绿色金融发展与企业创新

Green Finance Development and Enterprise Innovation

作为一种能够实现经济和环境协调发展的金融工具,绿色金融在我国绿色经济发展中发挥着重要作用。文章立足于我国绿色金融发展现状,研究了绿色金融发展对企业创新的影响及其机理,并选取2011-2020年沪深A股上市公司数据进行了实证检验。研究发现,绿色金融发展通过缓解融资约束,对企业创新具有显著的促进作用。区分专利类型后发现,现阶段绿色金融对企业绿色发明专利没有显著影响,对绿色非发明专利则具有显著的正向影响。这表明我国上市公司的绿色创新还处在初期,欠缺知识产权的自主创新。这一结论在考虑潜在的内生性问题与一系列稳健性检验后依然成立。此外,绿色金融发展对企业创新的影响在不同类型企业和地区存在差异,绿色专利创新能够显著提升企业财务绩效。文章厘清了绿色金融对企业绿色创新的作用及其路径,为我国绿色金融发展提供了政策依据。

In recent years, China has achieved remarkable economic development and become the second largest economy in the world. However, in the extensive mode of economic development, serious pollution problems follow. With the rapid development of green finance, it is becoming a major trend to promote high-quality economic development through the development of green finance. At the same time, people are generally concerned about not only whether the development of green finance has an incentive effect on enterprise green innovation, but also what internal mechanism it relies on to promote enterprise green innovation.In recent years, the Chinese government has made great efforts to develop green finance, which has become an important measure to promote green technological innovation and green development. Using the unbalanced panel data of 2058 listed companies in Shanghai and Shenzhen A-share market from 2011 to 2020,this paper empirically studies the impact and mechanism of green finance development on enterprise innovation. It is found that the development of green finance has a significant role in promoting enterprise innovation.The study of distinguishing patent types finds that at this stage, green finance has no significant impact on enterprise green invention patents, and has a significant positive impact on enterprise green non-invention patents. This conclusion is still valid after considering the potential endogenous problems and a series of robustness tests. At the same time, heterogeneity analysis shows that green finance has different impacts on enterprise innovation in different enterprise types and regions;mechanism analysis finds that green finance promotes enterprises to carry out green innovation activities by easing the financing constraints of enterprises.This paper also finds that green patent innovation can significantly improve the financial performance of enterprises. Therefore, the government should continue to vigorously strengthen the policy support for green finance and promote enterprises to carry out substantive green innovation, so as to ensure the healthy and sustainable development of green finance.The marginal contributions of this paper are as follows: First, it not only studies the impact of green finance development on enterprise innovation from the micro enterprise level, but also systematically analyzes the impact mechanism of green finance development on enterprise innovation. Second, from the perspective of the impact of enterprise innovation on economic and environmental effects, it analyzes the internal mechanism of green finance development and enterprise innovation. Third, it discusses the heterogeneity of green finance in enterprise ownership, the degree of regional intellectual property protection and enterprise types. The conclusions can provide some theoretical references for “building a green finance system”.