How Fintech mitigates credit mismatches to promote green innovation: Evidence from Chinese listed enterprises

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-11-01 DOI:10.1016/j.irfa.2024.103740

Shaohui Wang , Yanlan Yong , Xizhang Liu , Yunliang Wang

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引用次数: 0

Abstract

The intersection of financial technology (fintech) and sustainable development has gained increasing attention, particularly regarding how fintech can support corporate green innovation. However, the role of fintech in mitigating credit mismatches—a key barrier for enterprises pursuing green initiatives—remains underexplored, especially within the context of Chinese listed enterprises. Addressing this gap, our study utilizes a panel dataset from 2010 to 2021 to investigate the influence of fintech on green innovation and the mediating role of credit mismatches. Through a series of baseline regressions, endogeneity tests, and heterogeneity analyses, we find a significant positive relationship between fintech adoption and green innovation, with credit mismatches serving as a crucial mediator. Moreover, the effects of fintech are most pronounced in eastern China and in industries with lower pollution levels. These findings provide new insights into how fintech can bridge financing gaps, foster green innovation, and promote the transition to a more sustainable economy. Our results carry important implications for policymakers aiming to leverage fintech as a tool for both financial inclusion and environmental sustainability.

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金融科技如何缓解信贷错配以促进绿色创新？来自中国上市企业的证据

金融科技（Fintech）与可持续发展之间的交集日益受到关注，尤其是在金融科技如何支持企业绿色创新方面。然而，金融科技在缓解信用错配方面的作用--企业追求绿色倡议的主要障碍--仍未得到充分探索，尤其是在中国上市企业的背景下。针对这一空白，我们的研究利用 2010 年至 2021 年的面板数据集，探讨了金融科技对绿色创新的影响以及信贷错配的中介作用。通过一系列基线回归、内生性检验和异质性分析，我们发现金融科技的采用与绿色创新之间存在显著的正相关关系，而信贷错配则是重要的中介因素。此外，金融科技的影响在中国东部和污染程度较低的行业最为明显。这些发现为金融科技如何弥补融资缺口、促进绿色创新、推动经济向更可持续的方向转型提供了新的视角。我们的研究结果对旨在利用金融科技作为金融包容性和环境可持续性工具的政策制定者具有重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.