漂绿行为、金融科技与融资约束--基于重污染行业上市公司的实证研究

Greenwashing is a prominent problem in the development of green finance and a great challenge in the process of promoting green transformation of enterprises. From the two dimensions of environmental information disclosure and green technology innovation, this paper sorted out the internal mechanism of greenwashing behavior affecting the financing constraints of heavily polluting enterprises, as well as the specific regulating mechanism of fintech, and constructed the measurement index of greenwashing behavior. The research object was the Chinese A-share listed heavily polluting enterprises from 2015 to 2019. This paper empirically analyzes the influence of greenwashing behavior on financing constraints of heavy polluting enterprises and the regulating mechanism of fintech. The results of basic regression show that greenwashing can indeed alleviate the overall financing dilemma of heavy polluting enterprises to a certain extent, but it does not mean that heavy polluting enterprises can greenwashing regardless of the consequences. According to the heterogeneity analysis results, for heavy polluting enterprises with a high sense of social responsibility, only by reducing the degree of greenwashing can the financing constraints be reduced. However, heavy polluting enterprises with low social responsibility cannot alleviate their financing constraints by changing the degree of greenwashing, so they are placed in a more difficult situation.This process of survival of the fittest is the proper meaning of green finance, which is conducive to promoting high-carbon enterprises to fulfill their responsibilities of low-carbon transformation.The results of the regulating effect show that fintech plays a positive regulatory role. The higher the degree of fintech development in the region, the more obvious the slow-release effect of greenwashing behavior on the financing constraints of heavy polluting enterprises, which is conducive to the transformation financing of high-carbon enterprises.