School of Economics and Trade, Hunan University, Changsha, 410006, China.
Environ Sci Pollut Res Int. 2023 Apr;30(18):54073-54094. doi: 10.1007/s11356-023-26153-8. Epub 2023 Mar 4.
Green innovation is an essential support for environmentally sustainable development. However, little attention has been given to the impact of financial expansion on green innovation in the existing literature, and there is a lack of studies based on the perspective of the financial geographical supply structure. This study uses latitude and longitude information to construct firm-level financial geo-density data in China. It examines the impact of financial geo-density on a firm's green innovation and mechanisms. The results reveal that as financial geo-density increases, green innovation quantity increases, but green innovation quality decreases. The findings of the mechanism test indicate that an increase in financial geo-density decreases the cost of financing and boosts bank competition in the vicinity of the firm, hence resulting in a rise in the firms' green innovation quantity. Nevertheless, the degree of bank competition increased by financial geo-density increase negatively affects firms' green innovation quality. Heterogeneity analysis shows that financial geo-density has a more significant positive impact on a firm's green innovation quantity in high environmental regulation areas and high-pollution industries. Firms with low innovation capabilities are the main group responsible for the decline in green innovation quality. For firms located in low environmental regulation areas and medium- to light-pollution industries, financial geo-density has a more significant inhibition effect on green innovation quality. Further tests have shown that the extent to which financial geo-density enhances a firm's green innovation quantity diminishes as market segmentation increases. A new concept of financial development policies based on green development and innovation is presented in this paper for developing economies.
绿色创新是环境可持续发展的重要支撑。然而，现有文献对金融扩张对绿色创新的影响关注较少，且缺乏基于金融地理供给结构视角的研究。本研究利用经纬度信息构建了中国企业层面的金融地理密度数据。检验了金融地理密度对企业绿色创新及其机制的影响。结果表明，随着金融地理密度的增加，绿色创新数量增加，而绿色创新质量下降。机制检验结果表明，金融地理密度的增加降低了企业的融资成本，提高了企业附近的银行竞争程度，从而提高了企业的绿色创新数量。然而，金融地理密度增加所带来的银行竞争程度的提高对企业的绿色创新质量产生负面影响。异质性分析表明，在环境监管程度高和污染程度高的地区，金融地理密度对企业绿色创新数量的正向影响更为显著；在创新能力较低的企业中，绿色创新质量下降的主要原因。对于位于环境监管程度低、污染程度中低的企业，金融地理密度对绿色创新质量的抑制作用更为显著。进一步的检验表明，随着市场分割程度的增加，金融地理密度对企业绿色创新数量的促进作用会减弱。本文为发展中经济体提出了一个基于绿色发展和创新的金融发展政策新理念。
