Digital Finance,Financing Costs And Corporate Green Innovation

At present,the construction of ecological civilisation in China has entered a critical period to promote the synergy of pollution reduction and carbon reduction,to promote the overall green transformation of economic and social development,and to achieve quantitative to qualitative changes in the improvement of ecological and environmental quality.In this context,green innovation,with its dual economic and environmental benefits,has become an effective means of breaking through economic and environmental pressures and achieving a win-win situation for the construction of a socialist economy with Chinese characteristics and ecological civilisation.How to promote green innovation in enterprises,solve environmental governance problems and achieve high-quality economic development has become an important topic of current research.Green innovation not only has the inherent characteristics of traditional innovation,but also has resource and environmental externalities,which means that green innovation activities have higher research and development costs and more complex innovation processes,thus sufficient financial investment is crucial to the development of green innovation activities.In the era of digital economy,digital finance based on a new generation of information technology has effectively compensated for the disadvantages of traditional finance in terms of information acquisition and information mining,resulting in a new model of financial service innovation,which can improve the traditional financial environment to a certain extent and provide a good opportunity for the development of corporate green innovation.In this context,this thesis conducts a study on how the development of digital finance affects the green innovation of manufacturing enterprises.On the basis of theoretical analysis,a double fixed-effect model of industry years is constructed with a sample of manufacturing listed enterprises in Shanghai and Shenzhen A-shares from 2011 to 2020 and the following conclusions are drawn:(1)the development of digital finance significantly promotes the development of green innovation activities of manufacturing enterprises;(2)The promotion effect of digital finance development on green innovation of manufacturing enterprises has a significant structural effect,digital finance development mainly promotes green innovation of manufacturing enterprises through the breadth of coverage and the degree of digitalisation,the promotion effect of the depth of digital finance use on green innovation of manufacturing enterprises has not been verified;(3)digital finance development promotes green innovation of manufacturing enterprises through reducing the cost of debt financing,equity financing;(4)digital financial development has a significant "digital divide" effect on the green innovation of manufacturing enterprises,specifically,the promotion effect of digital financial development on the green innovation of manufacturing enterprises is more significant among enterprises in central cities,advanced manufacturing enterprises and large and medium-sized enterprises.The effect of digital finance development on green innovation in manufacturing enterprises is more significant in central city enterprises,advanced manufacturing enterprises and large and medium-sized enterprises.Based on the above findings,this thesis suggests that the development of digital finance should be vigorously promoted,digital financial infrastructure should be improved and the regulatory mechanism of digital finance should be perfected.At the same time,the digital financial system should be improved according to the differences in the internal and external characteristics of enterprises,so as to fully release the digital financial dividends,create a good environment for green innovation,guide manufacturing enterprises to accelerate their green transformation with the help of digital financial services,and help high-quality economic development.