数字金融发展、融资约束与企业绿色创新关系研究

以2011—2019年沪深A股上市公司为样本，采用逐步回归法检验数字金融对企业绿色创新的影响。结果发现：数字金融发展能够有效促进企业绿色创新数量和质量提升，并且数字金融发展通过缓解融资约束激励企业绿色创新水平提升。异质性分析表明：在现金流较为缺乏的企业、环境管制力度较大地区，以及经济发展水平较低的中西部地区，数字金融发展对企业绿色创新的激励作用更为显著。因此，应持续加快推进数字金融发展，完善数字金融配套体系建设，实行差异化数字金融支持政策，引导和激励企业绿色创新，从而实现高质量可持续发展。

Research on the Relationship among Digital Finance Development,Financing Constraint and Enterprise Green Innovation

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.