绿色金融对企业绿色创新影响的实证研究  

Empirical Study on the Impact of Green Finance on Corporate Green Innovation

作　　者：夏雨[1] 刘婷婷 魏明侠[1] XIA Yu;LIU Ting-ting;WEI Ming-xia(School of Management,Henan University of Technology,Zhengzhou 450000,China)

机构地区：[1]河南工业大学管理学院,郑州450000

出　　处：《重庆工商大学学报（社会科学版）》2024年第6期87-100,共14页Journal of Chongqing Technology and Business University：Social Science Edition

基　　金：国家社会科学基金重点项目(23AGL010)“数字金融生态系统演化机制研究”;河南省高校哲学社会科学创新人才支持计划(2024-CXRC-04);河南省哲学社会科学规划年度项目(2023BJJ019)“数字金融生态系统的构建与演化路径研究”;河南省高校人文社会科学研究一般项目(2024-ZZJH-021)“数字化背景下异质双渠道供应链融资决策机制研究”。

摘　　要：在大力发展绿色经济的背景下,绿色金融如何助力企业绿色创新受到了学界的广泛关注。为探究绿色金融对企业绿色创新的影响,以2013—2020年沪深A股上市公司为研究样本,运用固定效应模型检验绿色金融对企业绿色创新的影响,以及研发投入和融资约束在影响过程中的具体作用。研究表明,绿色金融对企业绿色创新具有显著促进作用,其作用机制是通过加大企业的研发投入而促进企业绿色创新;同时,融资约束负向调节了绿色金融与企业绿色创新之间的关系。经过内生性与稳健性检验,以上结论仍然成立。此外,与非国有企业和中西部地区的企业相比,绿色金融对国有企业和东部地区企业绿色创新的影响更为显著。Against the backdrop of vigorously developing a green economy,the role of green finance in promoting corporate green innovation has garnered significant attention from academia.To explore the impact of green finance on corporate green innovation,this study uses a sample of A-share listed companies from Shanghai and Shenzhen between 2013 and 2020.A fixed effects model is employed to examine the effects of green finance on corporate green innovation,as well as the specific roles of R&D investment and financing constraints in this process.The findings indicate that green finance significantly enhances corporate green innovation,with its mechanism operating primarily through increased R&D investment.Additionally,financing constraints negatively moderate the relationship between green finance and corporate green innovation.After conducting tests for endogeneity and robustness,these conclusions remain valid.Furthermore,compared with non-state-owned enterprises and enterprises in the central and western regions,the impact of green finance on green innovation is more pronounced in state-owned enterprises and enterprises in the eastern region.

关 键 词：绿色金融 绿色创新 研发投入 融资约束 

分 类 号：X196[环境科学与工程—环境科学] F832[经济管理—金融学] F273.1