Can Digital Finance Promote Enterprises Green Innovation:From the Perspective of Corporate Social Responsibility and Environmental Regulation regulation
The traditional financial market has long been characterized by high financing constraints and inefficient resource allocation,rendering green innovation activities of enterprises with high investments and long cycles insufficiently funded.Under the background of increasingly severe global environmental problems,China attaches great importance to environmental protection,vigorously develops clean energy,promotes energy-saving technologies,optimizes industrial structure,and actively promotes green economic and social transformation.Meanwhile,digital finance,as an emerging financial format,is providing strong financial support for new energy enterprises and green innovation projects through advanced technological means such as big data,cloud computing,and blockchain,which has a positive impact on the green innovation of enterprises.Taking A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as samples,this paper conducts a study on the correlation between the development of digital finance and corporate green innovation,so as to explore whether digital finance can promote green innovation.The results show that the development of digital finance can promote enterprise green innovation,and compared with the degree of digitalization,the two dimensions of digital finance coverage rate and utilization rate play a more significant role in promoting green innovation.Corporate social responsibility serves as a partial intermediary in the influence of digital finance on corporate green innovation,and this role is more significant in state-owned enterprises and large-scale enterprises that actively respond to the call of government policies and actively fulfill their social responsibilities.In addition,in regions with stricter government environmental regulations,the promotion effect of digital finance development on enterprise green innovation is more obvious,among which the eastern region with stricter environmental regulations has the most significant effect.Based on this,the government should continue to promote the development of digital finance,improve the rationality of capital allocation;build an effective incentive mechanism and supervision and evaluation system;optimize environmental governance policies,stimulate enterprises'independent awareness of green innovation,and enhance their green innovation capabilities.
Digital FinanceEnterprise Green InnovationCorporate Social ResponsibilityEnvironmental Regulation
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