Research On The Impact Of Digital Inclusive Finance On Enterprise Green Innovation

In recent years,with the rapid economic development,China’s ecological environment is under increasing pressure,and there is now gradually increased consciousness of environmental protection,the traditional development mode of GDP supremacy is no longer recognized by the broad masses of the people,and the concept of green development is becoming more and more popular.Green innovation can provide the most powerful driving force for green development and is the best way to realize the concept of green development.As the main body of innovation activities,the focus of green innovation must fall on enterprises.Improving the ability of green innovation is the key to promote green innovation.However,the green innovation activities of enterprises have been difficult to obtain the corresponding financial support in the credit market,facing strong financing constraints.At the same time,the rapid development of China’s digital Inclusive Finance has become an important way to ease the financing constraints of enterprises.In this context,it has important theoretical and practical significance to deeply explore the impact of digital Inclusive Finance on enterprise green innovation.This paper empirically examines the impact of digital inclusive finance on corporate green innovation by using a two-way fixed effects model controlling for industry and year,using A-share listed companies from 2011-2019 as the research sample.The results found that,firstly,digital inclusive finance can significantly stimulate enterprises to improve their green innovation level,and the conclusions still hold after robustness tests.At the same time,both its coverage breadth and usage depth carry out can also stimulate corporate green innovation.Second,further research on the specific impact mechanism reveals that digital inclusive finance can effectively alleviate the constraints of enterprises in financing,thus facilitating them to invest more in green technology research and development and enhance their green innovation level.Third,the results of heterogeneity analysis show that digital inclusive finance has a significant promotion effect on green innovation for state-owned enterprises,but not for non-state-owned enterprises;the promotion effect of digital inclusive finance on green innovation for heavily polluting enterprises is stronger than that for non-heavily polluting enterprises,because heavily polluting enterprises face stronger pressure for green transformation and upgrading,and thus have a stronger willingness to use digital inclusive finance to Digital inclusive finance can significantly improve the green innovation level of enterprises in the eastern region,but for enterprises in the central and western regions,this incentive effect is not obvious.Therefore,China should continue to promote the development of digital finance,improve the construction of digital finance supporting facilities,and introduce relevant support and incentive policies according to the different levels of economic development in the region,so as to guide enterprises to accelerate the pace of green transformation and upgrading with the opportunity of digital inclusive finance development and achieve high-quality economic development.