Research on the policy effects of green finance on corporate green innovation:Based on the mediating effect of analyst attention
With the steady promotion of China's"carbon peak and carbon neutral"development strategy,how to give full play to the guiding role of green financial policies in the green technology innovation of enterprises has become an urgent concern.This paper explores the impact of green finance on corporate green innovation by using multiple regression model with A-share listed companies from 2009 to 2020 as the research sample.The study shows that green finance policy plays the role of innovation driver through two ways:guiding resources and transmitting information,in which analysts'attention acts as the transmission intermediary of the policy,forming the transmission mechanism of"green finance policy analysts'attention green innovation".It is further found that the former is more effective in driving innovation when green financial policies are divided into direct and indirect policies,and the above findings are more significant among enterprises in the eastern region and non-state enterprises.The research aims to provide useful references for promoting green innovation activities in enterprises and improving green finance policies.In view of this,it is proposed to give full play to the supportive role of fiscal policies in enterprise technology research and development,improve the environmental information disclosure system in the capital market,encourage analysts and other entities to participate,improve the accountability mechanism of local governments according to local actual situations,and implement central policies.
green finance policygreen technology innovationanalyst focusdirect policiesindirect policies
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