Research On The Impact Of Digital Inclusive Finance On Corporate Green Innovatio

At present,Chinese economy is changing from a stage of rapid growth to a stage of high-quality development.Enterprises and institutions have increased their investment in order to improve their technical level and better adapt to the new situation of the current economic development.Therefore,the innovation motivation of enterprises has been promoted,and enterprises have become an important force in our innovation.And the "double carbon" goal is put forward to the economy from extensive development to green development requirements.For this to happen,green technologies with low pollution and energy consumption are essential.Green technology comes from the green innovation research and development of enterprises.As an important force for national economic growth and social progress,enterprises also shoulder corresponding social responsibilities and gradually become the main body of green innovation.However,the road to green innovation is always difficult.Enterprises are often faced with the dilemma of difficult and expensive financing.Therefore,they need to enhance the level of financial development to escort their green innovation activities.In recent years,with the development and maturity of new technologies such as the Internet,digital inclusive finance emerged at the historic moment.It can ease the financing constraints of enterprises,so that these enterprises have the funds and confidence to carry out green innovation research and development,and improve their green innovation level.This paper selected the data of small and medium-sized board enterprises from2013 to 2020 as samples to explore the impact of digital financial inclusion on enterprise green innovation.In addition,financing constraint is selected as the intermediary variable,and the intermediary effect model is used to analyze the influence mechanism of digital inclusive finance on corporate green innovation.The results show that: first,digital inclusive finance can effectively promote enterprise green innovation,especially its core green innovation level.Second,financing constraints play a partial intermediary effect in the process of digital inclusive finance affecting corporate green innovation,and this effect exists for all three levels of enterprise green innovation.Third,a series of heterogeneity analyses are carried out.First of all,the empirical findings show that for high-tech enterprises,digital financial inclusion has a very obvious promoting effect,while for non-high-tech enterprises,it has little effect.Secondly,digital inclusive finance promotes green innovation for enterprises of weak financing constraints,but has no overt effect on enterprises of strong financing constraints.In the eastern region,digital inclusive finance plays a stronger role in promoting corporate green innovation,while in the central and western regions,its significant positive impact on corporate green innovation is only confined to the core green innovation level.Finally,digital inclusive finance has no significant promoting effect on green innovation of enterprises in regions with low level of green finance development,but has a significant promoting effect on enterprises in regions with high level of green finance development.Fourthly,robustness test and endogeneity test ensure the reliability of empirical results.Above all,based on the above analysis,this paper puts forward four suggestions:first,vigorously develop digital inclusive finance to alleviate the financing constraints faced by enterprises;Second,guide enterprises to make green innovations and arouse their enthusiasm for innovation and R&D;Third,we need to strengthen coordinated development among regions and promote common progress among different regions;Fourth,enterprises of different nature should formulate green innovation strategies according to their own conditions.