金融科技是否会有效阻止操纵ESG数据的行为？

Does FinTech Efficiently Hinder Manipulating ESG Data Behavior?

Abstract

Understanding the impact of FinTech on firms' greenwashing behavior is crucial for advancing green finance. This study uses data from Chinese listed firms from 2011 to 2021 to explore how FinTech affects greenwashing behavior. The main findings suggest that FinTech inhibits greenwashing through two mechanisms: externally by reducing information asymmetry and financial constraints, and internally by increasing total factor productivity (TFP) and operational efficiency. Heterogeneity tests reveal that FinTech significantly reduces greenwashing behaviors in high-tech firms, highly polluting firms, firms with environmentally conscious executives, and firms in provinces with high FinTech development, government intervention, and low industrialization.

Introduction

Financial innovation has transformed the financial market, integrating traditional services with technological advancements. FinTech has played a significant role in altering the current financial landscape, driving significant growth in technology-driven transactions. The robust presence of FinTech is evident in professional and academic debates, often focusing on the risk of displacement faced by traditional financial institutions due to their inability to adapt to a data-driven and digital environment.

FinTech has the potential to enhance information matching between supply and demand sides, reduce financial costs, and expand firms' financing capacity. It also streamlines information flows between firms and their partners, including resource planning and supply chain management systems. Additionally, firms can benefit from FinTech in enhancing inventory efficiency, which improves production efficiency.

As firms move towards a high-quality development stage, issues related to sustainable development, such as carbon reduction, environmental protection, pollution control, and sustainable goals, have gained prominence. These issues are addressed through technology upgrades and common prosperity. Policy and financial instrument development increasingly focus on sustainable targets using ESG metrics.

Existing literature suggests that financial constraints hinder ESG performance, primarily in two dimensions: ESG-related activities cost firms capital while shortening their benefits, and ESG can serve as an effective signal for external financing, motivating firms to engage in ESG activities, which may increase their greenwashing efforts. FinTech can mitigate these issues by reducing information asymmetry and financial constraints, thereby enhancing ESG performance.

Main Findings

• Significant Negative Impact: FinTech has a significantly negative impact on firms' greenwashing behaviors.
• Mechanisms: FinTech reduces greenwashing through:
  • Externally: By reducing information asymmetry and financial constraints.
  • Internally: By increasing TFP and operational efficiency.
• Heterogeneity: FinTech significantly reduces greenwashing in:
  • High-tech firms.
  • Highly polluting firms.
  • Firms with environmentally conscious executives.
  • Firms in provinces with high FinTech development, government intervention, and low industrialization.

This study highlights how FinTech drives firms' ESG performance and curbs insincere ESG behaviors, aiming to uncover the mechanisms behind FinTech's influence on greenwashing behaviors.