金融科技与企业绿色转型——影响特征、作用机制与空间溢出效应识别

数字经济时代下的金融科技，是金融服务实体经济高质量发展的新业态新模式。本文基于中国上市企业2011—2021年数据集，对金融科技和企业绿色转型之间的影响和机制进行实证检验。实证结果发现，金融科技能够有效赋能企业绿色转型。特别地，金融科技对于高科技企业、非国有企业和重污染企业的绿色转型驱动力更为突出。机制识别检验发现，金融科技能够缓解财务困境、平滑企业风险与增强绿色创新活力，这些都有助于企业绿色转型实践的深度开展。进一步研究发现，金融科技具有强烈的地理扩散溢出效应，并形成较为显著的“本地—外地”金融科技协同效果，对企业绿色转型产生了可叠加的积极影响。本项研究能够为理解金融科技发展，促进实体经济绿色转型提供新的思路借鉴。

Fintech and Corporate Green Transformation—Characterization of Impacts, Mechanisms of Action and Identification of Spatial Spillover Effects

Fintech in the era of digital economy is a new industry and a new mode for the high-quality development of the real economy of financial services. Based on the 2011-2021 dataset of listed enterprises in China, this paper empirically examines the impact and mechanism between fintech and corporate green transformation. The empirical results find that fintech can effectively empower enterprises to make green transformation, and thus promote the“macro-micro” environmental quality and efficiency improvement. In particular, the driving force of fintech for green transformation is more prominent for high-tech enterprises, non-state-owned enterprises and heavily polluting enterprises. The mechanism identification test finds that fintech can alleviate financial difficulties, smooth corporate risks and enhance the vitality of green innovation, all of which contribute to the depth of green transformation practices of enterprises. Further research finds that fintech has a strong geographic diffusion spillover effect and creates a more significant“local-foreign” fintech synergy effect, which has a superimposed positive impact on the green transformation of enterprises. This study can provide new ideas for understanding the development of fintech and promoting the green transformation of the real economy.