资本账户双向开放能否激发企业绿色创新?

Could Capital Account Bidirectional Openness Motivate Enterprise's Green Innovation?

通过拓展熊彼特创新模型,文章基于GKAOPEN数据库,通过构建面板数据模型从资本账户流入开放和流出开放两个角度实证分析资本账户开放对企业绿色创新的影响。研究发现:第一,资本账户流入开放显著促进了企业绿色创新水平,而资本账户流出开放对企业绿色创新呈现出先抑制后促进的作用。资本账户双向开放对企业绿色创新的促进作用得益于资本账户开放带来的融资约束缓解。第二,中国各省份环境规制强度能够进一步促进资本账户流入开放对企业绿色创新水平的提升作用,并减少资本账户流出开放对企业绿色创新水平的抑制作用。第三,资本账户双向开放更能够刺激企业绿色创新“数量”而非绿色创新“质量”。第四,资本账户开放对企业绿色创新的影响存在异质性,且该异质性受到企业地区分布、股权性质以及企业所处行业的影响。

By extending Schumpeter's innovation model,this paper theoretically analyzes how the bidirectional openness of capital accounts influences corporate green innovation.Based on GKOPEN database,this paper constructs a panel model to explore how capital account inflows openness and outflows openness affect enterprise's green innovation.The results indicate that,firstly,the openness to capital account inflows significantly promotes the level of enterprise's green innovation,while the influence of the openness to capital account outflows on enterprise's green innovation changes from inhibiting to promoting.The positive effects of bidirectional capital account openness on enterprise's green innovation are attributed to the alleviation of financing constraints which is caused by capital account liberalization.Secondly,environmental regulation further improves the positive influence of capital account inflows openness on enterprise's green innovation,and reduces the negative influence of the openness with capital account outflows on enterprise's green innovation.Thirdly,bidirectional capital account openness is more able to inspire the"quantity"rather than the"quality"of enterprise's green innovation.Fourthly,this paper reveals heterogeneous effects of bidirectional capital account openness on enterprise's green innovation.The heterogeneous effects are influenced by region,type of equity and industry.