摘要
This paper examines the influence of digital finance(DF)on the green level of transportation companies(GLTC,n=112)listed on the Chinese A-share market from 2011 to 2021 through moderation and mediation models.According to the conclusions,first,a significantly positive correlation exists between DF and GLTC.Second,DF indirectly promotes GLTC by enhancing corporate value and alleviating financing constraints.Both enterprise value and financing constraints have a chain mediation effect.Third,the government's digital preference can enhance the role of DF in promoting GLTC and alleviating financing constraints.In addition,governmental digital preference can moderate the impact of financing constraints on GLTC.Fourth,the effect of DF on GLTC exhibits regional,scale,and ownership heterogeneities.Drawing on the conclusions of the empirical analysis,several pertinent recommendations are proposed from micro and macro perspectives.
基金
supported by National Natural Science Funds of China(Nos.72371179,72371232,71871153)
the Four Batch Talent Programs of China,the Fundamental Research Funds for the Central Universities(WK2040000027).
