Does green finance promote enterprises’ green technology innovation in China?

Shuangshuang Jiang · Xiaojiao Liu · Zhonglu Liu · Hao Shi · Hongdi Xu

103 citations0/0 files storedFrontiers in Environmental Science

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Sustainable Finance and Green Bonds Environmental Sustainability in Business Energy, Environment, Economic Growth

Abstract

In the carbon neutrality strategy, understanding the effects of green finance on green technology innovation is conductive to promoting the green transformation of the economy. Based on the micro-level and provincial panel data of Shanghai and Shenzhen A-share listed companies from 2012 to 2019, this study explored the impact of green financial development on the enterprises’ green technology innovation. Both mediating effect and moderating effect models were employed to determine the impact of green finance on green technological innovation. It was found that green finance significantly improved the enterprises’ green technology innovation, despite sufficient incentives for “quantity” and relatively insufficient motivation for “quality”. The mechanistic tests demonstrated that the green finance could encourage enterprises to improve green technology innovation by alleviating corporate financing constraints. The green innovation effect of green finance was gradually increased when the regional intellectual property protection was improved. The heterogeneity test indicated that the incentive effect of green financial development on green technology innovation was more evident in state-owned enterprises, enterprises with good internal control quality, and enterprises in the growth period. If only enterprises in the recession stage received green financial support, a “green innovation bubble” might occur. The research conclusions enrich the theories on the driving factors of enterprise green innovation and provide empirical evidence for enhancing the competitiveness of enterprise green innovation and achieving carbon neutrality.

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References

2006Financial Constraints Risk 2013The dark side of analyst coverage: The case of innovation 2011Cash Flow Patterns as a Proxy for Firm Life Cycle 2021Demand for green finance: Resolving financing constraints on green innovation in China 2022How does green finance affect green total factor productivity? Evidence from China 2021Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China 2021Green technology innovation and financial development: Do environmental regulation and innovation output matter?2022The linkages between natural resources, human capital, globalization, economic growth, financial development, and ecological footprint: The moderating role of technological innovations

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