School of Marxism, Guangxi Normal University, Guilin, 541004, China.
Pearl River - Xijiang River Economic Belt Development Institute, School of Economics and Management, Guangxi Normal University, Guilin, 541004, China.
Environ Sci Pollut Res Int. 2023 Nov;30(53):113313-113322. doi: 10.1007/s11356-023-29966-9. Epub 2023 Oct 17.
In order to reduce environmental deterioration and promote sustainable growth, green innovation-which includes ecologically friendly technology and practices-has become a top priority of policymakers worldwide. This research investigates how formal and informal finance affects green innovation in highly polluted high, middle-, and low-income economies, using data spanning from 2007 to 2021. For analyzing the empirical link between formal finance, informal finance, and green innovation, we have employed the 2SLS and GMM estimation techniques. The primary estimates of the analysis suggest that formal and informal funding methods significantly impact environment-related technologies in high-income and middle- and low-income nations. Moreover, the GDP, carbon emissions, trade openness, human capital, research and development, financial stability, and digital finance are essential factors in promoting environment-related technologies in high-, middle-, and low-income nations, respectively. The policymakers in both groups of countries should foster collaboration between the formal and informal sectors to promote green innovations, which is essential for achieving sustainable development goals.
为了减少环境恶化，促进可持续增长，绿色创新——包括环保技术和实践——已成为全球政策制定者的首要任务。本研究利用 2007 年至 2021 年的数据，考察了正规和非正规金融如何影响高、中、低收入经济体的绿色创新。为了分析正规金融、非正规金融和绿色创新之间的实证关系，我们采用了 2SLS 和 GMM 估计技术。分析的主要估计结果表明，正规和非正规融资方式对高收入和中低收入国家的与环境相关的技术有显著影响。此外，国内生产总值、碳排放量、贸易开放度、人力资本、研发、金融稳定和数字金融分别是促进高、中、低收入国家与环境相关技术发展的重要因素。这两个国家群体的政策制定者都应该促进正规和非正规部门之间的合作，以促进绿色创新，这对于实现可持续发展目标至关重要。
