金融学院知识库

制造业绿色创新与绿色生产方式转型能够通过提升资源利用效率、突破资源环境约束和培育新质生产力，赋能“双碳”目标下社会经济可持续高质量发展。中小企业在制造业产业链中通常承担着更细分和专业化的生产任务，使其成为撬动制造业整体绿色发展的战略支点和重要微观基础。中小企业在传统金融体系中的融资能力相对较弱，特别是绿色项目往往具有较长的回报周期和较高的不确定性，金融机构通常不愿意提供贷款。这使得中小企业无法通过贷款获得足够的资金来支持绿色技术的研发。数字普惠金融通过缓解融资约束、降低信息不对称与增加研发投入，有效推动绿色创新发展，为中小企业的可持续发展和绿色转型提供了重要支持。

在系统梳理国内外研究文献的基础上，本文明确定义了数字普惠金融与制造业中小企业绿色创新的核心概念。以长尾理论、创新理论、融资约束理论、信息不对称理论和可持续发展理论为理论基础，系统分析数字普惠金融对制造业中小企业绿色创新的作用机理，最终构建理论假设框架。基于2011—2023年中小板上市公司数据，将微观数据与数字普惠金融地市级数据进行匹配构成面板数据，采用固定效应模型，实证检验数字普惠金融对制造业中小企业绿色创新的影响，并分析数字普惠金融的作用机制。研究发现：数字普惠金融能够促进制造业中小企业绿色创新发展，在替换被解释变量为企业专利申请量后依然显著。机制分析发现：数字普惠金融主要通过缓解融资约束、降低信息不对称、增加研发投入来促进制造业中小企业绿色创新。异质性分析表明：数字普惠金融对私有企业产生生显著影响。从行业维度看，高科技制造业中小企业绿色创新中表现出显著推动作用，对传统行业的促进作用有限。指标维度方面，数字普惠金融的覆盖广度与数字化程度对制造业中小企业绿色创新具有积极效应，使用深度的贡献度不足。数字普惠金融对绿色创新的促进作用呈现显著区域异质性。在创新资源集聚的东部及中部地区观察到显著的积极效应，而西部区域受限于金融基础设施薄弱与创新生态系统不完善，其驱动作用尚未充分显现。从企业生命周期视角分析，依托数字普惠金融支持，处于成长期和成熟期的中小企业绿色创新能力获得有效提升，但在衰退期企业群体中未观察到显著促进作用。

Green innovation and green production transformation in the manufacturing industry can empower socio-economic growth under the dual-carbon goal by enhancing resource utilization efficiency, breaking through resource constraints and fostering new quality productivity. SMEs usually undertake more segmented and specialized production tasks in the manufacturing industry chain, making them the strategic fulcrum and important micro-foundation for prying the manufacturing industry as a whole green. SMEs are relatively weak in the financial system, especially since green projects tend to have longer return cycles and higher uncertainty, and financial institutions are usually reluctant to provide loans. This prevents SMEs from lending sufficient funds to support green technology research and development. Digital inclusive finance effectively promotes green innovation by alleviating constraints, information asymmetry and R&D investment, providing important support for the sustainable and green transformation of SMEs.

On the basis of systematically combing domestic and international research literature, this paper clearly defines the core concept of digital inclusive finance and green innovation of manufacturing SMEs. Based on the long tail theory, innovation theory, financing constraint theory, information asymmetry theory and sustainable development theory, it systematically analyses the mechanism of the role of digital inclusive finance on the green innovation of manufacturing SMEs, and finally constructs the theoretical hypothesis framework. Based on the data of small and medium-sized companies listed in 2011-2023, matching the microdata with the digital financial inclusion prefecture-level data to constitute panel data, and adopting the fixed effect model, we empirically test the impact of digital financial inclusion on the green innovation of manufacturing SMEs and analyse the mechanism of the role of digital financial inclusion. It is found that digital financial inclusion can promote the development of green innovation of manufacturing SMEs, which is still significant after replacing the explanatory variable with the number of patent applications of enterprises. Mechanism analysis found that: digital inclusive finance mainly promotes green innovation of manufacturing SMEs by alleviating financing constraints, reducing information asymmetry, and increasing R&D investment. Heterogeneity analysis shows that digital financial inclusion has a significant impact on private enterprises. In terms of the industry dimension, high-tech manufacturing SMEs show significant promotion in green innovation, with limited promotion for traditional industries. In terms of the indicator dimension, the breadth of coverage and digitisation of digital inclusive finance has a positive effect on the green innovation of manufacturing SMEs, and the contribution of the depth of use is insufficient. The promotion effect of digital inclusive finance on green innovation shows significant regional heterogeneity. Significant positive effects are observed in the eastern and central regions where innovation resources are concentrated, while in the western region the driving effect is not yet fully apparent due to the weak financial infrastructure and imperfect innovation ecosystem. Analysed from the perspective of the enterprise life cycle, the green innovation capacity of SMEs in the growth and maturity stages is effectively enhanced with the support of digital inclusive finance, but no significant promotion effect is observed in the group of enterprises in the decline stage.