Effects of Digital Finance on Green Innovation considering Information Asymmetry: An Empirical Study Based on Chinese Listed Firms

被引：170
作者：
Kong, Tao [1 ]
Sun, RenJi [2 ]
Sun, Guanglin [3 ,4 ]
Song, Youtao [5 ]
机构：
[1] Liaoning Univ, Sch Publ Management, Shenyang, Liaoning, Peoples R China
[2] East China Univ Polit Sci & Law, Business Sch, Shanghai, Peoples R China
[3] Nanjing Univ Finance & Econ, Sch Finance, Nanjing, Jiangsu, Peoples R China
[4] Chinese Acad Social Sci, Inst Ind Econ, Beijing, Peoples R China
[5] Liaoning Univ, Inst Environm & Econ, Shenyang, Liaoning, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 15期
关键词：
Digital finance; green innovation; information asymmetry; ENVIRONMENTAL-REGULATION; TECHNOLOGIES; INVESTMENT; DECISIONS; IMPACT;
D O I：
10.1080/1540496X.2022.2083953
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Large capital investment, extended R&D cycle, and high uncertainties characterize green innovations. Consequently, financial risks easily emerge during firms' green innovation process. This study utilizes data from Chinese A-share listed companies from 2011 to 2019 to examine the effects of digital finance on firms' green innovation. The findings reveal that digital finance exerts significant and positive influence on green innovation. Digital finance institutions alleviate information asymmetry in the green innovation market through digital technologies such as big data analysis of firm behavior to directly promote firms' innovation behavior. The internal mechanism analysis reveals that digital finance indirectly promotes green innovation by improving the quality of firms' environmental information disclosure and reducing financial constraints. The heterogeneity analysis indicates that the promotional effect of digital finance on green innovation is more prominent in larger and state-owned enterprises.
引用
收藏
页码：4399 / 4411
页数：13
相关论文
共 30 条
  • [1] Internalization theory for the digital economy
    Banalieva, Elitsa R.
    Dhanaraj, Charles
    [J]. JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2019, 50 (08) : 1372 - 1387
  • [2] On the Rise of FinTechs: Credit Scoring Using Digital Footprints
    Berg, Tobias
    Burg, Valentin
    Gombovic, Ana
    Puri, Manju
    [J]. REVIEW OF FINANCIAL STUDIES, 2020, 33 (07) : 2845 - 2897
  • [3] Digitalization, business models, and SMEs: How do business model innovation practices improve performance of digitalizing SMEs?
    Bouwman, Harry
    Nikou, Shahrokh
    de Reuver, Mark
    [J]. TELECOMMUNICATIONS POLICY, 2019, 43 (09)
  • [4] Does technology innovation in finance alleviate financing constraints and reduce debt-financing costs? Evidence from China
    Chen, Han
    Yoon, Soon Suk
    [J]. ASIA PACIFIC BUSINESS REVIEW, 2022, 28 (04) : 467 - 492
  • [5] Government intervention and investment efficiency: Evidence from China
    Chen, Shimin
    Sun, Zheng
    Tang, Song
    Wu, Donghui
    [J]. JOURNAL OF CORPORATE FINANCE, 2011, 17 (02) : 259 - 271
  • [6] Capital Markets Union and the Fintech Opportunity
    Demertzis, Maria
    Merler, Silvia
    Wolff, Guntram B.
    [J]. JOURNAL OF FINANCIAL REGULATION, 2018, 4 (01) : 157 - 165
  • [7] Assessing the impact of big data on firm innovation performance: Big data is not always better data
    Ghasemaghaei, Maryam
    Calic, Goran
    [J]. JOURNAL OF BUSINESS RESEARCH, 2020, 108 : 147 - 162
  • [8] On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services
    Gomber, Peter
    Kauffman, Robert J.
    Parker, Chris
    Weber, Bruce W.
    [J]. JOURNAL OF MANAGEMENT INFORMATION SYSTEMS, 2018, 35 (01) : 220 - 265
  • [9] The Political Economy of Labor Employment Decisions: Evidence from China
    Gu, Zhaoyang
    Tang, Song
    Wu, Donghui
    [J]. MANAGEMENT SCIENCE, 2020, 66 (10) : 4703 - 4725
  • [10] Macroeconomic implications of size-dependent policies
    Guner, Nezih
    Ventura, Gustavo
    Xu, Yi
    [J]. REVIEW OF ECONOMIC DYNAMICS, 2008, 11 (04) : 721 - 744
123