资本市场支持绿色产业技术创新的效应研究*

The Research on the Effect of Capital Market Supporting Technological Innovation of the Green Industry in China

摘要:

发展绿色产业成为当前我国迫切需要解决的问题,为进一步探求资本市场推动我国绿色产业技术创新的作用机理,本文结合理论分析,通过典型相关分析在宏观层面检验了不同层面资本市场与绿色产业技术创新各个阶段之间的作用机理,发现资本市场具有促进绿色产业技术创新的作用,其中对绿色产业技术创新的促进成效最为明显的是股票市场的发展。进一步检验发现股权融资规模与绿色产业企业技术创新水平存在正相关关系,其中中小板市场对绿色企业技术创新的作用效率最高。因此,需要从提高融资效率、优化融资结构和创新融资模式等三个方面充分调动资本市场对绿色产业技术创新的支持功能。

关键词:资本市场;绿色产业;技术创新

Abstract:

The development of green industry has become an urgent problem in our country. In order to seek the mechanism of action that capital markets support green industry technological innovation, on the basis of theoretical analysis, the paper analyzes the interaction mechanism between different levels of capital market and technological innovation of green industry in the macro level, and finds that the capital market has the function of promoting the technological innovation of green industry, and the development of stock market is the most obvious. Further examination finds that there is a positive correlation between the scale of equity financing and the technological innovation level of the green industry enterprises. Therefore, it need to improve the financing efficiency, optimize the financing structure and innovative financing mode and other three aspects to fully mobilize the capital market support for the green industry technology innovation.

Key words:capital market;green industry;technology innovation