Green Finance Reform and Innovation policy,R&D Investment and Enterprises'Green Technology Innovation
Green technology innovation is the source of sustainable development of enterprises as well as an important starting point for coordinating high-quality economic development and ecological civilization construction.Drawing on the panel data of Shanghai and Shenzhen A-share listed industrial enterprises from 2012 to 2021,this paper systematically investigates the effect,mechanism and heterogeneity of green finance reform and innovation policy on enterprises'green technology innovation by using the double-differential method.The results show that:green finance reform and innovation policy can help improve the enthusiasm of enterprises for green technology innovation,which is mainly reflected in the increase in the"number"of green patents.The mechanism of action shows that R&D investment has a"masking effect"in the process of promoting enterprises'green technology innovation through reform and inno-vation policy.Heterogeneity analysis shows that the impact of green finance reform and innovation policy on enterprises'green technolo-gy innovation is more significant in the central and western regions,non-state-owned enterprises and non-heavily polluting enterprises.Therefore,it is necessary to summarize the successful experience of the pilot zone in a timely manner,expand the scope of the policy pilot,formulate differentiated policies and constraint mechanisms,fully mobilize the enthusiasm of enterprises for independent innova-tion,and guide the green and low-carbon development of various regions.
green finance reform and innovation policyR&D investmentgreen technology innovationdouble-difference mod-elmediation effect