学校代码：11482
密级：
ZHEJIANG UNIVERSITY OF FINANCE AND ECONOMICS
硕士学位论文
MASTER THESIS
论文题目数字普惠金融对企业绿色创新的影响：基于
企业杠杆和环境规制视角
作者姓名陈迦伟
专业金融
所在学院金融学院
指导教师邹静
完成日期2023年12月
硕士学位论文
数字普惠金融对企业绿色创新的影
响:基于企业杠杆和环境规制视角
2023年12月
MASTER THESIS
The Impact of Digital Inclusive
Finance on Green Innovation in
Enterprises:A Perspective Based on
Corporate Leverage and
Environmental Regulations
December 2023
浙江财经大学硕士学位论文
摘要
随着绿色发展大潮的兴起，我国的绿色经济正在迅速发展，坚持绿色发展的理
念是高质量发展的主旋律，作为创新活动的主要推动力量，企业绿色创新在促进生
态环境建设和实现经济高质量发展方面扮演着重要角色，是推进生态环境建设、经
济高质量发展的有力驱动力，是我国走绿色发展道路的重要推动力。然而，企业绿
色创新研发所需资金往往面临着筹集困难的问题，传统金融机构在信息不充分的
情况下不愿意借款给企业进行研发创新，而数字普惠金融作为我国绿色发展大背
景下的重要组成部分，汇聚了互联网、人工智能、大数据等新兴技术，探索出了一
条数字普惠金融助力企业绿色创新的新途径，为企业提供多元化、可持续的绿色金
融服务，助力企业实现持续性和绿色发展。企业通过数字普惠金融，能够更轻松地
获得资金支持，拓展绿色产业链，提高自身绿色创新能力，推动经济可持续发展。
数字普惠金融促进了企业绿色发展的步伐，为实现可持续发展做出了重要贡献，在
此背景下，数字普惠金融与企业绿色创新之间的关系及其内在机制值得深入探究，
对促进我国绿色创新水平，提升经济发展质量具有重大意义。
本文从企业创新理论、长尾理论、交易成本理论和信息不对称理论出发，结合
相关文献整理，整体总结梳理了影响企业绿色创新的因素，以2011-2019年沪深两
市A 股上市公司相关数据作为研究样本，运用“个体—年份”双向固定效应模型
进行实证分析。研究发现：首先，数字普惠金融对企业绿色创新有显著促进作用，
经过一系列检验后结论依然成立。其次，针对具体作用机制进行分析研究后，本文
发现降低企业杠杆水平、缓解环境规制强度作为渠道机制能够促进企业绿色创新。
最后，异质性分析表明，数字普惠金融能显著促进中西部地区企业绿色创新；数字
普惠金融对国有企业和非国有企业绿色创新均有显著推动作用；就重污染而言，数
字普惠金融更有利于非重污染行业企业绿色创新；就高新技术而言，数字普惠金融
对高新技术行业企业和非高新技术行业企业均有显著激励作用。因此，走绿色发展
之路，我国应积极发展数字普惠金融赋能绿色创新，加快数字普惠金融系统发展建
设,强化数字普惠金融在企业绿色创新作用。
关键词：数字普惠金融；企业绿色创新；企业杠杆水平；环境规制程度
I
浙江财经大学硕士学位论文
ABSTRACT
With the rise of the tide of green development,China's green economy is developing
rapidly,adhere to the concept of green development is the main theme of high-quality
development,as the main driving force of innovation activities,enterprise green
innovation plays an important role in promoting the construction of the ecological
environment and the realization of high-quality development of the economy,it is a
powerful driving force to promote the construction of the ecological environment and the
high-quality development of the economy,and it is the China to take the road of green
development.It is an important driving force for China to take the road of green
development.However,the funds required for enterprise green innovation research and
development often face the problem of raising difficulties,and traditional financial
institutions are reluctant to borrow money to enterprises for research and development
innovation in the absence of sufficient information,while digital inclusive finance,as an
important part of China's green development context,brings together emerging
technologies such as the Internet,artificial intelligence,big data,etc.,and explores a
digital inclusive finance to help enterprises green innovation It provides diversified and
sustainable green financial services for enterprises and helps them realize sustainable and
green development.Through digital inclusive finance,enterprises can more easily obtain
financial support,expand the green industry chain,improve their green innovation ability
and promote sustainable economic development.Digital inclusive finance promotes the
pace of green development of enterprises and makes an important contribution to the
realization of sustainable development.In this context,the relationship between digital
inclusive finance and green innovation of enterprises and its internal mechanism deserve
in-depth investigation,which is of great significance for promoting the level of green
innovation and enhancing the quality of economic development in China.
This paper starts from enterprise innovation theory,long tail theory,transaction cost
theory and information asymmetry theory,combines with relevant literature collation,
overall summarizes and combs the factors affecting enterprise green innovation,takes the
relevant data of A-share listed companies in Shanghai and Shenzhen from 2011-2019as
the research samples,and applies the "individual -year "two-way fixed effect model for
empirical analysis.It is found that,firstly,digital inclusive finance has a significant
promotion effect on corporate green innovation,and the conclusion still holds after a
II