绿色金融发展、绿色研发投入与企业全要素生产率提升

Green Financial Development,Green R&D Investment and Growth of Enterprise Total Factor Productivity

本文以2011~2020年中国A股上市公司为样本,对绿色金融发展、绿色研发投入以及企业全要素生产率提升的关系进行检验。研究结果表明:绿色金融发展对企业全要素生产率的提升具有显著的促进作用,这一效应对高技术企业比较明显。绿色金融发展有利于激发企业绿色研发投入的动力,且对高技术企业的激励作用更强。绿色金融发展能够通过绿色研发投入推进提高企业全要素生产率,且绿色研发投入在促进高技术企业全要素生产率提升中的传导作用相对更大。

This paper investigates the effect of green financial development on the growth of enterprise’s total factor producti-vity and the transmission effect of R&D investment and the of enterprise’s total factor productivity with data of China A-share listed companies from 2011 to 2020.The results show that green financial development can significantly promote the growth of enterprise’s total factor productivity, and which is relatively strong in the sample group of high-tech enterprises.Further, The green financial development is beneficial to increasing enterprises’ green R&D investment.Comparatively speaking, green financial development is more conducive to encouraging green R&D investment of high-tech enterprises.Another, the green financial development can promote enterprise total factor productivity by encouraging enterprises to increase green R&D investment, and the intermediary effect of green R&D investment is more obvious in the high-tech enterprise group.