资本市场开放能促进企业绿色创新吗?  

Will Capital Market Liberalization Promote Corporate Green Innovation?

作　　者：董竹 柏向昱[2] Dong Zhu;Bai Xiangyu(Center for Quantitative Economics,Jilin University,Changchun 130012,China;School of Business and Management,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学数量经济研究中心,吉林长春130012 [2]吉林大学商学与管理学院,吉林长春130012

出　　处：《外国经济与管理》2024年第3期122-135,共14页Foreign Economics & Management

基　　金：国家社会科学基金重大项目(22&ZD124)。

摘　　要：在经济绿色转型的时代背景下,采用2007—2021年中国上市公司数据探索资本市场开放对企业绿色创新的影响。研究发现,资本市场开放会推动企业进行绿色创新,特别是实质型绿色创新,并最终提高公司价值,但这种影响会随着开放的重新限制而消失;绿色创新在同行业“陆港通”标的企业间表现为资源竞争的虹吸效应,而在地区内部则表现为溢出效应;企业ESG表现起到门槛作用,随着评级升高资本市场开放对绿色创新的影响关系从抑制变为促进;资本市场开放会通过绿色引导效应和资源支持效应两条路径促进企业绿色创新,命令控制型、市场激励型和公众参与型环境规制工具均能与资本市场开放政策形成合力,在促进绿色创新中起到补充作用;而保障机制检验发现,资本市场开放对企业绿色创新的促进作用是建立在一定程度的非国有经济发展、市场竞争关系和较为完善的内部治理结构基础上的。研究结论为“陆港通”等制度的推出和经济的可持续发展提供了新的证据支持。In the era of China’s high-quality opening up and green economic transformation,the enabling role of capital market liberalization on corporate green innovation has received increasing attention.Existing studies on the economic effect of capital market liberalization are relatively extensive,but most of them focus on the overall level of innovation,and a few based on corporate green innovation only extend to heterogeneity analysis,without in-depth exploration of interaction effects and other contents.Using data from China’s A-share listed companies from 2007 to 2021,this paper takes the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Program as the event entry point to construct a heterogeneous timing DID model,and tests the effect and mechanism.The study finds that capital market liberalization will promote enterprises to carry out green innovation,especially highquality substantive green innovation.With the improvement of capital market liberalization,the green innovation level of enterprises will increase,and ultimately improve corporate value.Although capital market liberalization will promote green innovation,this promotion effect will disappear with the rerestriction of liberalization.Within the industry,green innovation shows a siphon effect of resource competition among the target enterprises of the“Chinese Mainland-Hong Kong Stock Connect Program”,while it shows a spillover effect within the region.Path testing shows that capital market liberalization will promote corporate green innovation through the two paths of green guidance effect and resource support effect.Environmental regulatory tools and capital market liberalization play a complementary role in promoting corporate green innovation.The promotion effect of capital market liberalization on corporate green innovation is based on non-state-owned economic development,market competition relationships,and a relatively complete internal governance structure.In terms of theoretical significance,this paper opens the“black box”of the

关 键 词：资本市场开放 企业绿色创新 “陆港通” 多时点双重差分模型 

分 类 号：F270[经济管理—企业管理]