Could Capital Account Bidirectional Openness Motivate Enterprise's Green Innovation?
By extending Schumpeter's innovation model,this paper theoretically analyzes how the bidirectional openness of capital accounts in-fluences corporate green innovation.Based on GKOPEN database,this paper constructs a panel model to explore how capital account in-flows openness and outflows openness affect enterprise's green innovation.The results indicate that,firstly,the openness to capital account inflows significantly promotes the level of enterprise's green innovation,while the influence of the openness to capital account outflows on enterprise's green innovation changes from inhibiting to promoting.The positive effects of bidirectional capital account openness on enter-prise's green innovation are attributed to the alleviation of financing constraints which is caused by capital account liberalization.Secondly,environmental regulation further improves the positive influence of capital account inflows openness on enterprise's green innovation,and reduces the negative influence of the openness with capital account outflows on enterprise's green innovation.Thirdly,bidirectional capital account openness is more able to inspire the"quantity"rather than the"quality"of enterprise's green innovation.Fourthly,this paper re-veals heterogeneous effects of bidirectional capital account openness on enterprise's green innovation.The heterogeneous effects are influ-enced by region,type of equity and industry.
万方数据
维普
