政治嵌入、外部融资对环境规制与绿色技术创新关系的影响

Impact of political embeddedness and external financing on the relationship between environmental regulations and green technology innovation

当前需要充分调动企业绿色技术创新的主体作用,更需要清楚识别不同类型政策对绿色技术创新影响。文章以6 144家民营企业为研究对象,首先分析环境规制对企业不同类型绿色技术创新的影响,包括绿色工艺创新、绿色产品创新;其次,基于外部视角,实证检验外部融资对环境规制与绿色工艺创新、绿色产品创新关系的调节作用;再次,从内部视角实证检验企业政治嵌入对环境规制与绿色工艺创新、绿色产品创新关系的调节作用;最后,进一步检验政治嵌入与外部融资联合对环境规制与企业不同类型绿色技术创新关系的调节作用。结果显示:(1)环境规制、企业政治嵌入和外部融资均会对绿色技术创新产生正向作用,且对绿色工艺创新的调节作用更为显著。(2)企业政治嵌入能够正向调节环境规制对绿色技术创新的影响,其对绿色产品创新的调节作用更为显著。(3)企业政治嵌入与外部融资对环境规制驱动绿色技术创新具有联合调节作用,即高政治嵌入、低融资约束条件下,环境规制对绿色工艺创新、绿色产品创新的影响最为有效。这意味着,经济的绿色复苏离不开有效的环境规制,要尽可能降低外部融资约束来满足企业绿色技术创新的资金需求;在提高政府环境规制强度的同时,需要提高企业的政治嵌入;政府提供环境规制、引导企业政治嵌入、降低外部融资约束应该同步实施、有序发力。

As the main players in green technology innovation, enterprises need to be fully mobilized and to clearly identify the impact of different types of policies on green technology innovation. Taking 6 144 private enterprises as the research data, this article first analyzed the impact of environmental regulations on different types of green technology innovation, including green process innovation and green product innovation. Secondly, based on the external perspective, it empirically tested the moderating effect of external financing on the relationship between environmental regulations, green process innovation, and green products innovation. Thirdly, it empirically tested the moderating effect of corporate political embeddedness on the relationship between environmental regulations, green process innovation, and green product innovation from an internal perspective. Finally, it further tested the moderating effect of the combination of political embeddedness and external financing on the relationship between environmental regulations and different types of green technology innovation. The results showed that:(1) Environmental regulations, corporate political embeddedness, and external financing had positive effects on green technology innovation, and the moderating effect on green process innovation was more significant.(2) Corporate political embeddedness could positively moderate the impact of environmental regulations on green technology innovation, especially on green product innovation.(3) Corporate political embeddedness and external financing had a joint moderating effect on environmental regulations driven by green technology innovation, that is, under the conditions of high political embeddedness and low financing constraints, environmental regulations had the most effective impact on green process innovation and green product innovation. This study found that the green recovery of economy was inseparable from effective environmental regulations. Therefore, external financing constraints should be reduced as far as possible to meet the capital demand of green technology innovation. At the same time, we need to improve the political embeddedness of enterprises. The government should provide environmental regulations, guide the political embeddedness of enterprises, and reduce external financing constraints in a synchronous and orderly manner.