环境规制、绿色金融发展与企业技术创新

Environmental regulation, green financial development and technological innovation of firms

以A股制造业上市公司为研究样本,对环境规制对于企业技术创新的影响以及绿色金融在其中的调节作用进行实证检验。研究发现:环境规制对企业技术创新具有显著的促进作用,这种促进作用在强融资约束企业中表现相对较弱;绿色金融发展对环境规制对于企业技术创新的促进效应具有显著地正向调节作用,且这种正向调节作用在强融资约束企业中表现得更为明显;与低环境规制强度地区相比,强环境规制地区的绿色金融发展对于环境规制与企业技术创新关系的正向调节作用相对更大。

Although the extensive mode of growth,characterized by high investment and high consumption,achieve the rapid economic growth in the last few decades,the accompanying resource shortage and environmental pollution problems have become increasingly prominent,while sustainable economic and social development is facing severe challenges.However,it is not easy to effectively balance economic growth and environmental protection.Strengthening environmental regulations and promoting the green transformation of the economy will often experience the pain of slowing growth in the short term.As the main policy tool oriented to environmental protection,whether environmental regulations can stimulate the vitality of firms′technological innovation,is crucial to achieving a win-win goal for economic development and environmental protection.As a new type of environmental policy tool,green finance was introduced to China in 2007,"Thirteenth Five-Year Plan Outline′further elevate the construction of green financial system to the national strategic level.Under the constraints of environmental regulations,can green finance provide strong support for green technological innovation and green enterprises,ease the financial pressure on enterprises caused by environmental regulations,give full play to the technological innovation incentive effect of environmental regulations,and finally solve the dilemma of economic growth and environmental protection,what is of great significance to achieve high-quality development in the period of the new normal.Basing on the data of China′s manufacturing industry listed companies,this paper investigates the impact of environmental regulation on the firms′technological innovations and the adjustment effect of regional green financial development on the relationship between environmental regulation and firms′technological innovations.The results show that,environmental regulation has a significant positive impact on the firms′technological innovations.The promotion effect is relatively weak in strong financing-constrained firms.Green financial development has a significant positive adjustment effect on the promotion effect of environmental regulation on the firms′technological innovations.The positive adjustment effect of green financial development plays a more obvious role in strong financing-constrained firms.Furthermore,compared with firm located in regions with low environmental regulations,the positive adjustment effect of green financial development is relatively larger in firm located in regions with strong environmental regulation.The conclusion of this paper provides a new perspective and decision support for guiding the innovation and incentive effect of environmental regulation,and expands the research field of the economic consequences of green finance development.The conclusion of this paper has some policy implications.Firstly,simply increasing the intensity of environmental regulations regardless of the firms′financial situation will strengthen the substitution relationship between environmental regulation and technological innovation.Secondly,from the perspective of promoting firms′innovation,the development of green finance and environmental regulation policies are mutually complementary.Thirdly,the financial constraint is an important factor restricting the stimulation effect of environmental regulation policy on the firms′innovation.In addition to promoting the development of green finance,the allocation of government R&D funding should be more inclined to the firms with strong financing constraints,and encouraging firms to achieve green transformation through technological innovation.