外部融资与企业绿色技术创新——基于政府补贴的信号传递效应  

External Financing and Enterprise Green Technology Innovation:Based on Signaling Effect of Government Subsidies

作　　者：孙咏梅 于宏亮[2] 孙雷[3] SUN Yongmei;YU Hongliang;SUN Lei(Party Committee and President Office,Shandong University of Finance and Economics,Jinan 250014,China;School of Automation and Electrical Engineering,Jinan University,Jinan 250024,China;Safety Management Division,Jinan University,Jinan 250024,China)

机构地区：[1]山东财经大学党委办公室、校长办公室,山东济南250014 [2]济南大学自动化与电气工程学院,山东济南250024 [3]济南大学安全管理处,山东济南250024

出　　处：《山东财经大学学报》2022年第4期101-110,共10页Journal of Shandong University of Finance and Economics

基　　金：国家自然科学基金青年项目“绿色技术创新导向下中国制造业企业融资契约最优动态配置研究——基于双层嵌套结构的整合边界效应”(71802117);山东省博士后创新项目“人工智能时代面向多污染物协同控制的空气污染及健康风险预警研究”(202103018)。

摘　　要：作为发展中国家解决环境污染与经济发展激烈冲突的关键途径,绿色创新需要企业拓展融资渠道以保障大规模创新投入。研究发现:绿色创新的价值特征不符合机构投资者的投资预期,机构投资者持股无法促进绿色创新;而受宏观政策影响,作为关系型债权人,商业银行能够通过促进企业绿色创新来实现银企共赢,债权融资能够显著促进绿色创新;获得政府补贴越多的企业,其绿色创新的经济价值越能够得到机构投资者者的认可,机构投资者持股对绿色创新的消极作用越弱;但政府补贴对债权融资与绿色创新的关系无显著调节作用。As a key approach for developing countries to solve the fierce conflict between environmental pollution and economic development,green innovation requires enterprises to expand financing channels to ensure large-scale innovation investment.The research results show that the value characteristics of green innovation do not conform to the investment expectations of institutional investors,and institutional investors’ shareholding can not promote green innovation;under the influence of macro policies,commercial banks as a relational creditor can achieve win-win between banks and enterprises by promoting enterprises’ green innovation while debt financing can significantly promote green innovation;and that the more government subsidies the enterprises get,the more their economic value of green innovation can be recognized by institutional investors,and the weaker the negative effect of institutional investors’ shareholding on green innovation,but government subsidies have no significant regulatory effect on the relationship between debt financing and green innovation.

关 键 词：绿色创新 外部融资 政府补贴 信号传递 

分 类 号：F270[经济管理—企业管理]