股权质押、融资约束与企业绿色技术创新

Shares Pledge,Financing Constraints and Enterprise Green Technology Innovation

企业开展绿色技术创新是实现“双碳”目标的有效途径之一,但绿色技术创新投资规模大、回报周期长和风险高的特点导致其获得高质量融资较难。另一方面,目前股权质押融资已成为我国企业控股股东相对便捷的融资方式。因此,有必要研究控股股东股权质押对企业绿色技术创新投入产生的直接影响效应和间接影响效应,以及明确融资约束在其中所起的作用。为此,通过构建模型开展实证检验后证实,企业控股股东股权质押不仅直接抑制企业绿色技术创新投入,而且加剧了企业融资约束,进而更加抑制企业绿色技术创新投入,即融资约束在控股股东股权质押对企业绿色技术创新投入的影响中起中介作用。进一步的异质性分析发现,董事长与CEO两职合一时,控股股东股权质押对企业绿色技术创新投入具有显著的抑制作用;在持股比例达到一定程度之前,控股股东持股比例越大,控股股东股权质押对绿色技术创新投入的抑制作用越大;国有性质的企业通过其他融资渠道削弱了控股股东股权质押对企业绿色技术创新投入的负面影响。鉴于此,有关部门应采取措施,完善监管,提升企业内部治理水平,促进各方面形成绿色发展共识,从而更有效更有针对性地鼓励企业开展绿色技术创新。

Green technology innovation is one of the effective ways to achieve goals for carbon peaking and neutrality.However,the large scale of investment,long return period,and high risk of green technology innovation make it difficult to get high-quality financing for controlling shareholders of enterprises in China.Since controlling shareholders′shares pledge financing has become a relative convenient and quick financing method,it is necessary to study the direct and indirect effects of controlling shareholders′shares pledges on enterprises′investment in green technology innovation,as well as to clarify the role of financing constraints in this regard.By constructing an empirical model,this paper confirms that the share pledge not only inhibits enterprise green technology innovation directly but also exacerbates enterprise financing constraints,which in turn inhibit enterprise green technology innovation investment.It means that the financing constraint plays a mediating role in the impact of controlling shareholders′shares pledges on green technology innovation.Further heterogeneity analysis reveals that when the chairman and CEO positions are combined,the controlling shareholder′s share pledge has a significant inhibitory effect on corporate green innovation;before the shareholding ratio reaches a certain level,the larger the controlling shareholder′s shareholding ratio is,the greater the inhibiting effect of controlling shareholder′s share pledge on green technology innovation;state-owned enterprises weaken the negative influence of controlling shareholder′s share pledge on corporate green technology innovation through other financing channels.Therefore,to encourage enterprises to carry out green technological innovation in a more effective and targeted manner,the relevant authorities should take measures to improve regulation,enhance the internal governance of enterprises and promote the formation of a consensus on green development among all parties.