环境规制、融资约束与企业绿色创新——来自长三角制造业的经验证据

Environmental Regulation,Financing Constraint and Enterprise Green Innovation:Empirical evidence from the manufacturing industry in the Yangtze River Delta

对2013—2018年181家企业环境规制、融资约束和企业绿色创新的关系进行实证分析。研究发现:地方加强环境规制能够显著提高企业绿色创新能力,融资约束对企业绿色创新具有抑制作用;融资约束在环境规制与企业绿色创新关系中起到显著的负向调节效应,削弱了环境规制对企业绿色创新的正向影响。异质性分析表明:融资约束对国有企业绿色创新具有抑制作用;而对于非国有企业具有正向激励作用,但调节效应不再显著。根据研究结论,利用利益相关者理论,分别从政府、金融机构、企业自身角度提出相关的对策。

Based on the data of 181 listed manufacturing companies in the Yangtze River Delta region from 2013 to 2018,an empirical analysis on the relationship between environmental regulation and green innovation is conducted from the perspective of financing constraints imposed by the financial market.The results show that strengthening local environmental regulation can significantly improve enterprises’green innovation ability,and financing constraint has a restraining effect on enterprises’green innovation.At the same time,the financing constraint plays a significant negative moderating effect on the relationship between environmental regulation and green innovation,and weakens the positive impact of environmental regulation on green innovation.Heterogeneity analysis shows that financing constraints have a restraining effect on green innovation of State-Owned enterprises.For non-state-owned enterprises,it has a positive incentive effect,but the moderating effect is no longer significant.Finally,according to the research conclusions,the stakeholder theory is used to put forward relevant countermeasures and suggestions from the perspective of the government,financial institutions and enterprises themselves.