| Green technology innovation is the mainstream of scientific and technological innovation in the new era,but it faces some problems such as "difficult and expensive financing" in its development process.With the rapid development of the Internet and other modern technologies,digital finance can provide opportunities for green technology innovation activities by solving a series of problems.Based on this background,this paper carries out research on digital finance and enterprise green technology innovation,which is of great significance to promote high-quality economic development.First of all,this paper reviews the research status of digital finance and enterprise green technology innovation through relevant domestic and foreign literature,and defines the concepts of the two.Secondly,combined with the relevant theoretical basis of digital economy,this paper analyzes the impact of digital finance on enterprises’ green technology innovation and its transmission mechanism from the perspective of financing constraints,financing costs,green consumption and green finance.Thirdly,based on the panel data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020 and the panel data of 337 prefecture-level cities from2011 to 2020,the two-way fixed-effect panel model is used to empirically verify the research hypothesis proposed by the theoretical analysis,and further carry out heterogeneity analysis from the perspective of the external environment of the region where the enterprise is located and the characteristics of the enterprise itself.Finally,the conclusion of this paper is sorted out,and the corresponding countermeasures and suggestions are put forward.The findings are as follows:(1)Digital finance has a significant promoting effect on enterprises green technology innovation,and this promoting effect is long-term,showing an increasing marginal effect.(2)In terms of transmission mechanism,digital finance can promote enterprises green technology innovation by alleviating enterprises "difficulty and expensive financing",improving residents green consumption level and "enabling" green finance.(3)In terms of heterogeneity,for enterprises in the eastern region,digital finance has a greater incentive effect on green technology innovation.For enterprises with a high degree of local intellectual property protection,green technology may bring more economic and social benefits to them,so that enterprises can actively carry out green technology innovation under the background of sufficient funds.Therefore,the dividends of digital finance on enterprises’ green technology innovation can be fully released.Enterprises in different life cycle stages have great differences in resources and capabilities,goals and challenges,and so on.As a result,the motivation of enterprises to carry out innovation is also different,and the incentive effect of digital finance is also different.Specifically,digital finance has the greatest incentive effect on green technology innovation in growing enterprises,followed by that in mature enterprises,and has no significant effect on enterprises in declining period. |
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