College of Economics and Management, Shandong University of Science and Technology, Qingdao, 266590, China.
Department of Finance and Economics, Shandong University of Science and Technology, Jinan, 250000, China.
Environ Sci Pollut Res Int. 2023 Jul;30(35):84516-84536. doi: 10.1007/s11356-023-28063-1. Epub 2023 Jun 27.
"green" + "innovation" has become a new concept of development. The integration of the two can bring win-win for the environment and economy. This paper selects the annual data of 14309 A-share companies in Shanghai and Shenzhen Stock Exchange from 2012 to 2020 as the research sample. And it uses the two-way fixed effect model to empirically test the impact of green finance on enterprise innovation performance. The study found that the development of green finance can promote the improvement of enterprise innovation performance. The analysis of influence mechanism shows that the development of green finance can reduce the financing constraints of enterprises, and then improve the innovation performance of enterprises; the development of green finance can increase the R&D investment of enterprises, and then improve the innovation performance of enterprises; green finance development can increase corporate investment in environmental protection, which in turn can improve corporate innovation performance. The results of heterogeneity test analysis show that compared with the western region, private enterprises, small and medium-sized enterprises, and high energy consumption and high pollution enterprises, the development of green finance in the central and eastern regions, state-owned enterprises, large enterprises, and non double high enterprises has more obvious role in promoting enterprise innovation performance. Therefore, the government should issue relevant policies and actively promote green finance policies that can help improve environmental and economic issues.
"绿色"+"创新"已经成为一种新的发展理念。两者的融合可以实现环境和经济的双赢。本文选取了 2012 年至 2020 年上海和深圳证券交易所 14309 家 A 股公司的年度数据作为研究样本。并采用双向固定效应模型对绿色金融对企业创新绩效的影响进行了实证检验。研究发现，绿色金融的发展可以促进企业创新绩效的提高。影响机制分析表明，绿色金融的发展可以降低企业的融资约束，从而提高企业的创新绩效；绿色金融的发展可以增加企业的研发投入，进而提高企业的创新绩效；绿色金融的发展可以增加企业在环境保护方面的投资，从而提高企业的创新绩效。异质性检验分析结果表明，与西部地区相比，绿色金融在东部地区、国有企业、大型企业和非双高企业中的发展，对企业创新绩效的促进作用更为明显。因此，政府应出台相关政策，积极推动绿色金融政策，有助于改善环境和经济问题。
