摘要
本文基于2011~2018年中国工业上市企业数据,考察金融数字化对绿色金融发展的异质性影响,结果发现,当前绿色金融发展提升了短期融资对企业污染的敏感性;整体来看,金融数字化促进了绿色金融发展;分维度来看,金融数字化的广度、深度及水平均对绿色金融产生提升作用。进一步研究发现,该机制显现于重污染地区企业与中小企业的融资,而未能影响轻污染地区企业与大企业的融资水平。
Based on the data of China's industrial listed enterprises from 2011 to 2018,this paper examines whether financial digitization has promoted the development of green finance and whether there are differences in the effectiveness of financial digitization from different dimensions.It is found that the current development of green finance is reflected in improving the sensitivity of short-term financing to corporate pollution.Overall,financial digitization promotes the development of green finance;from the perspective of sub-dimensions,the breadth,depth and level of financial digitization have significantly promoted green finance.Further study finds that the above mechanism is manifestited in the sub-samples of enterprises in heavily polluted areas and small and medium-sized enterprises,but it has not been reflected in the study of opposite sub-samples.
作者
王康仕
孙旭然
张林曦
王凤荣
WANG Kangshi;SUN Xuran;ZHANG Linxi;WANG Fengrong(Post-Doctoral Research Center,Agricultural Bank of China,Beijing 100005,China;School of Economics and Management,Tsinghua University,Beijing 100084,China;Research Institute,China Minsheng Bank,Beijing 100083,China;Institute of Economic Research,Shandong University,Jinan 250100,China)
出处
《财经论丛》
CSSCI
北大核心
2020年第9期44-53,共10页
Collected Essays on Finance and Economics
基金
国家自然科学基金项目(71573159)
山东省社科规划(专项)项目(18CJRJ07)。
关键词
金融数字化
绿色金融
污染企业
短期融资
Digitization of Finance
Green Finance
Polluting Enterprises
Short-term Financing
