The Impact of Digital Finance on the Efficiency of Green Innovation in Enterprises Verification Based on Micro-data and Machine Learning Models
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.
digital financegreen innovation efficiencyfinancing constraintsfinancial risk
万方数据
