Research On The Impact Of Financial Technology On Green Innovation For Enterprises

Due to the extensive growth model featuring high input,high energy consumption,and high pollution,China’s economy has achieved rapid development.However,extensive development has caused serious environmental problems.In order to give consideration to the economic development and the environmental protection,our country has taken the green development as the focal point of the development,green innovation as a new type of innovation model giving consideration to the economic growth and the environmental protection,becomes a new engine to break through the environmental restriction development bottleneck.Realizing the simultaneous development of economy and environment can help tackle the discrepancy between economic growth and ecological conservation,thus achieving a synergy between the two.However,technological innovation needs not only technical support but also sufficient financial guarantee.Financial constraint is the biggest soft constraint facing green innovation at present.In comparison to conventional financial services,the new financial service mode spawned by fintech alleviates the information asymmetry between financial institutions and enterprises,lowers the threshold of financial services,and broadens the financing channels for enterprises through cutting-edge digital technology.Under the new strategic pattern of Chinese modernization construction,how to use digital technology to make financial services better help the development of enterprise green innovation is the focus of current research.This thesis innovatively selects fintech word frequency as the metric of corporate fintech and constructs three theoretical hypotheses of fintech and corporate green innovation,fintech,credit constraint and corporate green innovation,fintech,corporate social responsibility and corporate green innovation based on the theory of disruptive innovation,credit constraint theory,financial competition theory,and corporate social responsibility theory.Taking the listed companies from 2011-2019 as samples,we match the enterprise micro data,financial word frequency text data,and corporate social responsibility data with the enterprise green innovation capability data,and finally get 15,930 enterprise sample data,and based on the two-way fixed effect model,we investigate the relationship between listed enterprises’ green innovation capability and financial technology.Considering that the two-way fixed-effects model has many assumptions,this thesis verifies the relationship between fintech and corporate green innovation again by replacing the explanatory variables and replacing the model regression method,and the results show that fintech has a driving effect on corporate green innovation,which verifies the theoretical hypothesis of the article1.Then,considering that the differences in corporate equity and corporate scale will affect the driving effect of fintech on corporate green innovation,This thesis examines the heterogeneity of different enterprises of state-owned enterprises,non-state-owned enterprises,and large-scale enterprises,and small-scale enterprises through the dual heterogeneity perspective of enterprise equity differences and enterprise size differences.Finally,the thesis explores the mediating effect of credit constraints and the moderating effect of corporate social responsibility and equity balance from the perspective of the triple mechanism of credit constraints,corporate social responsibility,and equity balance,and finds that fintech can improve firms’ green innovation capability by reducing credit constraints and lowering equity balances,corporate social responsibility affects the driving effect of fintech on firms’ green innovation capability.The key highlights of this thesis are:firstly,it broadens the research content of fintech and enriches the related research about fintech by measuring the development level of enterprise fintech with the opportunity fintech word frequency by text analysis.Second,most studies focus on the impact of fintech on the performance of commercial banks,and fewer articles empirically analyze the impact of fintech on the green innovation ability of enterprises.This thesis focuses on the green innovation behavior of listed enterprises and empirically analyzes the impact of fintech on the green innovation ability of enterprises.Thirdly,the research of this thesis has strong social and academic values.Currently,corporate green innovation is a prerequisite for realizing Chinese modernization construction,and this thesis explores its influence on corporate green innovation ability from the perspective of financial technology,and studies the influence mechanism of financial technology on corporate green innovation from the logic of the triple mechanism of credit constraints,social responsibility,and equity balance,so as to promote the development of China’s green economy and realize the financial supply-side structural reform To provide practical policy suggestions.