School of Economics and Management, Hunan Institute of Technology, Hengyang, China.
PLoS One. 2021 Dec 22;16(12):e0261589. doi: 10.1371/journal.pone.0261589. eCollection 2021.
Firm's effort on Green technology innovation (hereafter, called G-innovation) is affected by financing constraints, and firm will make a discretionary choice according to its own situation, to achieve the maximization of self-interests. Based on the data of Chinese micro enterprises, firstly, we empirically analyze firms' decision-making towards G-innovation when faced with financing constraints. It supports the view that financing constraints can hinder enterprise technological innovation. And we also make an explanation that the social benefits of green technology innovation are greater than personal benefits, which makes enterprises tend to reduce green technology innovation when facing financing constraints. Then we examine firms' heterogonous behaviors under different internal attributes and external environments. The results reveal that: First, firms are reluctant to pay more efforts to G-innovation when faced with increased financing constraints. Second, firms with different attributes exhibit heterogeneous G-innovation. Political connections will change firms' willingness to innovate, while the structure of property rights and the pollution degree will not. Third, firms under different external environment also exhibit heterogeneous G-innovation. When economic policy uncertainty increases, firms' willingness to innovate weakens. The development of shadow banks fail to improve firm's willingness to innovate.
企业在绿色技术创新（以下简称 G-创新）方面的努力受到融资约束的影响，企业将根据自身情况做出自由裁量的选择，以实现自身利益的最大化。基于中国微观企业的数据，本文首先从实证上分析了企业在面临融资约束时对 G-创新的决策。这支持了融资约束会阻碍企业技术创新的观点。我们还解释了绿色技术创新的社会效益大于个人效益，这使得企业在面临融资约束时往往会减少绿色技术创新。然后，我们考察了不同内部属性和外部环境下企业的异质行为。结果表明：首先，企业在面临融资约束增加时，不愿意付出更多的努力进行 G-创新。其次，具有不同属性的企业表现出异质的 G-创新。政治关联会改变企业的创新意愿，而产权结构和污染程度则不会。第三，在不同外部环境下的企业也表现出异质的 G-创新。当经济政策不确定性增加时，企业的创新意愿减弱。影子银行的发展未能提高企业的创新意愿。
