Research On The Impact Of Digital Finance Onenvironmental Costs Of Heavily Polluting Enterprises

Digital finance is a rapidly developing field in finance in recent years,with constantly updated technologies and tools that provide efficient and convenient financial services to enterprises.With the promotion of the digital finance wave and the necessity of green development for enterprises required by the "dual carbon" goal in the new era,this article finds through literature review and data analysis that the specific impact and influence path of digital finance on enterprise environmental costs is still to be studied.Therefore,the impact of digital finance on enterprise environmental costs has become an important research direction.Especially for heavily polluting enterprises,it is of great theoretical and practical significance to explore how to improve efficiency,reduce risks,and control their environmental costs through digital finance technology.This article takes heavily polluting enterprises as the research object,aiming to explore the impact of digital finance on the environmental costs of heavily polluting enterprises and its specific path.It summarizes the basic theories of digital finance innovation,green development,and the coordinated development of the digital economy and green transformation,and proposes hypotheses on the impact of digital finance on enterprise environmental costs from a theoretical perspective.By collecting 6,119 annual samples of 766 listed companies from 2011 to 2020 and using a two-way fixed-effects model with intermediate effects and regulatory effects,the specific impact and path of digital finance on enterprise environmental costs were analyzed.The research found that the development of digital finance can help heavily polluting enterprises control environmental costs.Through intermediate effect testing,it was found that green investment,green innovation,and financing efficiency are all possible paths through which digital finance may affect the environmental costs of heavily polluting enterprises.In the regulatory effect test,local environmental protection financial expenditure and local financial regulation can help digital finance control the environmental costs of heavily polluting enterprises through regulatory effects,but the marketization index did not pass the significance test.The above results are highly consistent with the original regression results through robustness testing,further confirming the research of this article.In addition,this article found that the impact of digital finance on results varies under different heterogeneity situations through analyzing the heterogeneity of enterprises under various conditions.The research in this article partially reveals the impact path of digital finance on enterprise environmental costs and proposes the heterogeneity of the impact from a micro perspective,which supplements the related research on the relationship between digital finance and enterprise environmental costs.It helps the theoretical and practical circles to correctly understand the impact of digital finance on environmental costs,and helps enterprises effectively utilize the path of digital finance to influence environmental costs,achieve the dual goals of environmental cost control and value growth,and provide inspiration for the government to promote digital finance and low-carbon transformation,and contribute to helping China become a modern green power.