绿色金融对企业绿色技术创新的影响研究

Research on the Impact of Green Finance on Corporate Green Technology Innovation

本文选取2012~2022年沪深A股上市企业数据作为研究样本,通过使用固定回归分析,研究绿色金融如何促进企业绿色技术创新。研究发现:(1) 绿色金融能够显著促进企业绿色技术创新;(2) 机制检验表明绿色金融通过提高企业研发资金与人力资源水平促进企业绿色技术创新,而融资约束对企业绿色创新与绿色金融之间的作用过程发挥负向调节功能;(3) 异质性分析表明在技术密集型企业中,绿色金融推动企业绿色技术创新表现尤为突出;(4) 经过严格的稳健性与内生性检验,以上研究结论是可信的。最后基于研究结论,提出加强绿色金融多主体协同合作,打造绿色金融健康和谐生态圈等建议。This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2022 as the research sample, and uses fixed regression analysis to study how green finance can promote corporate green technology innovation. The results show that: (1) Green finance can significantly promote the innovation of green technology of enterprises;(2) The mechanism test shows that green finance promotes green technology innovation by improving the level of R&D funds and human resources, while financing constraints play a negative regulatory role in the process between green innovation and green finance;(3) Heterogeneity analysis shows that among technology-intensive enterprises, the performance of green finance in promoting green technology innovation is particularly prominent;(4) After strict robustness and endogeneity tests, the above research conclusions are credible. Finally, based on the research conclusions, some suggestions are put forward to strengthen the multi-subject collaboration of green finance and create a healthy and harmonious ecosystem of green finance.