摘要
着力做好数字金融和绿色金融大文章,助力加快建设金融强国。文章以2012—2023年我国商业银行和上市企业为研究对象,创新性地利用基于词向量算法的机器学习模型捕捉专利文本语义来测算银企数字化耦合度,研究发现:相较于银企单侧赋能,银企数字化耦合对企业绿色创新的促进效果更强;由于迎合动机驱动,企业策略性绿色创新与实质性绿色创新均有所增长,但实质性绿色创新增长幅度更大,漂绿现象呈衰减趋势。机制分析表明,银企数字化耦合主要通过缓解企业融资约束、优化人力结构以及增强环境责任意识来推动企业绿色创新。异质性分析显示,对于成长期企业、民营企业、信息透明度较低的企业以及政府环境规制力度较弱的地区而言,银企数字化耦合对企业绿色创新的促进作用更明显。进一步地,银企数字化耦合对企业绿色创新的促进能够增加媒体正面报道的声誉溢出,且未对生产性投资造成挤出效应,即该推动作用是在企业原有创新活动基础上叠加的杠杆效应。文章对于银行和企业的协同数字化、实现更广泛和持久的绿色经济转型有着重要的启示。
The 2023 Central Financial Work Conference pointed out that it is necessary to do a good job in five major articles:science and technology finance,green finance,inclusive finance,pension finance,and digital finance;It is necessary to speed up the construction of a financial power and adhere to the fundamental purpose of providing financial services to the real economy.Taking China's commercial banks and listed enterprises from 2012 to 2023 as the research object,this paper inno-vatively uses a machine learning model based on word vector algorithm to capture the semantics of patent text to measure the digital coupling degree of banks and enterprises,and the empirical tests show that:(1)Compared with the unilateral empower-ment of banks and enterprises,the digital coupling of banks and enterprises has a stronger promotion effect on green innova-tion of enterprises.Due to the motivation of catering,both strategic green innovation and substantive green innovation of enter-prises increased,but the growth rate of substantive green innovation was greater,and the greenwashing phenomenon showed an attenuating trend.(2)Mechanism analysis shows that the digital coupling of banks and enterprises mainly promotes corpo-rate green innovation by alleviating corporate financing constraints,optimizing human resource structure,and enhancing envi-ronmental responsibility awareness.(3)Heterogeneity analysis shows that the digital coupling of banks and enterprises has a more obvious effect on the promotion of green innovation of enterprises in the growth stage,private enterprises,enterprises with low information transparency,and regions with weak government environmental regulations.(4)Further analysis shows that the promotion of green innovation by bank-enterprise digital coupling can produce reputational spillovers that increase positive media coverage,but does not crowd out productive investment.In addition,the driving effect is not the exclusion of other innovation activities,but the leverage effect superimposed on the original innovation activities of the enterprise.
作者
魏俊
聂荣
章一帆
Wei Jun;Nie Rong;Zhang Yifan
出处
《南方经济》
北大核心
2025年第8期70-96,共27页
South China Journal of Economics
基金
国家社会科学基金后期资助项目“金融科技、银行信贷资源配置与实体经济高质量发展研究”(23FJYB033)
教育部人文社会科学研究青年基金项目“经济政策不确定性、混频高维关联与金融市场尾部风险传染效应研究”(23YJC790038)
天津市高等学校本科教学改革与质量建设研究计划项目“产教融合科教融汇背景下数字经济人才培养模式创新与实践”(A231007001)资助。
关键词
银企数字化耦合
数字专利
专利文本
绿色创新
机器学习
Digital Coupling Between Banks and Enterprises
Green Innovation
Credit Decision-Making
Environmental Kuznets Curve
