Business School, Ningbo University, No. 818 Fenghua Rd, Jiangbei District, Ningbo, 315211, China.
School of Finance, Jiangxi University of Finance and Economics, Nanchang, China.
Environ Sci Pollut Res Int. 2023 Dec;30(57):120683-120706. doi: 10.1007/s11356-023-30624-3. Epub 2023 Nov 9.
Employing a large sample of Chinese firms, this study examined the influence of corporate green innovation on firms' access to trade credit. The results indicated a positive association between green innovation and firms' capability to access trade credit, suggesting that suppliers value firms' green innovation capabilities. This relationship was strengthened after the implementation of the new Environmental Protection Law (EPL) in 2015, which enhanced the value of green innovation. The findings remained robust to several robustness tests. The results suggest that green innovation helps firms access trade credit through better environmental, social, and governance (ESG) scores and more state subsidy channels and plays a more pronounced role for financially constrained firms, non-state-owned enterprises, firms with lower bargaining power, and firms located in regions with better intellectual property rights protections. Green innovation is valuable for future corporate growth and shareholder value. Overall, this study reveals the value of green innovation through informal corporate financing.
本研究使用大量中国企业样本，考察了企业绿色创新对企业获得贸易信贷的影响。结果表明，绿色创新与企业获得贸易信贷的能力之间呈正相关关系，这表明供应商重视企业的绿色创新能力。2015 年新《环境保护法》（EPL）的实施增强了绿色创新的价值，这一关系得到了加强。经过多项稳健性检验，研究结果仍然成立。研究结果表明，绿色创新有助于企业通过更好的环境、社会和治理（ESG）评分以及更多的国家补贴渠道获得贸易信贷，并在财务约束较大的企业、非国有企业、议价能力较低的企业以及知识产权保护较好的地区的企业中发挥更显著的作用。绿色创新对未来企业增长和股东价值具有重要意义。总体而言，本研究通过非正式的企业融资揭示了绿色创新的价值。
