School of Economics and Management, Zhengzhou University of Light Industry, Science Avenue 136, Zhengzhou 450000, China.
Int J Environ Res Public Health. 2022 Jun 15;19(12):7323. doi: 10.3390/ijerph19127323.
This paper takes the China A-shares listed companies in heavy polluting industries from 2011 to 2020 as samples, combines the digital financial inclusion index to empirically examine the impacts of digital financial inclusion development on the green technology innovation of heavily polluting companies, and reveals its mechanism of action and its heterogeneity of the impacts of enterprises' green technology innovation in different development stages. The empirical research results show that the development of digital financial inclusion is able to promote the green innovation of heavy-polluting enterprises. Its main manifestation is that the development of digital financial inclusion helps the increase of green patent applications of heavy-polluting enterprises. This conclusion is validated through the endogeneity and robustness tests. The test results of the mechanism of action show that digital financial inclusion promotes green innovation of enterprises by alleviating corporate financing constraints and financial mismatch problems. Further research results show that the role of digital financial inclusion in promoting green technology innovation in heavy-polluting enterprises is more pronounced in mature enterprises. Therefore, this study provides a theoretical basis for the development of digital financial inclusion to promote heavy-polluting enterprises to achieve green transition through green technology innovation, thus achieving the "dual carbon" goal.
本文以 2011-2020 年中国重污染行业 A 股上市公司为样本，结合数字金融包容指数，实证检验了数字金融包容发展对重污染企业绿色技术创新的影响，并揭示了其作用机制以及企业在不同发展阶段绿色技术创新影响的异质性。实证研究结果表明，数字金融包容发展能够促进重污染企业的绿色创新。其主要表现是，数字金融包容发展有助于增加重污染企业的绿色专利申请。通过内生性和稳健性检验验证了这一结论。作用机制的检验结果表明，数字金融包容通过缓解企业融资约束和财务错配问题，促进了企业的绿色创新。进一步的研究结果表明，数字金融包容在促进重污染企业绿色技术创新方面的作用在成熟企业中更为明显。因此，本研究为数字金融包容发展通过绿色技术创新促进重污染企业实现绿色转型，从而实现“双碳”目标提供了理论依据。
