| 2,707 | 6 | 243 |
| 下载次数 | 被引频次 | 阅读次数 |
在绿色创新发展理念下,以数字金融促进企业绿色技术创新,是我国企业高质量发展的重要路径。基于2011—2020年3 042家中国上市公司数据,探究数字金融对企业绿色技术创新的影响及机制,结果表明:数字金融促进企业绿色技术创新;融资约束、研发投入和企业数字化水平表现出中介作用;ESG评级表现出显著正向调节作用;分维度分析发现,数字金融对实际绿色技术创新和计策绿色技术创新均存在促进效应;异质性分析发现,劳动密集型企业、资金密集型企业、管制性行业企业以及制造业企业,数字金融对其绿色技术创新水平提升更为显著。为此,应持续完善数字金融体系,消除企业绿色技术创新发展面临的制约因素;发挥数字金融的绿色赋能效应,推进各要素助力企业绿色技术创新协同;制定差异化绿色技术创新金融支持政策,实现数字金融发展与实体经济发展深度融合。
Abstract：Under the concept of green innovative development, promoting corporate green technological innovation through digital finance is an important path for the high-quality development of Chinese enterprises. Based on the data of 3 042 Chinese listed companies from 2011 to 2020, the impact and mechanism of digital finance on corporate green technology innovation are explored. The results show that: Digital finance promotes corporate green technological innovation. Financing constraints, R&D investment, and the digitalization level of enterprises play a mediating role. ESG ratings exhibit a significant positive moderating effect. From the perspective of dimensional analysis, digital finance has a promotional effect on both practical green technological innovation and strategic green technological innovation. Heterogeneity analysis reveals that digital finance has a more significant effect on improving the level of green technological innovation in labor-intensive enterprises, capital-intensive enterprises, enterprises in regulated industries, and manufacturing enterprises. Therefore, it is necessary to continuously improve the digital finance system and eliminate the constraints faced by the development of corporate green technological innovation; give full play to the green empowerment effect of digital finance and promote the synergy of various factors to support corporate green technological innovation; formulate differentiated financial support policies for green technological innovation, so as to realize the in-depth integration of digital finance development and real economy development.
[1]钱海章,陶云清,曹松威,等.中国数字金融发展与经济增长的理论与实证[J].数量经济技术经济研究,2020,37(6):26-46.
[2]刘心怡,黄颖,黄思睿,等.数字普惠金融与共同富裕:理论机制与经验事实[J].金融经济学研究,2022,37(1):135-149.
[3]万佳彧,周勤,肖义.数字金融、融资约束与企业创新[J].经济评论,2020(1):71-83.
[4]唐松,伍旭川,祝佳.数字金融与企业技术创新:结构特征、机制识别与金融监管下的效应差异[J].管理世界,2020,36(5):52-66.
[5]顾海峰,高水文.数字金融发展对企业绿色创新的影响研究[J].统计与信息论坛,2022,37(11):77-93.
[6]汪明月,李颖明,刘释疑.产品质量风险与市场竞争风险对绿色技术创新的影响及企业管理能力的调节作用[J].生态经济,2024,40(9):48-55.
[7]XIE X M,HUO J G,ZOU H L.Green process innovation,green product innovation,and corporate financial performance:A content analysis method[J].Journal of Business Research,2019,101:697-706.
[8]王锋正,刘向龙,张蕾,等.数字化促进了资源型企业绿色技术创新吗?[J].科学学研究,2022,40(2):332-344.
[9]LI D D,LV H J.Investment in environmental innovation with environmental regulation and consumers’environmental awareness:A dynamic analysis[J].Sustainable Production and Consumption,2021,28:1366-1380.
[10]翟华云,刘易斯.数字金融发展、融资约束与企业绿色创新关系研究[J].科技进步与对策,2021,38(17):116-124.
[11]钟廷勇,黄亦博,孙芳城.数字普惠金融与绿色技术创新:红利还是鸿沟[J].金融经济学研究,2022,37(3):131-145.
[12]OZILI P K.Impact of digital finance on financial inclusion and stability[J].Borsa Istanbul Review,2018,18(4):329-340.
[13]王智新,朱文卿,韩承斌.数字金融是否影响企业绿色技术创新:来自上市公司的经验证据[J].中国科技论坛,2022(3):52-61.
[14]李慧云,刘倩颖,李舒怡,等.环境、社会及治理信息披露与企业绿色创新绩效[J].统计研究,2022,39(12):38-54.
[15]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,48(1):4-16.
[16]MUBARAK M F,TIWARIS,PETRAITE M,et al.How Industry 4.0 technologies and open innovation can improve green innovation performance?[J].Management of Environmental Quality,2021,32(5):1007-1022.
[17]郭峰,王靖一,王芳,等.测度中国数字普惠金融发展:指数编制与空间特征[J].经济学(季刊),2020,19(4):1401-1418.
[18]FENG S L,ZHANG R,L I G X.Environmental decentralization,digital finance and green technology innovation[J].Structural Change and Economic Dynamics,2022,61:70-83.
[19]MYERS S C,MAJLUF N S.Corporate financing and investment decisions when firms have information that investors do not have[J].Journal of Financial Economics,1984,13(2):187-221.
[20]车德欣,吴非,赵丹妮.数字金融与企业研发投入:结构差异、渠道检验与市场化程度下的效应识别[J].经济经纬,2022,39(4):140-149.
[21]刘艳霞,陈乐,周昕格.数字化转型与绿色创新:基于信息的双重效应识别[J].改革,2023(10):30-45.
[22]汪晓文,陈明月,陈南旭.数字经济、绿色技术创新与产业结构升级[J].经济问题,2023(1):19-28.
[23]BAKER E D,BOULTON T J,BRAGA-ALVES M V,et al.ESG government risk and international IPO underpricing[J].Journal of Corporate Finance,2021,67:101913.
[24]李增福,冯柳华.企业ESG表现与商业信用获取[J].财经研究,2022,48(12):151-165.
[25]魏延鹏,毛志宏,王浩宇.国有资本参股对民营企业ESG表现的影响研究[J].管理学报,2023,20(7):984-993.
[26]胡洁,于宪荣,韩一鸣.ESG评级能否促进企业绿色转型？:基于多时点双重差分法的验证[J].数量经济技术经济研究,2023,40(7):90-111.
[27]解学梅,朱琪玮.企业绿色创新实践如何破解“和谐共生”难题？[J].管理世界,2021,37(1):128-149.
[28]王馨,王营.绿色信贷政策增进绿色创新研究[J].管理世界,2021,37(6):173-188.
[29]吴泓,刘京华.数字普惠金融与科技型企业绿色创新[J].东南学术,2023(2):135-145.
[30]吴非,胡慧芷,林慧妍,等.企业数字化转型与资本市场表现:来自股票流动性的经验证据[J].管理世界,2021,37(7):130-144.
[31]HADLOCK C J,PIERCE J R.New evidence on measuring financial constraints:Moving beyond the KZ index[J].Review of Financial Studies,2010,23(5):1909-1940.
[32]朱志红,高洁,徐平,等.石油石化上市公司研发投入对成长性影响研究[J].科研管理,2020,41(10):145-155.
[33]赵宸宇,王文春,李雪松.数字化转型如何影响企业全要素生产率[J].财贸经济,2021,42(7):114-129.
[34]王禹,王浩宇,薛爽.税制绿色化与企业ESG表现:基于《环境保护税法》的准自然实验[J].财经研究,2022,48(9):47-62.
[35]温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,22(5):731-745.
[36]汪亚楠,谭卓鸿,郑乐凯.数字普惠金融对社会保障的影响研究[J].数量经济技术经济研究,2020,37(7):92-112.
[37]林伯强,蒋竺均.中国二氧化碳的环境库兹涅茨曲线预测及影响因素分析[J].管理世界,2009(4):27-36.
(1)限于篇幅,样本平衡性检验结果未在正文中汇报,作者备索。
基本信息:
中图分类号:F832;F273.1;F49
引用信息:
[1]赵茂,求汝钰,李正升.数字金融与企业绿色技术创新:作用机制与效应研究[J].生态经济,2025,41(11):61-71.
基金信息:
国家社会科学基金一般项目“中缅边境‘驻村干部’助推稳边固边兴边的路径优化研究”(23BZZ034); 云南省2024年基础研究专项“数字普惠金融的绿色创新效应研究”(202401AT070129)
2025-04-17
2025-04-17
2025-04-17