THE IMPACT OF TECHNOLOGY FINANCE ON CORPORATE ESG: A QUASI-NATURAL EXPERIMENT BASED ON THE "PILOT POLICY FOR PROMOTING THE INTEGRATION OF TECHNOLOGY AND FINANCE
Keywords:
Technology finance, ESG, Progressive DID, ReformAbstract
As one of the five major key fields of financial development, technology finance is of great significance to China's supply-side structural reform and the development of new quality productive forces. Based on the pilot policy for promoting the integration of science, technology and finance, this paper adopts the DID method to explore the impact of technology finance on improving corporate ESG performance. The research results show that technology finance policies can significantly promote the improvement of corporate ESG performance. Heterogeneity analysis indicates that such promotional effect is more pronounced in state-owned enterprises, about 20% higher than that in non-state-owned enterprises, and it is mainly reflected in the secondary and tertiary industries. The conclusion supports government departments to further expand the scale of technology finance and deepen financial reform, which has important practical implications for industrial transformation and the development of new quality productive forces.References
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