银行金融科技能否抑制企业漂绿行为——来自机器学习与文本分析的经验证据  

Can Banking Fintech Curb Corporate Greenwashing?Evidence from Machine Learning and a Text Analysis

作　　者：郭娜 陈东晖 刘岩 Guo Na;Chen Donghui;Liu Yan

机构地区：[1]天津财经大学金融学院

出　　处：《金融经济学研究》2025年第2期130-144,共15页Financial Economics Research

基　　金：国家社会科学基金后期资助项目(23FJYB033);教育部人文社会科学研究青年基金项目(23YJC790038);国家自然科学基金青年项目(71903142)。

摘　　要：企业漂绿现象已成为生态文明建设中的一道“不和谐”音符。基于机器学习算法使用文本分析和词向量模型构建银行金融科技指数和企业漂绿指标,以2012—2022年中国A股上市企业和商业银行为研究对象,考察金融科技应用对企业漂绿的影响。研究发现,银行金融科技应用能够显著抑制企业漂绿行为。机制分析表明,银行金融科技通过缓解企业融资约束和改善企业绿色管理水平来抑制企业漂绿行为。异质性分析表明,银行金融科技对企业漂绿行为的抑制作用在中小民营企业,以及所在地区银行竞争度较小、市场化水平较低的企业中更为明显。进一步研究发现,金融科技对企业漂绿的抑制作用能够显著促进企业绿色创新产出。因此,应鼓励商业银行开展数字发展战略,积极应用金融科技,提高金融服务实体经济效率,有效推动实体经济高质量发展。The phenomenon of corporate greenwashing has emerged as a discordant note in the symphony of ecological civilization construction.By employing machine learning algorithms,a text analysis,and word vector models,a banking fintech index and corporate greenwashing indicator were constructed in this study.The focus was on China's A-share listed companies and commercial banks for the period 2012-2022 to examine the impact of fintech applications on corporate greenwashing behaviors.The findings revealed that the application of banking fintech significantly inhibited such behaviors.A mechanism analysis indicated that banking fintech curtailed corporate greenwashing by alleviating financing constraints and enhancing the level of corporate green management.A heterogeneity analysis demonstrated that the inhibitory effect of banking fintech on greenwashing was more pronounced in small-and medium-sized private enterprises and in enterprises located in regions with less competitive banking environments and lower levels of marketization.Further research has suggested that the inhibitory effect of fintech on corporate greenwashing significantly fosters green innovation output in enterprises.Therefore,commercial banks should pursue digital development strategies,actively employ fintech,and enhance the efficiency of financial services for the real economy,thereby effectively promoting the real economy's high-quality development.

关 键 词：金融科技 企业漂绿 融资效应 监督效应 绿色产出 

分 类 号：F832.6[经济管理—金融学]