Study on the influence of financialization on green innovation of circulation enterprises
Based on the perspective of digital finance,this paper selects the micro-data of listed enterprises in Shanghai and Shenzhen A-share circulation industry from 2015 to 2021,and constructs a fixed-effect model to empirically test the impact mech-anism of financialization on green innovation of circulation enterprises.The results show that financialization has an inverted U-shaped influence mechanism on green innovation of circulation enterprises,and the inverted U-shaped influence curve of finan-cialization on green innovation of circulation enterprises is steeper in a strong digital financial environment.The above conclusion is still valid after changing the core variables and adjusting the test samples.Further research finds that the inverted U-shaped im-pact of financialization on green innovation of state-owned circulation enterprises is higher than that of non-state-owned circulation enterprises,but the regulatory role of digital finance is more obvious in non-state-owned circulation enterprises.This paper puts forward policy suggestions such as guiding circulation enterprises to innovate green with digital finance as an opportunity,promo-ting the digital transformation of financial institutions,and implementing differentiated digital finance under the premise of con-trolling risks.
digital financefinancializationgreen innovation of circulation enterpriseproperty right heterogeneity
NETL
NSTL
万方数据
