9,671 | 130 | 18 |
下载次数 | 被引频次 | 阅读次数 |
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。
Abstract: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.
[1] 程博,熊婷,殷俊明.他山之石或可攻玉:税制绿色化对企业创新的溢出效应[J].会计研究,2021(6):176-188.
[2] 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.
[3] 唐松,赖晓冰,黄锐.金融科技创新如何影响全要素生产率:促进还是抑制?——理论分析框架与区域实践[J].中国软科学,2019(7):134-144.
[4] 谢绚丽,沈艳,张皓星,等.数字金融能促进创业吗?——来自中国的证据[J].经济学(季刊),2018,17(4):1557-1580.
[5] HSU P H,XUAN T,YAN X.Financial development and innovation:cross-country evidence[J].Journal of financial economics,2014,112(1):116-135.
[6] 顾海峰,朱慧萍.高管薪酬差距促进了企业创新投资吗——基于中国A股上市公司的证据[J].会计研究,2021(12):107-120.
[7] ARNER D W,BUCKLEY R P,ZETZSCHE D A,et al.Sustainability,fintech and financial inclusion[J].Social science electronic publishing,2020,21(1):7-35.
[8] 齐红倩,李志创.中国普惠金融发展水平测度与评价——基于不同目标群体的微观实证研究[J].数量经济技术经济研究,2019,36(5):101-117.
[9] 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.
[10] 张勋,杨桐,汪晨,等.数字金融发展与居民消费增长:理论与中国实践[J].管理世界,2020,36(11):48-63.
[11] 战明华,汤颜菲,李帅.数字金融发展、渠道效应差异和货币政策传导效果[J].经济研究,2020,55(6):22-38.
[12] 王娟,朱卫未.数字金融发展能否校正企业非效率投资[J].财经科学,2020(3):14-25.
[13] 顾海峰,卞雨晨.控股股东股权质押、融资约束与企业创新[J].统计与信息论坛,2021,36(10):55-66.
[14] CLARKSON P M,YUE L,RICHARDSON G D.The market valuation of environmental capital expenditures by pulp and paper companies[J].Accounting review,2004,79(2):329-353.
[15] 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.
[16] 李青原,肖泽华.异质性环境规制工具与企业绿色创新激励——来自上市企业绿色专利的证据[J].经济研究,2020,55(9):192-208.
[17] OLSON E L.Perspective:the green innovation value chain:a tool for evaluating the diffusion prospects of green products[J].Journal of product innovation management,2013,30(4):782-793.
[18] 王娟茹,张渝.环境规制、绿色技术创新意愿与绿色技术创新行为[J].科学学研究,2018,36(2):352-360.
[19] 刘诗园,杜江.地方官员更替、政治关联与企业绿色创新[J].经济经纬,2021,38(4):93-102.
[20] 刘津汝,曾先峰,曾倩.环境规制与政府创新补贴对企业绿色产品创新的影响[J].经济与管理研究,2019,40(6):106-118.
[21] LIU J,JIANG Y,GAN S,et al.Can digital finance promote corporate green innovation?[J].Environmental science and pollution research,2022,29(24):35828-35840.
[22] 盛明泉,张悦,汪顺.数字金融发展能否助推传统工业企业技术创新[J].统计与信息论坛,2021,36(12):12-22.
[23] 郭峰,孔涛,王靖一.互联网金融空间集聚效应分析——来自互联网金融发展指数的证据[J].国际金融研究,2017(8):75-85.
[24] 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.
[25] ATTIG N,BROCKMAN P.The local roots of corporate social responsibility[J].Journal of business ethics,2017,142(3):1-18.
[26] GENNAIOLI N,SHLEIFER A,VISHNY R.Neglected risks,financial innovation,and financial fragility[J].Journal of financial economics,2012,104(3):452-468.
[27] 张爱美,李夏冰,金杰,等.环境规制、代理成本与公司绩效——来自化工行业上市公司的经验证据[J].会计研究,2021(8):83-93.
[28] 蔡海静,谢乔昕,章慧敏.权变抑或逐利:环境规制视角下实体企业金融化的制度逻辑[J].会计研究,2021(4):78-88.
[29] 齐绍洲,林屾,崔静波.环境权益交易市场能否诱发绿色创新?——基于我国上市公司绿色专利数据的证据[J].经济研究,2018,53(12):129-143.
[30] 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.
[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] 王站杰,买生.企业社会责任、创新能力与国际化战略——高管薪酬激励的调节作用[J].管理评论,2019,31(3):193-202.
[33] ZUGRAVU N,KHEDER S B.The pollution haven hypothesis:a geographic economy model in a comparative study[R].Climate change modelling and policy working papers 44223,Fondazione eni enrico mattei,2008.
[34] 王云,李延喜,马壮,等.媒体关注、环境规制与企业环保投资[J].南开管理评论,2017,20(6):83-94.
(1)限于文章篇幅,其他稳健性检验结果未在文中列出,如有需要,可联系作者获取。
基本信息:
DOI:
中图分类号:F273.1;F49;F832.51
引用信息:
[1]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.
基金信息:
教育部人文社会科学研究规划基金项目“跨境资本流动对商业银行信贷风险的影响机理及政策研究”(20YJA790014)