Qu Shiyou, Wang Jintao, Li Yonghong, Wang Kexuan
School of Management, Harbin Institute of Technology, Harbin, 150001, China.
The National Policy University for Criminal Justice, Baoding, 071000, China.
Environ Sci Pollut Res Int. 2023 Feb;30(9):23747-23763. doi: 10.1007/s11356-022-23820-0. Epub 2022 Nov 3.
As a core driver for the high-tech enterprises, green technology innovation is crucial, even with high financial risk. Against this background, this paper empirically examines the impact of risk-taking on green technology innovation of high-tech enterprises, taking Chinese A-share listed companies from 2007 to 2020 as the research sample and considering the moderating effect of financial mismatch. Findings show the following: First, the effect of risk-taking on green technology innovation of high-tech enterprises is insignificant in most cases, and the inhibitory effect of financial mismatch is partly supported. Second, financial mismatch only counter-regulates the inhibitory effect of systematic risk-taking on the number of invention patents granted in the eastern sample. Third, the effect of risk-taking on green technology innovation is significantly heterogeneous in terms of property rights and regional heterogeneity, regardless of considering the moderating effect of financial mismatch or not. Finally, the policy implementations point out that the government should create a favorable investment environment, financial institutions should adjust the way of capital allocation, while high-tech enterprises should broaden the financing channels to enhance their risk-taking ability, and promote green technological innovation to achieve high-quality economic development.
作为高科技企业的核心驱动力，绿色技术创新至关重要，即便存在高财务风险。在此背景下，本文以2007年至2020年中国A股上市公司为研究样本，考虑财务错配的调节作用，实证检验了风险承担对高科技企业绿色技术创新的影响。研究结果如下：第一，风险承担对高科技企业绿色技术创新的影响在多数情况下不显著，财务错配的抑制作用得到部分支持。第二，财务错配仅反向调节系统性风险承担对东部样本发明专利授权数量的抑制作用。第三，无论是否考虑财务错配的调节作用，风险承担对绿色技术创新的影响在产权和区域异质性方面存在显著差异。最后，政策实施指出，政府应营造良好的投资环境，金融机构应调整资金配置方式，高科技企业应拓宽融资渠道以增强其风险承担能力，促进绿色技术创新以实现高质量经济发展。
