统计与信息论坛

选取2011—2020年中国A股上市公司年度数据，构建面板回归模型对数字金融发展与企业绿色创新关系及其作用机制进行实证分析。结果表明：(1)数字金融发展促进了企业绿色创新。相对于非国有、高污染与高金融监管水平地区企业，数字金融发展对国有、低污染与低金融监管水平地区企业绿色创新的促进力度更大；(2)融资约束与企业风险在数字金融发展与企业绿色创新的关系中承担中介作用，数字金融发展通过缓解企业融资约束及降低企业风险两个渠道促进企业绿色创新，“数字金融发展—融资约束/企业风险—企业绿色创新”的传导渠道均有效；(3)企业社会责任对数字金融发展与企业绿色创新关系具有正向调节作用，企业社会责任履行度提高会加剧数字金融发展对企业绿色创新的促进作用；(4)政府环境规制对数字金融发展与企业绿色创新关系具有正向调节作用，政府环境规制水平提高会加剧数字金融发展对企业绿色创新的促进作用；(5)媒体关注度会正向调节数字金融发展与企业绿色创新的关系，即媒体关注度上升会强化数字金融发展对企业绿色创新的促进作用。研究成果一方面丰富了数字金融对企业微观投资行为影响的理论研究，也进一步扩展了绿色创新的影响因素研究，促进了宏微观互动研究；另一方面，该成果为实现数字金融发展与企业绿色创新有效结合，推进生态文明建设，实现中国“双碳”目标提供重要的决策参考。

Through constructing a panel regression model to make an empirical analysis on the impact of digital finance development on enterprise green innovation and its mechanism with the annual data of China's A-share listed companies from 2011 to 2020.The results show that:(1)Development of digital finance promotes enterprises green innovation.Compared with enterprises in non-state-owned, high pollution and high level of financial supervision, the development of digital finance has greater promotion on green innovation of enterprises in state-owned, low pollution and low level of financial supervision.(2)Financing constraints and enterprise risk play an intermediary role in the relationship between digital financial development and enterprise green innovation.Digital financial development promotes enterprise green innovation by alleviating financing constraints and inhibiting enterprise risk channels.The transmission channel of “digital financial development-financing constraints/enterprise risk-enterprise-green innovation” is effective.(3)Corporate social responsibility has a positive regulatory effect on the relationship between the development of digital finance and corporate green innovation, and improvement of corporate social responsibility performance will intensify the promotion of corporate green innovation by the development of digital finance.(4)Government environmental regulation plays a positive regulatory role in the relationship between digital financial development and enterprise green innovation, and improvement of government environmental regulation level will intensify the promotion of corporate green innovation by the development of digital finance.(5)Media attention can positively regulate the relationship between digital financial development and enterprise green innovation, namely, the increase of media attention will strengthen the promotion effect of digital financial development on enterprise green innovation.On the one hand, the research finds enrich the theoretical research on the influence of digital finance on enterprises' micro investment behavior, and further expand the research on the influencing factors of green innovation, and promote the macro and micro interaction research.On the other hand, the research finds provide important decision-making reference for realizing the effective combination of digital financial development and enterprise green innovation, promoting the construction of ecological civilization, and realizing China's “Double Carbon” goal.