煤炭企业绿色创新、信息披露质量与融资约束

Coal Enterprise Green Innovation, Information Disclosure Quality and Financing Constraints

煤炭企业对于我国的发展起着至关重要的作用,但在经济转型的阶段面临着融资约束的困境。基于利益相关者理论和信息不对称理论,以2010—2019年沪深A股煤炭类上市公司为研究对象,对绿色创新和融资约束程度的相关性进行了实证研究,并将信息披露质量引入二者的研究关系中,研究发现:绿色创新和高质量的信息披露可以显著缓解煤炭企业融资约束;绿色创新和高质量的信息披露具有积极的交互作用,可以进一步缓解煤炭企业的融资约束。上述研究结果对绿色创新和企业融资相关文献有一定的借鉴意义,对实施绿色创新、改善融资环境和制定相关政策具有一定的参考价值。

Coal enterprises play a vital role in the development of our country, but they are faced with the dilemma of financing constraints in the stage of economic transformation. Based on stakeholder theory and information asymmetry theory,we take Shanghai and Shenzhen A-share listed coal companies from 2010 to 2019 as the research object, conducts an empirical study on the correlation between green innovation and financing constraints. The quality of information disclosure is introduced into the research relationship between the two. The study found that: green innovation and high-quality information disclosure can significantly alleviate the financing constraints of coal companies;green innovation and high-quality information disclosure have a positive interaction, which can further alleviate coal corporate financing constraints. The above research results have a certain reference value for green innovation and corporate financing related literature, and have a certain reference value for implementing green innovation, improving the financing environment and formulating related policies.