金融科技赋能企业绿色创新--基于资源配置与环境披露双重视角  

Fintech Enabling Corporate Green Innovation—A Dual Perspective on Resource Allocation and Environmental Disclosure

作　　者：何涌[1] 孙姣 He Yong;Sun Jiao(School of Economics and Management,Hunan University of Technology,Zhuzhou 412007,China)

机构地区：[1]湖南工业大学经济与管理学院,湖南株洲412007

出　　处：《金融理论探索》2025年第1期29-41,共13页Exploration of Financial Theory

基　　金：国家社会科学基金一般项目“金融科技的创新扩散、风险溢出与包容性监管研究”(22BJY109);湖南工业大学校级科研创新项目“空间视角下金融科技与城市经济高质量发展研究——兼论影响机制与溢出效应”(CX2422)。

摘　　要：金融科技为破解微观企业绿色创新难题提供了有效的解决途径,是实现创新驱动发展、推动绿色经济转型的重要力量。本文基于2011—2021年沪深A股上市公司数据,利用固定效应模型和中介效应检验模型,多维度实证考察金融科技赋能企业绿色创新的效应及传导机制。研究表明:金融科技能显著促进企业绿色技术创新和绿色管理创新;异质性分析发现,这种正向效果在金融资源水平较高地区更为突出,对于绿色技术创新的促进作用仅限于高管无政治关联背景的企业,而对于绿色管理创新的激励效应则在有政治关联背景的企业更显著;机制检验表明,金融科技通过提高资源配置效率和强化环境信息披露质量两条路径提升了企业的绿色技术和绿色管理创新水平。因此,应加大金融科技基础设施建设投入,优化绿色创新激励机制,强化绿色创新意识与能力建设,建立金融科技与绿色发展协同监管机制,以此发挥金融科技优势,助力企业绿色转型升级。Fintech provides an effective solution for cracking the micro enterprise green innovation problem,and is an important force for realizing innovation-driven development and promoting green economic transformation.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,this paper uses the fixed effect model and the intermediary effect test model to empirically investigate the effect and transmission mechanism of fintech to empower enterprises’green innovation in multiple dimensions.The results show that financial technology can significantly promote the innovation of green technology and green management of enterprises;Heterogeneity analysis reveals that this positive effect is more prominent in areas with higher levels of financial resources,while the promotion effect on green technology innovation is limited to enterprises with executives who have no politically affiliated background,and the incentive effect on green management innovation is more obvious in enterprises with politically affiliated background;The mechanism test shows that Fintech enhances the green technology and green management innovation level of enterprises through improving resource allocation efficiency and strengthening the quality of environmental information disclosure.Therefore,it is imperative to improve investment in fintech infrastructure construction,optimize incentive mechanism of green innovation,strengthen green innovation awareness and capacity building,establish coordinated supervision mechanism of fintech and green development,thus allowing fintech to exploit its advantage and to assist enterprises green transformation and upgrading.

关 键 词：金融科技 绿色创新 资源配置效率 环境信息披露 

分 类 号：F832.5[经济管理—金融学] F273.1