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.
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