Research On The Impact Of Digital Finance On Green Technology Innovation Of Enterprises

With the rapid development of China’s economy,the extensive economic development model has not been recognized,and the concept of green development has become more and more popular.Taking overall consideration of economic growth and environmental protection has become an inevitable requirement for China’s high-quality economic development.Stimulating enterprises’ green technology innovation is the best way to solve the contradiction between economic development and the ecological environment,and the only way to achieve the "dual carbon" goal.Backing on green technology innovation has surpassed incremental innovation,with higher technical requirements,greater uncertainty,and greater investment in R&D than general innovation activities.However,due to the imperfect development of China’s financial system,financing difficulties and other problems,the development of enterprises’ green technology innovation activities is restricted.With the application of big data,artificial intelligence,5G and other digital technologies to the financial field,a new inclusive financial model-digital financial came into being.As a new form of finance,digital finance has the advantages of high efficiency,low threshold,low cost and convenience.Through financial technology,digital finance opens up new markets,breaks the time-space restrictions of traditional financial services,expands the service coverage of financial services,changes the "two eight laws" of traditional financial services,and enables many long tail vulnerable enterprises to enjoy financial services.In this context,this paper combs the domestic and foreign literature,summarizes the research achievements and deficiencies in the current relevant research fields,and combs the mechanism of digital finance affecting green technology innovation of enterprises from the perspective of internal and external influencing factors of enterprises.On the basis of theoretical analysis,this paper builds a panel fixed effect model to examine the impact of digital finance and its secondary indicators on green technology innovation of enterprises based on the micro data of heavily polluting enterprises in Shanghai and Shenzhen A-shares from 2012 to 2020 and the digital financial index of prefecture level cities,and uses the intermediary effect model to introduce the test of financing constraints and corporate governance as intermediary variables,Build the transmission chain of "digital finance → financing constraints(corporate governance)→ green technology innovation of enterprises",and analyze the function path of financing constraints and corporate governance in the process of green technology innovation of enterprises.And further through the regulatory effect model,economic uncertainty and enterprise digital transformation are introduced as regulatory variables to explore the impact of both on the driving effect of digital finance.Finally,this paper will group the research samples according to the characteristics of enterprise ownership,the development level of regional traditional finance and the intensity of supervision,and test whether the impact of digital finance on enterprise green technology innovation is heterogeneous in different groups of samples.The empirical results show that: first,digital finance and secondary sub indicators have significant driving effects on green technology innovation of enterprises,and present long-term incentive effects;Second,the driving effect of digital finance on green technology innovation is heterogeneous.Digital finance shows a stronger driving effect for enterprises in areas with low state-owned nature,low level of traditional financial development and strong financial supervision;Third,from the perspective of mechanism path,digital finance promotes green technology innovation of enterprises by easing financing constraints and improving corporate governance;In addition,low economic uncertainty and digital transformation of enterprises can enhance the incentive effect of digital finance on green technology innovation of enterprises.Therefore,China should promote the high-quality development of digital finance and ease the financing constraints of enterprises;Reduce economic uncertainty and create a good business environment;Implement the differentiated digital financial development strategy and improve the level of financial services;Build a financial supervision system that keeps pace with the times,guide the healthy development of digital finance,and stimulate the green technology innovation vitality of Chinese enterprises.