绿色技术创新对企业资本成本影响的实证研究  

An Empirical Study on the Impact of Green Technological Innovation on Enterprise Capital Costs

作　　者：乔单洋 姚维玲[1] QIAO Dan-yang;YAO Wei-ling(School of Economics and Finance,Qinghai University,Xining 810000)

机构地区：[1]青海大学财经学院,青海西宁810000

出　　处：《财务与金融》2023年第6期47-55,共9页Accounting and Finance

摘　　要：近年来,环境污染与资源浪费问题日益严峻,我国政府提出了绿色经济和绿色技术创新的发展战略。选取2009-2022年沪深A股上市公司为研究样本,考察绿色技术创新对资本成本的影响、作用机制以及异质性。实证结果显示:绿色技术创新能够有效降低企业资本成本;融资约束在绿色技术创新与债务资本成本之间起中介作用,而在绿色技术创新与权益资本成本之间起遮掩作用;行业竞争度和企业规模能够调节绿色技术创新与资本成本之间的负相关关系;绿色技术创新与资本成本之间的负相关关系会受到行业性质和高管金融背景异质性的影响。因此,企业应树立绿色发展理念,积极推动绿色技术创新,不断降低资本成本;投资者应树立绿色投资理念,密切关注企业绿色技术创新能力;政府应该根据企业类型实施有针对性的激励政策,鼓励企业进行绿色技术创新。In recent years,the problem of environmental pollution and waste of resources has become increasingly serious,therefore,the Chinese government has put forward the development strategy of green economy and green technology innovation.This paper selects Shanghai and Shenzhen A-share listed companies in 2009-2022 as research samples to investigate the impact,mechanism and heterogeneity of green technology innovation on capital cost.The empirical results show that green technology innovation can effectively reduce the cost of capital;financing constraints play an intermediary role between green technology innovation and the cost of debt capital,and play a masking role between green technology innovation and the cost of equity capital;the degree of industry competition and enterprise scale can adjust the negative correlation between green technology innovation and capital cost;the negative correlation between green technology innovation and capital cost will be affected by the nature of the industry and the heterogeneity of executives'financial background.Therefore,enterprises should establish the concept of green development and actively promote green technology innovation to reduce the cost of capital;investors should establish the concept of green investment,and pay attention to the green technology innovation ability of enterprises;the government should implement targeted incentive policies according to the types of enterprises and encourage them to carry out green technology innovation.

关 键 词：绿色技术创新 权益资本成本 债务资本成本 融资约束 

分 类 号：F272[经济管理—企业管理]