School of Information, Guizhou University of Finance and Economics, Guiyang, 550525, People's Republic of China.
School of Business Administration, Guizhou University of Finance and Economics, Guiyang, 550525, People's Republic of China.
Environ Sci Pollut Res Int. 2022 Aug;29(37):56772-56791. doi: 10.1007/s11356-022-19785-9. Epub 2022 Mar 26.
Recently, the rapid development of digital finance in China has exerted a subtle influence on many aspects of social and economic development. However, the research on the impact of digital finance on corporate green innovation is rather lacking. In order to fill this gap, this paper uses the "Peking University Digital Finance Index" to evaluate the micro impact of financial innovation development on environmental governance from the firm level. The results show that digital finance can significantly improve the quantity and quality of corporate green innovation, and this effect still exists after considering endogeneity and a series of robustness tests. The promotion effect of digital finance on the quantity and quality of corporate green innovation is more obvious in state-owned, eastern, and mature enterprises. In addition, we find the mechanism behind the positive relationship between digital finance and corporate green innovation: digital finance makes firms more transparent and funds flow more convenient. Overall, this paper provides a micro explanation of environmental governance for the accelerated popularization of digital finance in emerging markets, which is urgently needed for most emerging economies seeking high-quality development.
近年来，中国数字金融的迅速发展对社会和经济发展的许多方面都产生了微妙的影响。然而，数字金融对企业绿色创新的影响研究还相当缺乏。为了填补这一空白，本文利用“北京大学数字金融指数”，从企业层面评估金融创新发展对环境治理的微观影响。结果表明，数字金融可以显著提高企业绿色创新的数量和质量，并且在考虑了内生性和一系列稳健性检验后，这种效应仍然存在。数字金融对企业绿色创新数量和质量的促进作用在国有企业、东部地区和成熟企业中更为明显。此外，我们发现数字金融与企业绿色创新之间积极关系的背后机制：数字金融使企业更加透明，资金流动更加便捷。总体而言，本文为数字金融在新兴市场的加速普及提供了环境治理的微观解释，这对于大多数寻求高质量发展的新兴经济体来说是迫切需要的。
