Research On The Impact Of Digital Finance On Green Technology Innovation Of Heavy Pollution Enterprises

With the sustained and rapid growth of China’s economy,China’s financial system has also undergone rapid development.China has become the world’s second largest economy,but behind its rapid economic growth,it has paid a huge environmental price.How to develop the economy while protecting the environment has become a thorny issue that needs to be resolved in China’s current transformation of economic development patterns and the realization of high-quality economic growth.In recent years,the Party Central Committee and the State Council have made a series of major decisions and arrangements to promote green sustainable development and accelerate green technological innovation.Green technological innovation is the core driving force for promoting the transformation of economic development patterns and achieving green and sustainable development,as well as an important guarantee for achieving "carbon peak" and "carbon neutral" in China.However,the research and development of green technology innovation in enterprises may encounter a series of difficulties and risks.The emergence of digital finance has provided strong support for the development of green technology innovation in enterprises.At the same time,digital finance can effectively promote the transformation and upgrading of economic development patterns by expanding the coverage and penetration of financial services.This article analyzes the impact mechanism of digital finance on green technology innovation of heavily polluting enterprises from a theoretical perspective.It selects data from heavily polluting enterprises listed on A-share markets from 2011 to 2020 and conducts an empirical test using Tobit model.The empirical results show that:(1)Digital finance significantly enhances the green technology innovation of heavily polluting enterprises;(2)Financing constraints and financial risks play an intermediary role in the process of digital finance assisting heavily polluting enterprises in green technology innovation;(3)Environmental regulation and corporate governance will positively regulate the impact of digital finance on green technology innovation of heavily polluting enterprises;(4)Compared with state-owned enterprises,digital finance has a more significant role in promoting green technology innovation in non-state heavy pollution enterprises.Based on the conclusions of empirical research,this article proposes suggestions such as accelerating the construction of a digital financial system,implementing reasonable and appropriate environmental regulations,improving the corporate governance system,and stimulating the vitality of green technology innovation in enterprises to create favorable conditions for the green transformation of heavily polluting enterprises.