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

Although the reform and opening-up has brought about rapid economic growth in China,it has also caused serious environmental pollution problem.One of the most important tasks of China’s economic development is to promote the green innovation of enterprises from the angle of digital inclusive finance,improve energy conversion efficiency,accelerate the green transformation of development mode,promote the green and low-carbon development of the economy.This paper collates and summarizes the relevant documents of digital inclusive finance,green innovation,and digital inclusive finance affecting innovation of enterprises at home and abroad;Secondly,select the listed companies of Shanghai and Shenzhen A-shares from 2011 to 2020 as the research object,analyze the current situation of China’s digital inclusive finance and enterprise green innovation;At the same time,deeply explore the internal mechanism of the impact of digital inclusive finance on green innovation of enterprises;Based on models such as two-way fixed effect,empirical analysis of the impact of digital inclusive finance on green innovation of enterprises.Through the above research,the findings and policy recommendations presented in this paper are as follows:The analysis of the current situation of digital inclusive finance and enterprise green innovation shows that: From 2011 to 2020,China’s average annual growth rate of digital inclusive finance reached 29.1%,among them,Shanghai,Beijing and Zhejiang have the highest digital inclusive financial index,the digital inclusive financial index in the western and northeastern regions is low.China’s green patent output showed an upward trend during 2011-2019,the output of green patents in various provinces shows a regional imbalance of "high in the east and low in the west".The mechanism analysis of the impact of digital inclusive finance on green innovation of enterprises shows that: Digital inclusive finance alleviates the problem of difficult and expensive financing for enterprises,promote green innovation of enterprises in two ways,mitigate financing constraints and reduce financing costs.In terms of financing constraints,digital inclusive finance alleviates enterprise financing constraints by broadening financing channels,increasing capital supply and reducing information asymmetry;In terms of financing costs,digital inclusive finance uses big data and other technologies to reduce transaction costs in the process of enterprise financing,thus reducing the cost of enterprise financing,and digital inclusive finance uses blockchain and other technologies to reduce the risk compensation caused by information asymmetry in the process of enterprise borrowing,thus reducing the debt cost of enterprises.The empirical results of the impact of digital inclusive finance on green innovation of enterprises show that: Digital inclusive finance significantly promotes green innovation of enterprises,this promotion is mainly achieved through two ways: easing financing constraints,and reducing financing costs.The heterogeneity analysis of green innovation types of enterprises shows that,the promotion of digital inclusive finance on corporate terminal governance is greater than that of corporate source control;Analysis of regional heterogeneity shows that,digital inclusive finance significantly promotes green innovation of enterprises in the eastern region;The analysis of enterprise ownership heterogeneity shows that digital inclusive finance significantly promotes green innovation of state-owned enterprises;The analysis of industry heterogeneity shows that digital inclusive finance significantly promotes green innovation of heavily polluting enterprises.Based on the above conclusions,we make the following policy recommendations:The government should continue to improve the digital inclusive financial policy system and digital infrastructure construction,and strengthen supervision;Financial institutions should increase digital transformation and provide more low-threshold and low-cost financing services for SMEs;Enterprises should rationally allocate resources and actively promote the green innovation ability and talent cultivation of enterprises.