绿色技术创新与企业融资契约最优动态配置——基于高科技制造业上市公司面板数据的实证研究

Green Technology Innovation and Enterprises' Optimal Dynamic Configuration of Financing Contracts——An Empirical Study Based on Panel Data of the Listed High-tech Manufacturing Companies

作为平滑企业技术创新的关键因素,融资契约对绿色技术创新的影响机理值得深入研究.本文基于企业生命周期理论,采用高科技制造业上市公司面板数据作为研究样本,在分析绿色技术创新特征的基础上,探讨并检验了股权融资、债权融资以及政府补贴在不同企业生命周期阶段中对绿色技术创新的动态影响.研究发现:融资契约对绿色技术创新具有差异化影响及动态性特征,即债权融资仅在成长期能够促进企业绿色技术创新;股权融资在企业成熟期和蜕变期均表现出与绿色技术创新的积极关系;政府补贴对蜕变期企业绿色技术创新具有促进作用,却在企业成熟期呈现出显著的抑制效应.进一步研究发现,政府补贴在债权融资、股权融资与绿色技术创新的关系中具有阶段性及契约异质性的信号传递作用,该作用仅对成长期债权融资与绿色技术创新的关系具有显著影响.因此,制造业企业应对融资契约实施最优动态配置,以实现对绿色技术创新的持续平滑.

As a key factor in smoothing technological innovation of enterprises,the impact mechanism of financing contracts on green technological innovation deserves further study.Based on the theory of enterprise life cycle and taking the panel data of the listed in high-tech manufacturing companies,it explored and tested the dynamic impact of equity financing,debt financing and government subsidies on green technology innovation in different stages of the enterprise life cycles on the basis of analyzing the characteristics of green technology innovation.The results show that financing contracts have differential and dynamic effects on green technological innovation,that is,debt financing can only promote green technological innovation in the growth stage;equity financing has a positive relationship with green technological innovation in the maturity and transformation stages of enterprises;government subsidies promote green technological innovation in the transformation stage of enterprises,but restrain transformationin the maturity stage of enterprises.Further research finds that government subsidies play a signaling role periodically and differently in the relationships between debt financing,equity financing and green technology innovation.This role only has a significant impact on the relationship between long-term debt financing and green technology innovation.Therefore,manufacturing enterprises should implement optimal dynamic allocation of financing contracts in order to achieve sustainable smoothness of green technology innovation.