Research On The Impact Of Digital Inclusive Finance On The Green Innovation Of Small And Medium-sized Enterprises

In recent years,with the carbon peaking and carbon neutrality goals,green development has become the trend of the times,and enhancing the level of green innovation of enterprises is an effective means to promote green development.Small and medium-sized enterprises,especially private enterprises,have become the main front of green innovation,but due to their small size,they have been in the marginal position in the traditional financial market,and it is difficult for them to obtain sufficient financial support,facing the dilemma of lack of capital,talents and technology.At this critical period,digital inclusive finance,which deeply integrates digital finance and inclusive finance,has developed rapidly in China,using technology to fill the shortcomings of the traditional financial market in serving SMEs,expanding the coverage of financial services and promoting the diversification of financing methods.Existing studies have paid less attention to the paths through which digital inclusive finance affects green innovation of SMEs,and mainly focus on financing constraints,so it is of certain theoretical and practical significance to explore the specific mechanism of action in depth.This paper first takes green innovation and digital inclusive finance as the entry point,composes the concepts and measurement methods of both,and summarizes the driving factors of green innovation and the economic effects of digital inclusive finance,and then summarizes the mechanism of the effect of digital inclusive finance on green innovation of SMEs in combination with theory.In the empirical analysis,the two-way fixed-effects model is used to test the impact of digital inclusive finance on green innovation of SMEs,and the two-step method of mediating effects is used to verify the role mechanism of financing constraints,financial mismatch and social responsibility in it,and further based on the region where the enterprises are located,the nature of property rights,industry Heterogeneity tests are conducted.The main findings of this paper are: First,the development of digital inclusive finance significantly promotes the improvement of green innovation level of SMEs.Second,in terms of the transmission mechanism,digital inclusive finance can help SMEs reduce financing constraints,alleviate financial mismatch,and enhance social responsibility,which is conducive to enterprises’ willingness to increase green innovation,invest more capital and human resources in green innovation,and enhance the level of green innovation output.Thirdly,the impact of digital inclusive finance on SMEs’ green innovation is heterogeneous according to the region,nature of property rights and industry where the enterprises are located.Compared with SMEs in the eastern region,state-owned,high-tech industry and non-high-pollution industry,digital inclusive finance has a more significant effect on promoting green innovation in SMEs in the central and western region,non-state-owned,non-high-tech industry and high pollution industry.Therefore,while continuing to improve the digital inclusive finance system,China should strengthen financial supervision and form a financial supervision mechanism that is more adaptable to the current development model;strengthen information sharing between the government and financial institutions,and encourage financial institutions to use big data to build a multi-dimensional credit evaluation system;increase the protection of green patents,and use tax incentives and other policies to encourage green innovation-related projects;and implement differentiated policies based on local conditions and enterprises.Implement differentiated digital financial development support policies according to local conditions and enterprises,and guide enterprises to seize digital inclusive financial development opportunities to obtain resources to vigorously develop green innovation and accelerate green transformation.