绿色金融发展对工业企业绿色技术创新的影响——基于上市公司的经验证据研究

The Impact of Green Finance Development on Green Technological Innovation of Industrial Enterprises: An Empirical Study Based on Listed Companies

摘要:

绿色金融作为推动经济低碳转型的重要工具，能够有效激励企业开展绿色技术创新。基于2014－2021年沪深A股工业上市企业面板数据，通过构建并应用绿色金融发展指标体系，从宏观角度出发实证研究绿色金融发展对工业企业绿色技术创新的作用效果、中介效应以及调节效应。研究结果显示：绿色金融发展有效促进工业企业绿色技术创新，并且在作用路径中融资约束存在着显著的中介作用、媒体关注发挥正向调节作用，尤其正面报道及纸质媒体的调节作用更大。进一步的异质性分析表明，对于成长期、成熟期以及拥有较差ESG表现的样本企业，绿色金融发展对工业企业绿色技术创新的影响更为明显。研究结论有助于引导工业企业有效利用绿色金融资金，实现绿色转型，为未来实现可持续发展提供参考依据。

Abstract:

As an important tool for promoting the low-carbon transformation of the economy,green finance can effectively motivate enterprises to carry out green technological innovation. Based on the panel data of Shanghai and Shenzhen A-share listed industrial enterprises from 2014 to 2021,this study empirically investigates the effect, mediating effect, and moderating effect of the development of green finance on the green technological innovation of industrial enterprises from a macro perspective by constructing and applying an index system for the development of green finance. The research results show that: green finance development effectively promotes green technology innovation in industrial enterprises. And financing constraints have a significant mediating effect and media attention plays a positive regulatory role in the action path, especially positive reporting and paper media have a greater regulatory effect. Further heterogeneity analysis shows that the development of green finance has a more obvious impact on green technology innovation of industrial enterprises for sample enterprises in the growth stage, maturity stage and with poor ESG performance. The research conclusion is helpful to guide industrial enterprises to effectively utilize green finance funds, realize green transformation, and provide reference basis for achieving sustainable development in the future.