Based on panel data of Chinese listed companies from 2011 to 2019,the super efficiency SBM model is used to meas-ure the green innovation efficiency of Chinese enterprises,and the impact and mechanism of digital finance on the green innova-tion efficiency of enterprises are empirically tested.Furthermore,the machine learning random forest model is used to study the nonlinear effect of digital finance on the green innovation efficiency of enterprises.The research results indicate that digital finance can empower enterprises to improve their green innovation efficiency,and has a stronger empowering effect on the green innovation efficiency of state-owned,large-scale,and high polluting enterprises;Digital finance can indirectly promote the efficiency of green innovation in enterprises by alleviating financing constraints and reducing financial risks;There is a net-work effect of digital finance on the efficiency of green innovation in enterprises.
关键词
数字金融/绿色创新效率/融资约束/金融风险
Key words
digital finance/green innovation efficiency/financing constraints/financial risk
万方数据