金融发展对企业绿色创新发展的影响研究

Research on the Impact of Financial Development on the Enterprises’Green Innovation Development

企业是绿色技术创新的微观主体和经济绿色转型的主要载体,而金融发展对于企业的绿色技术创新有着至关重要的作用。基于2009—2021年的中国沪深A股上市公司为研究样本,实证考察金融发展对上市公司绿色创新发展的影响。研究结果显示,金融发展对上市公司绿色创新发展具有显著的促进作用。在污染企业样本与非污染企业样本下,金融发展对污染企业绿色创新发展的促进作用更大。金融发展水平不仅能够直接促进企业绿色发展,还能通过影响企业融资约束、创新投入与债务结构间接促进企业绿色发展。此外,产权性质和媒体关注可以显著调节金融发展对企业绿色创新发展的影响,国有企业以及媒体关注程度越高的企业其所在区域的金融发展越能促进自身的绿色创新发展。

Enterprises are the micro entities of green technology innovation and the main carriers of economic green transformation,and financial development plays a crucial role in the green technology innovation of enterprises.Based on the A-share listed companies in Shanghai and Shenzhen from 2009 to 2021,this study empirically examines the impact of financial development on the green innovation development of listed companies.The research results show that financial development has a significant promoting effect on the green innovation development of listed companies.In the samples of polluting enterprises and non polluting enterprises,financial development has a greater promoting effect on the green innovation development of polluting enterprises.The level of financial development can not only directly promote the green development of enterprises,but also indirectly promote their green development by influencing financing constraints,innovation investment,and debt structure.In addition,the nature of property rights and media attention can significantly regulate the impact of financial development on the green innovation development of enterprises.State owned enterprises and enterprises with higher media attention can better promote their own green innovation development in their respective regions.