利率市场化对企业绿色技术创新质量与效率的影响及其作用机制

The Impact and Mechanism of Interest Rate Marketization on the Quality and Efficiency of Enterprise Green Technology Innovation

针对利率市场化与企业绿色技术创新之间关系的探究尚有可拓展空间。为进一步明确在经济转型发展的背景下,利率市场化能否给企业绿色技术创新带来新动力,基于2007—2020年A股上市公司数据构建计量分析模型,探讨利率市场化对企业绿色技术创新质量和效率的影响及其内在作用机制,并通过剔除部分影响因素、更改时间窗口和考虑时间滞后效应进行稳健性检验,还进一步基于企业的产权属性和科技属性划分进行分样本检验。结果表明:利率市场化显著促进企业绿色技术创新的质量与效率提升,且稳健性较高;利率市场化显著改善了企业绿色技术创新融资约束、优化企业资源配置效率和促进企业技术进步,进而推动企业绿色技术创新质量与效率提升;利率市场化的绿色技术创新效应在不同产权属性和不同技术密集型属性企业之中存在显著异质性,其中利率市场化对非国有企业、科技密集型企业的绿色技术创新质量与效率提升作用更显著。为此,中国应进一步推进利率市场化和积极推广数字技术,同时积极发挥高新技术企业、战略性新兴企业绿色技术创新势能,推动企业绿色技术创新质量与效率提升。

There is still room for further exploration of the relationship between interest rate marketization and enterprise green technology innovation.In order to further clarify whether interest rate marketization can bring new impetus to enterprise green technology innovation in the context of economic transformation and development,based on the data from A-share listed companies from 2007 to 2020,this paper constructs an econometric analysis model,explores the impact of interest rate marketization on the quality and efficiency of enterprise green technology innovation and its internal mechanism,and conducts robustness tests by removing some influencing factors,changing time windows,and considering time lag effects.Furthermore,a sample test is conducted based on the division of corporate property rights and technological attributes.The results show that interest rate marketization significantly promotes the quality and efficiency improvement of green technology innovation in enterprises,and the robustness is relatively high;the marketization of interest rates has significantly improved the financing constraints for green technology innovation in enterprises,optimized the efficiency of enterprise resource allocation,and promoted technological progress,thereby promoting the improvement of the quality and efficiency of green technology innovation in enterprises;the green technology innovation effect of interest rate marketization exhibits significant heterogeneity among enterprises with different property rights and technology intensive attributes,in which the interest rate marketization has a more significant effect on improving the quality and efficiency of green technology innovation in non-state-owned enterprises and technology intensive enterprises.Therefore,China should further promote interest rate marketization and actively promote digital technology,while actively leveraging the green technology innovation potential of high-tech enterprises and strategic emerging enterprises,and improving the quality and efficiency of enterprise green technology innovation.