Based on 2011-2019 Shanghai and Shenzhen A-share listed companies, the stepwise regression method is used to do the empirical analyze on the effect of digital finance on enterprises' green innovation. It is found that digital finance can promote the quantity and the quality of green innovation in the region continuously and effectively. In particular, the mechanism analysis of this paper shows that digital finance can eventually have a positive impact on the green innovation level of enterprises by releasing the constraint of financing. Among the enterprises with less cash flow, stronger environmental regulation and lower economic development level in the central and western regions, the impact of digital finance on stimulating enterprises' green innovation is more obvious. Therefore, we should continue to accelerate the development of digital finance, and to improving the construction of supporting system and differentiated supporting policies, which guide and encourage green innovation of enterprises so as to achieve high-quality sustainable development.
Zhai Huayun
,
Liu Yisi
. Research on the Relationship among Digital Finance Development, Financing Constraint and Enterprise Green Innovation[J]. Science & Technology Progress and Policy, 2021
, 38(17)
: 116
-124
.
DOI: 10.6049/kjjbydc.2021030376
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