| 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。 |
| 关键词: 绿色金融 绿色创新 研发投入 融资约束 |
| DOI： |
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| Empirical Study on the Impact of Green Finance on Corporate Green Innovation |
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XIA Yu, LIU Ting-ting, WEI Ming-xia
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School of Management, Henan University of Technology, Zhengzhou 450000, China
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| Abstract: |
| 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. |
| Key words: green finance green innovation R&D investment financing constraints |
