The impact of stock liquidity on firms has received increasing academic attention.Howev-er,few studies have focused on the impact of stock liquidity on corporate green innovation.This pa-per investigates the impact of stock liquidity on corporate green innovation using the data of A-share listed companies from 2011 to 2021.It is found that stock liquidity has a facilitating effect on corpo-rate green innovation.The results of the mechanism test indicate that the positive impact of stock liquidity on corporate green innovation stems from the information effect and the governance effect of institutional investors.It is further found that based on the information effect,the positive impact of stock liquidity on corporate green innovation is strengthened when investor professionalism is enhanced.Based on the governance effect of institutional investors,controlling shareholders'equity pledge did not weaken the positive effect of stock liquidity on corporate green innovation.The findings of this paper provide important insights into how capital markets can pro-mote corporate green innovation.
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万方数据
