Quantity or quality? The effect of green finance on enterprise green technology innovation

IF 5 3区管理学 Q1 BUSINESS European Journal of Innovation Management Pub Date : 2023-11-14 DOI:10.1108/ejim-03-2023-0208

Xin Li, Siwei Wang, Xue Lu, Fei Guo

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Abstract

Purpose This paper aims to explore the impact of green finance on the heterogeneity of enterprise green technology innovation and the underlying mechanism between them. Design/methodology/approach Using the data of China's A-share listed enterprises from 2008 to 2020 and the fixed effect model, the authors empirically explore the relationship and mechanism between green finance and green technology innovation by constructing the green finance index while considering both the quality and quantity of innovation. Findings The study suggests that green finance is positively related to the quality and quantity of enterprise green technology innovation, while green finance is more effective in stimulating the quality of green technology innovation than quantity. In addition, alleviating financial mismatch and improving the quality of environmental information disclosure are core mechanisms during the process of green finance facilitating green technology innovation. Furthermore, green finance exerts a more positive effect on the quality and quantity of green technology innovation with large-size enterprises, heavily polluting industries and enterprises in the eastern region. Originality/value This paper enriches the literature on green finance and green technology innovation and provides practical significance for green finance implementation.

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数量还是质量?绿色金融对企业绿色技术创新的影响

本文旨在探讨绿色金融对企业绿色技术创新异质性的影响及其背后的机制。本文利用2008 - 2020年中国a股上市公司的数据，运用固定效应模型，在考虑创新质量和创新数量的基础上，构建绿色金融指标，实证探讨绿色金融与绿色技术创新之间的关系和机制。研究发现，绿色金融与企业绿色技术创新的质量和数量呈正相关，绿色金融对绿色技术创新的质量比数量更有效。此外，缓解金融错配和提高环境信息披露质量是绿色金融促进绿色技术创新的核心机制。此外，绿色金融对东部地区大型企业、重污染行业和企业绿色技术创新的质量和数量都有更积极的影响。本文丰富了绿色金融和绿色技术创新的相关文献，对绿色金融的实施具有现实意义。

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来源期刊

European Journal of Innovation Management Multiple-

CiteScore

10.40

自引率

17.60%

发文量

107

期刊介绍： The subject of innovation is receiving increased interest both from companies because of their increased awareness of the impact of innovation in determining market success and also from the research community. Academics are increasingly beginning to place innovation as a priority area in their research agenda. This impetus has been partly fuelled by the Economic & Social Research Council (ESRC) who have designated innovation as one of nine research areas in their research initiative schemes.