This study comprehensively analyzes the panel data of 4195 listed companies in the A-share market during the period from 2011 to 2022, aiming to explore the mechanism of fintech's influence on corporate green innovation. The study adopts a two-way fixed effects model to confirm the positive association between fintech and corporate innovation, and reveals the role of fintech in promoting corporate innovation output by alleviating financing constraints with the help of a mediated effects model. The findings suggest that FinTech not only directly promotes firms' innovation activities, but also provides important support for firms' innovation by reducing financing constraints, a finding that is confirmed by a series of robustness tests.

中文翻译：

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金融科技、融资约束和企业绿色创新


本研究全面分析了 2011—2022 年 A 股市场 4195 家上市公司的面板数据，旨在探讨金融科技对企业绿色创新的影响机制。本研究采用双向固定效应模型来证实金融科技与企业创新之间的正相关关系，并揭示了金融科技通过借助中介效应模型缓解融资约束来促进企业创新产出的作用。研究结果表明，金融科技不仅直接促进企业的创新活动，还通过减少融资约束为企业创新提供重要支持，这一发现得到了一系列稳健性测试的证实。