Green Finance and Enterprise Green Technology Innovation
Vigorously developing green finance and supporting the construction of green industries and projects is an important measure for realizing the goal of car-bon peaking and carbon neutrality and promoting high-quality economic develop-ment.Green finance utilizes green credit and other financial tools to provide finan-cial support for environmentally friendly enterprises,providing a strong impetus for the green and low-carbon development of the real economy.Taking the A-share lis-ted companies in Shanghai and Shenzhen from 2014 to 2021 as a sample,the study examines the impact of green finance on enterprises'green technology innovation and its influence mechanism.The study finds that green finance significantly pro-motes enterprises to carry out green technological innovation,and the conclusion is robust;the mechanism test finds that green finance promotes enterprises to carry out green technological innovation projects by alleviating their financing constraints and improving their risk-taking ability;the heterogeneity test finds that this promo-tion effect is more prominent in non-heavily-polluted enterprises and enterprises with low profitability.Therefore,when designing a green financial mechanism,fi-nancial institutions should pay attention to the green technology innovation needs of enterprises and provide more flexible and adaptable financial products,especially for non-heavy polluting enterprises and enterprises with low profitability.The gov-ernment should strengthen the monitoring and disclosure of green data of enterpri-ses and industries,improve the transparency of information,and make financial in-stitutions more fully understand the green innovation activities of enterprises,so as to provide more accurate green financial support for them.Enterprises should use green finance to actively join the ranks of green technology innovation and create results in the field of sustainable development and environmental protection.
Green FinanceGreen Technology InnovationFinancing ConstraintsCorporate Risk-taking Ability
万方数据
维普
