数字金融对企业绿色转型的影响——基于上市公司年报文本识别的经验证据

作     者：吴婷婷 赵洁 王健 

作者机构：南通大学商学院(管理学院)江苏 南通 

出 版 物：《电子商务评论》 (E-Commerce Letters)

年 卷 期：2025年第14卷第1期

页      面：2702-2717页

学科分类：120202[管理学-企业管理（含：财务管理、市场营销、人力资源管理）] 12[管理学] 1202[管理学-工商管理] 

基　　金：江苏省高校哲学社会科学研究项目“绿色金融改革创新驱动经济绿色转型的作用机理与综合绩效评估”(2023SJYB1688) 

主　　题：数字金融 绿色转型 融资约束 融资成本 企业社会责任 

摘      要：本文基于2013~2020年沪深A股上市公司数据,以企业年报中绿色转型的词频数来刻画企业绿色转型程度,实证分析数字金融对企业绿色转型的影响及作用机制。研究发现,数字金融能显著促进企业绿色转型。分维度研究结果表明,数字金融的覆盖广度、使用深度均能显著促进企业绿色转型,而数字化程度对企业绿色转型的促进作用不明显。机制检验表明,数字金融及其覆盖广度、使用深度均可通过缓解企业融资约束、降低企业融资成本,促进企业绿色转型。数字金融及其覆盖广度可通过提升企业履行社会责任,促进企业绿色转型。异质性研究说明,数字金融对媒体关注度高、非重污染和中西部地区企业绿色转型的促进作用更明显。Based on the data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2020, this paper empirically analyzes the impact and mechanism of digital finance on the green transformation of enterprises based on the frequency of words of green transformation in the annual reports of enterprises to portray the degree of green transformation. The study finds that digital finance can significantly promote the green transformation of enterprises. The results of the sub-dimensional study show that the breadth of coverage and depth of use of digital finance can significantly promote the green transformation of enterprises, while the degree of digitalization does not significantly promote the green transformation of enterprises. The mechanism test shows that digital finance and its breadth of coverage and depth of use can promote corporate green transformation by alleviating corporate financing constraints and reducing corporate financing costs. Digital finance and its breadth of coverage can promote corporate green transformation by enhancing corporate fulfillment of social responsibility. The heterogeneity study illustrates that digital finance has a more significant role in promoting green transformation for enterprises with high media attention, non-heavy pollution and central and western regions.