企业金融资产配置是否抑制了绿色技术创新?  

Does Corporate Financial Assets Inhibit Green Technological Innovation?

作　　者：陈隆轩 杨杰[1] Chen Longxuan;Yang Jie(School of Economics and Management,Yunnan Normal University,Kunming 650500,Yunnan,China)

机构地区：[1]云南师范大学经济与管理学院,云南昆明650500

出　　处：《金融发展研究》2022年第7期15-23,共9页Journal Of Financial Development Research

基　　金：国家社科基金一般项目“乡村振兴战略背景下西南民族地区农村劳动力流动的福利效应研究”(19BSH032)。

摘　　要：绿色技术创新是促进经济高质量发展的重要内在要素。基于2008—2020年中国沪深A股上市公司面板数据,探讨企业金融资产配置对绿色技术创新的影响,并从企业绩效和企业风险承担两个渠道检验了企业金融资产配置对绿色技术创新的作用机制。研究发现:(1)企业金融资产配置主要表现为“挤出”效应,显著抑制绿色技术创新。(2)异质性分析表明,在国有企业和高融资约束企业中,金融资产配置的抑制作用更强。(3)作用机制检验表明,金融资产配置主要通过降低企业绩效和提高企业风险承担进而影响绿色技术创新。本文为我国实现绿色转型和高质量发展提供了基于企业层面的理论支持和经验证据。Green technological innovation is an important internal element to promote high-quality economic development. Based on the panel data of China’s Shanghai and Shenzhen A-share listed companies from 2008 to 2020,the impact of corporate financial asset allocation on green technology innovation is explored,and the mechanism of the effect of corporate financial asset allocation on green technology innovation is examined from two channels: corporate performance and corporate risk-taking. The study found that:(1) corporate financial asset allocation mainly exhibits a "crowding out" effect, which significantly inhibits green technology innovation;(2) heterogeneity analysis shows that the disincentive effect of financial asset allocation is stronger among SOEs and firms with high financing constraints;(3) the mechanism of action test shows that financial asset allocation affects green technology innovation mainly by reducing firm performance and increasing firm risk-taking. This paper provides theoretical support and empirical evidence based on the enterprise level for achieving green transformation and high-quality development in China.

关 键 词：金融资产配置 绿色技术创新 企业绩效 企业风险承担 

分 类 号：F273.1[经济管理—企业管理]