融资约束视角下绿色信贷对企业绿色创新效应的研究

Research on the Effect of Green Credit on Enterprises’ Green Innovation from the Perspective of Financing Constraints

以2015—2019年中国104家A股环保上市公司为样本,利用调节效应模型,基于融资约束视角实证了绿色信贷对环保上市公司绿色创新的影响。研究表明:绿色信贷投放量的提高对环保上市公司绿色创新具有显著的促进作用;企业融资约束程度越高,绿色信贷投放的增加对绿色创新水平的提升越显著。提出了应积极推进绿色信贷发展,增加绿色信贷的投放量,并且应合理分配绿色信贷资金,重点帮助节能环保行业摆脱融资困境、释放绿色创新潜力。

The problem of insufficient green innovation motivation has long existed in my country’s listed companies. Based on the perspective of financing constraints,this paper empirically tested the impact of green credit on the green innovation of environmental protection listed companies by taking104 A-share environmental protection listed companies in China from 2015 to 2019 as samples and using the regulation effect model. The research showed that the increase of the amount of green credit played a significant role in promoting the green innovation of environmental protection listed companies;the higher the degree of corporate financing constraints,the more significant the increase of green credit on the level of green innovation. The results showed that the development of green credit should be actively promoted,the amount of green credit should be increased,and green credit funds should be allocated rationally,focusing on helping energy-saving and environmental protection industries get rid of financing difficulties and release the potential of green innovation.