| The problems of resource shortage and environmental degradation have long gone from the edge of human cognition to the center of cognition.It is of great significance to face up to these two problems for economic and social development.Green development regards environmental resources as the internal factor of social and economic development,and is the development of green and ecological economic activities and results.The core pursuit of green technological innovation is to achieve green development,which is an inevitable choice to accelerate the green transformation of development methods.As the main body of innovation,green technology innovation is the fundamental way to realize its transformation and upgrading.However,green technology innovation activities have the distinguishing features of put into more money,long revolution and high hazard,,and need to be supported by more diversified financial products and services.Currently,there is a worldwide upsurge in digital finance,and how to seize this development opportunity is crucial to improving the level of green technology innovation.Through embedded technologies,digital finance can help enterprises achieve green transformation in reducing information asymmetry,reducing transaction costs,improving the efficiency of financial business processing,and optimizing the business environment.Based on this background,this paper will add digital finance to the analysis of influencing factors of green technology innovation,and deeply analyze the impact of digital finance on green technology innovation of enterprises in China.This paper first combs the research literature of digital finance and enterprise green technology innovation,and summarizes the relevant concept definition,characteristics and theoretical basis.Then it studies the development of digital finance and the current situation of green technology innovation of enterprises in China,and makes a theoretical analysis of the impact mechanism and heterogeneity of digital finance on green technology innovation of enterprises based on relevant theoretical basis.Finally,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2012 to 2021 as the research object,uses two-way fixed effect model regression to analyze the impact mechanism of digital finance on green technology innovation of enterprises,and uses grouping regression to test the heterogeneity of regions and enterprises.The results show that: firstly,the development of digital finance can significantly promote green technology innovation in enterprises.Secondly,the development of digital finance can promote green technology innovation of enterprises by easing financing constraints,promoting rationalization and upgrading of industrial structure.Thirdly,the regional heterogeneity is tested and found that the impact of digital finance on green technology innovation of enterprises is significantly positive in the eastern,western and northeastern regions,but not significant in the western region;Through the test of enterprise heterogeneity,it is found that the promotion effect of digital finance on green technological innovation of non-state-owned enterprises,large enterprises and high-tech enterprises is more significant. |
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