Research On The Impact Of Digital Finance On Corporate Green Innovatio

In the 21 st century,the global economic development has passed into a new phase,and China is currently in a significant period of economic restructuring.The 20 th National Congress of the Communist Party of China put forward to speed up the green transformation of the development mode,further push on the protection and treatment of pollution,improve the diversity,stability and sustainability of the ecosystem,and actively and steadily promote the "carbon peak and carbon neutral strategy".The green development and innovation strategy are closely related to the sustainable and high-quality development of the economy.Green innovation is the main choice for enterprises to achieve green development and implement innovation strategies.Therefore,it is of great significance to explore the driving factors of green innovation to improve the quality of green innovation and achieve high-quality development of enterprises.However,the current studies on the drivers of green innovation is mostly limited to traditional factors and cannot meet the development trend of the digital era.Therefore,this paper considers the emerging driving factor of digital finance,combining the sustainable development theory,information asymmetry theory and transaction cost theory.This paper empirically explores the impact mechanism and action path of digital finance on green innovation of enterprises.The research results show that:(1)Digital finance can promote green innovation of enterprises,and the promotion of substantive green innovation is more significant;(2)Financing cost and commercial credit act as the function path,that is,digital finance promotes green innovation by reducing enterprise financing cost and improving enterprise business credit;(3)Further analysis shows that digital finance plays a more significant role in promoting green innovation in high-polluting industries,eastern regions,high financing constraints and enterprises with financial background for senior executives.Starting with the emerging external factor of digital finance,this dissertation research the influence mechanism of digital finance on corporate green innovation in the digital era,and provides a new theoretical explanation for the driving factors of enterprise green innovation.In addition,based on the heterogeneity of industries,regions,enterprises and executives’ characteristics,this dissertation makes a group study on the samples,and further studies how the effect of digital finance on enterprises’ green innovation differs in different situations on the basis of the mechanism of action.It analyzes the internal relationship between digital finance and green innovation more comprehensively and deeply,and enriches the existing studies on digital finance and corporates’ green innovation,and in practice it means a lot to the green innovation of enterprises in the new era.