Tao Jiayi, Wan Jiayu, Chao Angela C
School of Economics and Management, Southeast University, Nanjing, Jiangsu, China.
College of Economics and Management, Nanjing Forestry University, Nanjing, Jiangsu, China.
J Environ Manage. 2025 Jun;386:125644. doi: 10.1016/j.jenvman.2025.125644. Epub 2025 May 15.
This study examines the connection between the advancement of Fintech and corporate carbon emissions by constructing a theoretical model and validating it through the utilization of panel data sourced from Chinese listed enterprises. Our empirical analysis reveals a significant negative correlation, indicating that Fintech can effectively reduce emissions by alleviating financial constraints and fostering green innovation. These findings are robust to various tests and are confirmed through instrumental variable approaches. Our research further highlights that Fintech's emission-reduction effects are more pronounced in highly marketized environments with strong public environmental awareness. Non-state-owned enterprises and firms in less polluting industries are particularly responsive to Fintech's influence. This study makes several contributions to the existing literature. First, it provides novel firm-level evidence on the relationship between Fintech and carbon emissions. Second, it devises a theoretical framework and identifies key mechanisms through which Fintech influences corporate carbon emissions. Third, it develops a carbon estimation protocol to address data limitations in emerging markets. Finally, it uncovers diverse effects across different market and firm contexts. The results offer valuable policy implications, guiding the promotion of sustainable corporate practices and the achievement of environmental sustainability through targeted interventions.
本研究通过构建理论模型并利用来自中国上市公司的面板数据进行验证，考察了金融科技发展与企业碳排放之间的联系。我们的实证分析揭示了显著的负相关关系，表明金融科技可以通过缓解融资约束和促进绿色创新有效减少排放。这些发现经各种检验具有稳健性，并通过工具变量法得到证实。我们的研究进一步强调，在市场化程度高、公众环境意识强的环境中，金融科技的减排效果更为显著。非国有企业和污染较轻行业的企业对金融科技的影响尤为敏感。本研究对现有文献做出了多项贡献。第一，它提供了关于金融科技与碳排放关系的新颖的企业层面证据。第二，它设计了一个理论框架并确定了金融科技影响企业碳排放的关键机制。第三，它制定了一种碳估计方案以解决新兴市场的数据限制问题。最后，它揭示了不同市场和企业背景下的不同影响。研究结果提供了有价值的政策启示，通过有针对性的干预措施指导促进企业可持续发展实践和实现环境可持续性。
