金融科技对企业碳减排绩效的影响——来自高耗能上市公司的经验证据

The Impact of Fintech on Corporate Carbon Reduction Performance—Empirical Evidence from Energy-Intensive Listed Companies

摘要: 近年来，金融科技自深度嵌入绿色金融发展链条以来，已进入高速发展期。目前已覆盖到企业环境风险管理、ESG评估、环境绩效测算及绿色信贷等方面，逐步成为了我国“双碳”目标落地的关键推手。金融科技还能助推经济增长与生态约束的有机统一，提升企业的碳减排绩效。本文基于2014~2024年我国158个城市637家高耗能上市公司面板数据，从理论和实证两方面入手，分析金融科技对我国上市公司碳减排绩效的影响及其作用机制。结果显示：金融科技的发展可以显著促进企业的碳减排绩效；金融科技的发展可以通过推动企业创新促进企业碳减排绩效；金融科技在促进企业创新的同时，能缓解企业创新对于企业碳减排绩效的抑制作用。后又通过异质性检验，本文发现：金融科技对企业碳减排绩效的促进作用，在我国东部地区及省会、副省会城市的高耗能企业表现更显著。因此，本文提出要健全金融科技发展体系、加强金融科技创新运用、因地制宜完善碳减排制度的相关建议，希冀有效促进企业碳减排绩效提升。

Abstract: In recent years, since deeply embedding itself within the green finance development chain, fintech has entered a period of rapid growth. It now spans corporate environmental risk management, ESG assessment, environmental performance measurement, and green lending, gradually becoming a key driver for achieving China’s dual carbon goals. Fintech can also promote the organic integration of economic growth and ecological constraints while enhancing corporate carbon reduction performance. This paper analyzes the impact of fintech on the carbon reduction performance of listed companies in China and its underlying mechanisms, drawing on panel data from 637 energy-intensive listed companies across 158 cities from 2014 to 2024. The analysis combines theoretical and empirical approaches. Results indicate that: Fintech development significantly enhances corporate carbon reduction performance; fintech development promotes corporate carbon reduction performance by driving innovation; fintech mitigates the inhibitory effect of innovation on corporate carbon reduction performance while fostering innovation. Subsequent heterogeneity tests reveal that the positive effect of fintech on corporate carbon emission reduction performance is more pronounced among energy-intensive enterprises in eastern China and in provincial capitals and sub-provincial cities. Therefore, this study proposes recommendations to improve the fintech development system, enhance the application of fintech innovations, and refine carbon emission reduction systems based on local conditions, aiming to effectively promote the improvement of corporate carbon emission reduction performance.