绿色金融如何影响企业的创新表现? 来自中国的证据
Chao Liu1, Congcong Dai1, Shuai Chen2
1College of Economics and Management, Shandong University of Science and Technology, Qingdao, 266590, China.
概括
绿色金融通过降低融资约束和增加研发投资,显著提高企业创新绩效. 这种双赢的方法对环境和经济都有好处,特别是对国有企业和大型企业来说.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 创新管理 创新管理
背景情况:
- "绿色"原则与经济发展的整合,称为绿色创新,为环境可持续性和经济增长带来双重利益.
- 绿色金融已经成为促进这种整合的关键机制,使金融流与环境目标保持一致.
研究的目的:
- 实证地研究绿色金融对企业创新绩效的影响.
- 分析通过绿色金融影响创新的机制.
- 检查绿色金融在不同类型的企业和不同地区的影响的异质性.
主要方法:
- 使用双向固定效应模型进行实证分析.
- 从上海和深证券交易所上市的14,309家A股公司 (2012-2020年) 的采样年度数据.
- 进行异质性测试,以探索影响的变化.
主要成果:
- 绿色金融的发展与企业创新绩效的提高有积极的相关性.
- 关键机制包括降低融资限制,增加研发投资和加强环境保护投资.
- 在中部和东部地区,对于国有企业,大型企业和非高能耗/污染企业来说,积极影响更为明显.
结论:
- 绿色金融是促进企业创新和实现可持续发展的有效工具.
- 政策支持对于扩大绿色融资计划至关重要,以最大限度地提高环境和经济效益.
- 可能需要有针对性的政策来增强绿色金融在不同经济环境中的影响.
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