绿色金融与企业绿色创新:基于融资约束视角的研究

Green Finance and Enterprise Green Innovation:A Study Based on Financing Constraints

在国家碳中和碳达峰战略目标下,绿色金融的快速发展如何提升企业绿色技术创新能力成为当前重要的研究课题。文章基于2010-2020年沪深A股上市公司的绿色专利申请数据,探讨了现阶段绿色金融发展是否能够显著促进企业绿色创新能力的提升。实证研究表明,区域绿色金融的发展能够显著促进企业绿色创新能力的提高,且该促进作用在股权类型上具有异质性。经过一系列的稳健性检验,各项研究假说仍然成立。研究建议,企业应积极完善自身的绿色金融发展体系,充分发挥区域绿色金融在提高企业绿色创新能力、促进社会经济结构调整中的作用,助力国家“双碳”战略目标的实现。

Under the national carbon peaking and carbon neutrality strategic goals,the effect of the rapid development of green finance on enhancing the enterprise green technology innovation capabilities has become an important research topic.Based on the green patent application data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020,this paper discusses whether the development of green finance at the current stage can significantly promote the improvement of green innovation capabilities of enterprises.Empirical research shows that the development of regional green finance can significantly promote the improvement of green innovation capabilities of enterprises,and the promotion effect is heterogeneous in terms of equity types.After a series of robust tests,the hypotheses still hold.It is recommended that enterprises should actively improve their own green finance development system,and give full play to the role of regional green finance in improving green innovation capabilities of enterprises and promoting social and economic restructuring,so as to contribute to the realization of carbon peaking and carbon neutrality goals.