credit support are essential for creating a stable financial environment and effectively aiding enterprises in their green transformation.Third,China should adopt new green economic development models to integrate corporate innovation with technology,develop tailored strategies for different regions,and establish mechanisms for fintech to help promote green transformation and identify potential green innovation projects.This paper originates from the authors’observations on contemporary issues,featuring innovative core explanatory variables and key case studies.The authors are grateful toward the editor and external experts for their constructive feedback,which has helped clarify and enrich the content.The meticulous review by the Finance and Trade Economics editorial team has also proved very helpful.In the future,the authors hope to further study fintech issues and innovation in China’s real economy to identify optimal paths for highquality economic development.