绿色企业融资约束影响因素与缓解路径研究

Research on Influencing factors and mitigation paths of green enterprise financing constraints

摘要:

以我国2021年90家创业板绿色企业为数据样本，基于TOE框架对绿色企业融资约束的影响因素进行整合分析，选取绿色创新能力、数字化转型、成长性、融资结构和绿色金融发展水平5个前因条件，应用模糊集定性比较分析方法探究绿色企业融资约束的影响机制。实证结果表明：5个前因条件单独作用时均无法构成绿色企业高融资约束；存在3条造成绿色企业高融资约束的路径，即“债权融资结构—融资环境缺失”型、“绿色创新能力弱—融资环境缺失”型和“绿色创新能力弱—债权融资结构”型；存在3条缓解绿色企业融资约束的路径，即“数字化转型程度高—股权融资结构”型、“绿色创新能力强—股权融资结构”型和“绿色创新能力强—融资环境支撑”型。研究结论为解决绿色企业融资约束问题提供了理论借鉴和实践启示。

Abstract:

Taking 90 green enterprises listed on Chinext in 2021 as data samples, the TOE framework was used to conduct an integrated analysis of the influencing factors of financing constraints on green enterprises. Five antecedent conditions, namely green innovation ability, digital transformation, growth, financing structure, and green finance development level, were selected, and the fuzzy set qualitative comparative analysis method was applied to explore the paths affecting financing constraints on green enterprises. The empirical results show that the five antecedents alone cannot constitute high financing constraints for green enterprises. There are three paths leading to high financing constraints for green enterprises, namely the "debt financing structure — lack of financing environment" type, the "weak green innovation ability — lack of financing environment" type, and the "weak green innovation ability — debt financing structure" type. There are three ways to alleviate the financing constraints of green enterprises, namely the "high degree of digital transformation - equity financing structure" type, the "strong green innovation ability - equity financing structure" type, and the "strong green innovation ability - financing environment support" type. The research conclusion provides theoretical references and practical enlightenment for solving the problem of financing constraints for green enterprises.