Complementary and substitution effects of digital finance and green finance on corporate green innovation
デジタルファイナンスとグリーンファイナンスの企業グリーンイノベーションに対する補完効果と代替効果 (AI 翻訳)
S. Tan, Shigui Tao
🤖 gxceed AI 要約
日本語
本研究は、2011年から2023年までの中国A株上場企業データを用いて、デジタルファイナンスとグリーンファイナンスが企業のグリーンイノベーションに与える影響を分析。主に代替効果が補完効果よりも強いことを発見。非ハイテク産業や重汚染産業などで顕著。資金調達制約が弱い場合に代替効果が強まり、技術吸収能力が高いと弱まる。多様な金融モデルによるグリーン発展推進に示唆を与える。
English
This study analyzes the interaction between digital finance and green finance on corporate green innovation using Chinese A-share listed company data (2011-2023). It finds a stronger substitution effect than complementary effect, especially in non-high-tech, heavily polluting industries, non-state-owned enterprises, and lower-tier cities. Weaker financing constraints strengthen substitution; stronger technology absorption weakens it. Provides empirical support for using diverse financial models to promote green development.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本のGX政策においても、デジタル技術を活用したグリーンファイナンスの促進が重要。本論文は、中国の事例から金融モードの相互作用を実証し、日本における金融政策設計に示唆を与える。
In the global GX context
This paper contributes to the global discourse on transition finance by empirically demonstrating the substitution effect between digital and green finance in incentivizing green innovation. It informs policymakers and financial institutions about the need to coordinate different financial tools.
👥 読者別の含意
🔬研究者:GX researchers should note the empirical evidence on the interaction effects of financial modes on green innovation, especially the substitution effect.
🏢実務担当者:Corporate sustainability teams can use these findings to optimize their financing strategies by balancing digital and green finance instruments.
🏛政策担当者:Policymakers in green finance should consider the potential substitution effects when designing policies to promote multiple financial instruments.
📄 Abstract（原文）
Against the backdrop of the “dual-carbon” goals, traditional financial models are unable to meet the urgent demands of green economic development. The coordinated development of digital finance and green finance has become a critical issue of the times. Existing research has focused more on the independent impacts of digital finance and green finance, while paying insufficient attention to their interactive effects and underlying mechanisms. Therefore, this study examines the green innovation incentive effects of digital finance and green finance, as well as their interactive relationship and underlying mechanisms, by constructing a two-way fixed effects model and applying Logit and Poisson nonlinear models. The analysis is based on data from Chinese A-share listed companies from 2011 to 2023. Research indicates that digital finance and green finance exhibit a stronger substitution effect than a complementary effect in incentivizing strategic green innovation. After testing the nonlinear model, the aforementioned conclusions remain valid. The substitution effect between digital finance and green finance is primarily concentrated in non-high-tech industries, heavily polluting industries, non-state-owned enterprises, and lower-tier cities. When corporate financing constraints are weaker, the substitution effect between digital finance and green finance becomes more pronounced. The stronger a company’s technological absorption capacity, the weaker the substitution effect between digital finance and green finance becomes. The conclusion provides empirical evidence and decision-making support for leveraging diverse financial models to promote green development and sustainable growth. Supplementary Information The online version contains supplementary material available at 10.1038/s41598-026-39152-9.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1038/s41598-026-39152-9first seen 2026-05-15 20:53:11
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。