Growth Enterprise Market(GEM)enterprises have special financing structure characteristics,and how to drive green innovation mechanism is worth further exploring.In order to clarify the relationship between the two,we take the GEM listed companies as the research object,use DEA method to measure the green innovation efficiency of enterprises,and empirically analyze its impact on the green innovation efficiency from the perspective of financing ownership structure and term structure.As a beneficial supplement to the financing methods of GEM enterprises,government subsidies should explore the smooth mechanism of the relationship between financing structure and green innovation.The empirical results show that there is a U-shaped relationship between internal financing and green innovation efficiency,and an inverted U-shaped relationship between equity financing and green innovation efficiency,and no significant relationship between debt financing and green innovation efficiency.The optimal structure proportion of the three is 31％for internal financing,36％for equity financing and 33％for debt financing;The relationship between short-term financing and green innovation efficiency is not significant,while long-term financing promotes the improvement of green innovation efficiency;The government subsidy can exert the"resource supply attribute"and"signal transmission attribute"to regulate the relationship between endogenous financing,equity financing and green innovation,realizing its effective smoothing of financing structure and green innovation.This paper finds the correlation between the financing structure and the efficiency of green innovation and the characteristics of the optimal structure,which provides a theoretical reference for correctly handling the relationship between the financing structure and government subsidies,and has a certain reference significance for the capital structure and green innovation decision-making of GEM enterprises.
Financing Source StructureFinancing Term StructureGreen Innovation EfficiencyGovernment Subsidy
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