Green Finance最新文献

Financing low-carbon hydrogen: The role of public policies and strategies in the EU, UK and USA 低碳氢融资:欧盟、英国和美国公共政策和战略的作用

IF 8.6

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023011

J. Moura, I. Soares

The goal of this study is twofold: first, to understand the rationales of public policies and possible outcomes on energy systems design behind supporting national hydrogen strategies in three major economic blocs (the EU, UK and USA) and possible outcomes on energy systems design; second, to identify differences in policy approaches to decarbonization through H2 promotion. Large-scale expansion of low-carbon H2 demands careful analysis and understanding of how public policies can be fundamental drivers of change. Our methodological approach was essentially economic, using the International Energy Agency (IEA) policy database as a main information source. First, we identified all regional policies and measures that include actions related to H2, either directly or indirectly. Then, we reclassified policy types, sectors and technologies to conduct a comparative analysis which allowed us to reduce the high degree of economic ambiguity in the database. Finally, we composed a detailed discussion of our findings. While the EU pushed for renewable H2, the UK immediately targeted low-carbon H2 solutions, equally considering both blue and green alternatives. The USA pursues a clean H2 economy based on both nuclear and CCS fossil technology. Although there is a general focus on fiscal and financing policy actions, distinct intensities were identified, and the EU presents a much stricter regulatory framework than the UK and USA. Another major difference between blocs concerns target sectors: While the EU shows a broad policy strategy, the UK is currently prioritizing the transport sector. The USA is focusing on H2 production and supply as well as the power and heat sectors. In all cases, policy patterns and financing options seem to be in line with national hydrogen strategies, but policies' balances reflect diverse institutional frameworks and economic development models.

本研究的目标有两个:首先，了解三大经济集团(欧盟、英国和美国)支持国家氢能战略背后的公共政策的基本原理和能源系统设计的可能结果，以及能源系统设计的可能结果;其次，确定通过H2促进脱碳的政策途径的差异。大规模推广低碳氢气需要仔细分析和理解公共政策如何成为变革的根本驱动力。我们的方法基本上是经济的，使用国际能源署(IEA)的政策数据库作为主要的信息来源。首先，我们确定了所有包括直接或间接与氢气相关行动的区域政策和措施。然后，我们对政策类型、部门和技术进行了重新分类，以进行比较分析，这使我们能够减少数据库中高度的经济模糊性。最后，我们对我们的发现进行了详细的讨论。当欧盟推动可再生氢气时，英国立即瞄准了低碳氢气解决方案，同时考虑了蓝色和绿色替代方案。美国追求基于核能和CCS化石技术的清洁氢经济。尽管普遍关注财政和融资政策行动，但确定了不同的强度，欧盟提出了比英国和美国严格得多的监管框架。集团之间的另一个主要区别在于目标行业:欧盟展示了一个广泛的政策战略，而英国目前优先考虑的是交通部门。美国正专注于氢气的生产和供应，以及电力和供热部门。在所有情况下，政策模式和融资选择似乎都符合国家氢战略，但政策的平衡反映了不同的制度框架和经济发展模式。

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引用次数: 0

Assessing the economic efficiency of green investments in the context of sustainable development of the territory 在香港可持续发展的背景下，评估绿色投资的经济效益

IF 8.6

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023014

V. Kurdyukov, Alla M. Ovcharenko

This article proposes theoretical and analytical foundations for the economic assessment of the results of green investments in terms of promoting territorial sustainability. The green investments are presented as resources aimed at reducing the economic damage from environmental pollution through the creation of conditions or direct impact activities. However, the discounting application distorts their significance. The result of real green investment is capital, which is often specific and difficult to assess. It distinguishes them markedly from other investments. Green investments do not require directive advantages, such as a social discount rate. It is necessary to address the results of green investment in terms of their value for the sustainability of socio-economic systems. The accounting of total costs and results for the system when making decisions will allow for reducing territorial exploitation by social groups. Overcoming the discounting contradictions while assessing the economic effectiveness of green investments requires improving the adequacy of green investments results' evaluation in terms of the territory's sustainability transition, the differentiation of discount rates for various results, their costs and the years of their appearance and the use of compounding to assess the accumulation of the total result of a project based on the analysis of its entire life cycle. The study proposes a system for assessing the economic value of the growth of an ecosystem's assimilation potential and the consequences of its decline in relation to the costs of building the assimilation potential, the increase in the maximum allowable load on the ecosystem and the environmental pollution damage. To estimate the economic effect of the growth of an ecosystem's assimilation potential, it is necessary to consider the rate of return for its owner. The results of this study will allow for reducing the assessment distortions and informational limitations of the managerial decision-making process.

本文从促进区域可持续性的角度出发，为绿色投资成果的经济评价提供了理论和分析基础。绿色投资被描述为旨在通过创造条件或直接影响活动减少环境污染造成的经济损失的资源。然而，贴现应用扭曲了它们的重要性。真正的绿色投资的结果是资本，这往往是具体的和难以评估的。这使它们与其他投资明显不同。绿色投资不需要指导性优势，比如社会贴现率。必须根据绿色投资对社会经济系统的可持续性的价值来处理绿色投资的结果。在作出决定时对系统的总成本和结果进行核算，将有助于减少社会群体对领土的剥削。在评估绿色投资的经济效益时，要克服贴现矛盾，需要提高绿色投资结果评估的充分性，包括区域可持续性转型、各种结果的贴现率、成本和出现年份的差异，以及在分析项目全生命周期的基础上，使用复利法评估项目总结果的累积。该研究提出了一个系统，用于评估生态系统同化潜力增长的经济价值及其下降的后果，这与建立同化潜力的成本、生态系统最大允许负荷的增加和环境污染损害有关。为了估计生态系统同化潜力增长的经济效应，有必要考虑其所有者的回报率。这项研究的结果将有助于减少管理决策过程的评估扭曲和信息限制。

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引用次数: 0

Green bond market boom: did environmental, social and governance criteria play a role in reducing health-related uncertainty? 绿色债券市场繁荣:环境、社会和治理标准在减少与健康相关的不确定性方面发挥了作用吗?

IF 8.6

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023002

V. Ribeiro

Recent years have been characterized by considerable growth of the green bond market in Europe, particularly in the domain of social bond issuance. Considering the recent pandemic, it is also a stylized fact that this growth is positively correlated with the concept of health-related uncertainty, as the green bond market aims to acquire financing in order to allow the development of projects that comply with the so-called environmental (E), social (S) and governance (G) criteria. This study then applies a dynamic spatial econometric analysis and several robustness checks to assess the extent to which each E, S and G criterion contributes to the societal dynamics of health-related uncertainty. The analysis takes advantage of available data on the number of confirmed cases of COVID-19 to measure health-related uncertainty at the municipal level, so that a higher (lower) number of confirmed cases constitutes a proxy for a greater (smaller) degree of uncertainty, respectively. To reinforce the need to evaluate impacts in a context characterized by health-related uncertainty, the time span covers the first wave of COVID-19, which is the period when uncertainty reached its highest peak. Additionally, the geographical scope is mainland Portugal since this country has become a breeding ground for startups and new ideas, being currently one of the world leaders in hosting businesses that reached Unicorn status. The main result of this research is that only the social dimension has a significant, positive and permanent impact on health-related uncertainty. Therefore, this study empirically confirms that the European green bond market has been and can be further leveraged by the need to finance projects with a social scope.

近年来，欧洲绿色债券市场的显著增长，特别是在社会债券发行领域。考虑到最近的大流行，这种增长与健康相关的不确定性概念正相关也是一个典型的事实，因为绿色债券市场旨在获得融资，以便开发符合所谓环境(E)、社会(S)和治理(G)标准的项目。然后，本研究应用动态空间计量经济学分析和几个稳健性检查来评估每个E, S和G标准对健康相关不确定性的社会动态的贡献程度。该分析利用有关COVID-19确诊病例数的现有数据来衡量市一级与健康有关的不确定性，因此，确诊病例数较高(较低)分别代表不确定性程度较高(较低)。为了加强在与健康有关的不确定性背景下评估影响的必要性，时间跨度涵盖了2019冠状病毒病第一波，这是不确定性达到最高峰的时期。此外，地理范围是葡萄牙大陆，因为这个国家已经成为创业和新想法的滋生地，目前是世界上托管企业达到独角兽地位的领导者之一。本研究的主要结果是，只有社会维度对与健康有关的不确定性有显著的、积极的和永久的影响。因此，本研究从经验上证实，欧洲绿色债券市场已经并且可以通过为具有社会范围的项目融资的需求来进一步杠杆化。

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引用次数: 2

International cooperation on climate research and green technologies in the face of sanctions: The case of Russia 面对制裁的气候研究和绿色技术的国际合作:以俄罗斯为例

IF 8.6

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023006

M. Shugurov

The purpose of this study was to develop the theoretical model for the regime of anti-Russian sanctions against the climate R&D sector, as well as the related green finance sector. Achieving this purpose was carried out on the basis of using the system of the following methods. 1) A method of discursive analysis was applied to texts and statements that occur in scientific articles, analytical reviews and notes in electronic media and discussion pages on the Internet. 2) Meta-analysis was applied to both original works and to primary materials of an empirical nature containing statistical data, which are sometimes of a variable nature. 3) The methodology of stochastic factor analysis served as the basis for considering sanctions as factors that probabilistically determine various changes in Russian science and technology policies and science legislation. 4) The use of the foresight method was aimed at identifying options for the medium- and long-term development of Russia's participation in international cooperation in the field of climate R&D while under sanctions. According to the developed model, the regime of scientific sanctions against Russia is aimed at breaking cooperation with Russian participation at the level of programs and projects. The institutionalization of scientific ruptures has several aspects, such as the freezing of personal contacts, the suspension of funding, as well as the supply of equipment and the provision of services for its maintenance. The peculiarity of scientific sanctions against Russia lies in the unprecedented combination of the national and global scales of their consequences. The study concludes that, due to Russia's significant contribution to climate change, the consequences of scientific, economic and financial sanctions have a negative cumulative effect on the implementation of the global climate agenda. This means the emergence of problems in reducing greenhouse gas emissions due to the partial abandonment of previously formulated climate goals. The model proposed in this study reveals Russia's response to sanction challenges, which means that Russia continues to follow the trend in the development of climate science and improve the institution of green finance.

本研究的目的是建立针对气候研发部门以及相关绿色金融部门的反俄制裁制度的理论模型。在实现这一目的的基础上，采用了以下方法的系统。1)将话语分析方法应用于科学文章、电子媒体和互联网讨论页面中的分析评论和笔记中的文本和陈述。2)将元分析应用于原创作品和包含统计数据的经验性质的原始材料，这些材料有时具有可变性质。3)随机因素分析方法是考虑制裁作为概率决定俄罗斯科技政策和科学立法各种变化的因素的基础。4)使用前瞻性方法的目的是确定俄罗斯在制裁下参与气候研发领域国际合作的中长期发展方案。根据发达模式，对俄罗斯的科学制裁制度旨在破坏与俄罗斯参与的计划和项目层面的合作。将科学断裂制度化有几个方面，例如冻结个人接触、暂停供资、以及提供设备和提供维修服务。针对俄罗斯的科学制裁的特殊性在于，其后果的国家和全球规模空前。该研究的结论是，由于俄罗斯对气候变化的重大贡献，科学、经济和金融制裁的后果对全球气候议程的实施产生了负面的累积效应。这意味着由于部分放弃先前制定的气候目标，在减少温室气体排放方面出现了问题。本研究提出的模型揭示了俄罗斯对制裁挑战的应对，即俄罗斯继续顺应气候科学发展趋势，完善绿色金融制度。

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引用次数: 1

Designing the nationwide emission trading scheme in China 设计中国全国范围的碳排放交易体系

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023017

Shuyang Chen

Emission trading scheme (ETS) is popular to abate anthropogenic emissions throughout the world. Previous researchers focused on evaluating ETS policy effect, but ETS design is usually neglected because ETS is already mostly sophisticated worldwide. This is not the case in China, as the Chinese nationwide ETS (CNETS) came into effect in July 2021. Implemented for a brief period, the CNETS lacks implementation details and thus may not achieve mitigation targets cost-effectively. In this paper, we attempt to narrow the research gap by comprehensively designing the CNETS. Our research framework is based on a dynamic recursive computable general equilibrium (CGE) model. The CGE model results show that the appropriate CNETS should include the coverage of the electricity generation and manufacturing sectors, higher carbon price (175 ${CNY} / {t} {CO}_2$), quota allocation based on the carbon intensity in the previous year, higher quota decline factor (2%) and time-decreasing free quota ratio. Although we have only designed the Chinese ETS in this paper, the research framework may become a paradigm of designing appropriate ETS.

& lt; abstract>碳排放交易机制(ETS)在世界范围内广泛用于减少人为排放。以往的研究集中于评估ETS的政策效果，但ETS的设计通常被忽视，因为ETS在世界范围内已经非常成熟。中国的情况并非如此，因为中国全国范围内的ETS (CNETS)于2021年7月生效。CNETS实施时间很短，缺乏实施细节，因此可能无法经济有效地实现缓解目标。在本文中，我们试图通过对cnet的全面设计来缩小研究差距。我们的研究框架是基于动态递归可计算一般均衡(CGE)模型。CGE模型结果表明，适宜的CNETS应包括发电和制造业的覆盖、较高的碳价(175 ${CNY} / {t} {CO}_2$)、基于前一年碳强度的配额分配、较高的配额下降因子(2%)和随时间递减的自由配额比率。虽然我们在本文中只设计了中国的ETS，但研究框架可能成为设计合适的ETS的范例。& lt; / abstract>

引用次数: 2

Green concept of neuromarketing based on a systematic review using the bibliometric method 基于文献计量学方法对绿色神经营销概念进行系统综述

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023016

Negin Sangari, Payvand Mirzaeian Khamseh, Shib Sankar Sana

Unlike traditional marketing methods, neuromarketing has shown new insights and higher prediction accuracy. This research uses the bibliometric method to analyze the objectives like the analysis and integration of the green concept of neuromarketing, recognition of the useful authors, the years of publication of documents, authoritative journals that publish articles in this field and keywords around the concept of neuromarketing. The tools presented in neuromarketing expand and improve the perception of the enthusiasts and researchers in this field, and it compares the results obtained from different approaches. From the methodological point of view, this research is qualitative and based on Iden et al.'s (2017) model, consisting of four steps of planning, selecting, extracting and implementing and combining it with setting of Silva's (2015) articles in the form of a review. A bibliometric system is implemented, and VOS viewer software was used to analyze the results.

The findings are presented in two phases. In the first phase, the performance analysis, the share of the annual production of neuromarketing documents, the percentage of the production of authoritative quarterly journals of this field, the share of the output of related subject areas, the share of the countries' published articles and the share of the documents by productive authors were identified and studied. Also, knowledge maps were drawn in the second phase, and 17 clusters are found, including 109 items and 131 keywords. The theoretical contribution of this article consists of the field of green neuromarketing, which is categorized into four clusters with themes of sustainability and green consumption. The results of this study were obtained based on the framework of theory, context, method, antecedents, decisions, and outcomes. All the keywords related to neuromarketing were categorized from the analysis of the previous articles and its features were studied in the proposed model.

& lt; abstract>与传统营销方法不同，神经营销显示出新的见解和更高的预测准确性。本研究采用文献计量学方法对神经营销绿色概念的分析与整合、有用作者的识别、文献发表年份、发表该领域文章的权威期刊以及围绕神经营销概念的关键词等目标进行分析。神经营销学中提出的工具扩展和提高了该领域爱好者和研究人员的认知，并比较了从不同方法获得的结果。从方法论的角度来看，本研究是定性的，并基于<xref - ref-type="bibr" rid="b41">Iden et al. s (2017)</xref>模型，由规划、选择、提取和实施四个步骤组成，并与<xref ref-type="bibr" rid="b92">Silva's (2015)</xref>文章以评论的形式发表。实现了文献计量系统，并使用VOS viewer软件对结果进行了分析。研究结果分为两个阶段。在第一阶段，绩效分析，神经营销文件的年产量份额，该领域权威季刊的产量百分比，相关学科领域的产出份额，各国发表的文章份额和生产性作者的文件份额进行了确定和研究。第二阶段绘制知识图谱，共发现17个聚类，包含109个项目和131个关键词。本文的理论贡献包括绿色神经营销领域，它被分为四个集群与可持续发展和绿色消费的主题。本研究的结果是基于理论、背景、方法、前因、决策和结果的框架得出的。通过对前人文章的分析，对神经营销相关的关键词进行分类，并在本文提出的模型中研究其特征。& lt; / abstract>

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引用次数: 1

Insuring a greener future: How green insurance drives investment in sustainable projects in developing countries? 保障更绿色的未来:绿色保险如何推动发展中国家可持续项目的投资?

IF 8.6

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023008

Goshu Desalegn

Insurance companies are responding to the global challenge of climate change by introducing green insurance policies, which aim to promote sustainable projects across the globe. These policies offer financial protection and coverage for initiatives related to renewable energy, energy efficiency and other sustainable endeavors. Moreover, they incentivize investment in these projects by providing lower premiums or other financial benefits. In order to assess the impact of green insurance policies on driving investment in sustainable projects in developing countries, this study employed a systematic and bibliometric approach to thoroughly analyze the various forms, instruments, and measurements of green insurance. The study used 490 documents extracted from different databases. The search strategy involved using specific keywords to query the Web of Science, Scopus, science direct, and google scholar databases. A purposive sampling technique was implemented for data inclusion and exclusion. The study's findings indicate that the success of green insurance in developing countries faces several challenges, including inadequate infrastructure, limited awareness and education among individuals and businesses, absence of supportive regulatory frameworks and policies, insufficient demand, political instability, corruption and security concerns. Furthermore, the study finding reveals a need for more research, specifically exploring the effects of green insurance on investment in sustainable development. Hence future studies can use this finding as a benchmark for further studies. The study's novelty lies in its comprehensive analysis of green insurance policies and their impact on driving investment in sustainable projects in developing countries. Based on the findings, the study recommends that insurance companies offer incentives to investors involved in sustainable projects, such as employing premium shifting strategies that minimize premiums for non-environmentally sustainable projects and redirect those funds toward sustainable initiatives.

为了应对气候变化带来的全球性挑战，保险公司正在推出旨在促进全球可持续发展项目的绿色保险政策。这些政策为与可再生能源、能源效率和其他可持续发展有关的举措提供财政保护和覆盖。此外，他们通过提供较低的保费或其他经济利益来激励对这些项目的投资。为了评估绿色保险政策对推动发展中国家可持续项目投资的影响，本研究采用系统的文献计量方法对绿色保险的各种形式、工具和测量方法进行了深入分析。该研究使用了从不同数据库中提取的490份文件。搜索策略包括使用特定关键词查询Web of Science、Scopus、Science direct和谷歌学者数据库。采用有目的的抽样技术对数据进行纳入和排除。研究结果表明，绿色保险在发展中国家的成功面临着若干挑战，包括基础设施不足、个人和企业的意识和教育有限、缺乏支持性监管框架和政策、需求不足、政治不稳定、腐败和安全问题。此外，研究结果表明需要更多的研究，特别是探索绿色保险对可持续发展投资的影响。因此，未来的研究可以将这一发现作为进一步研究的基准。这项研究的新颖之处在于它全面分析了绿色保险政策及其对推动发展中国家可持续项目投资的影响。根据研究结果，该研究建议保险公司向参与可持续项目的投资者提供激励措施，例如采用保费转移策略，将非环境可持续项目的保费降至最低，并将这些资金转向可持续项目。

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引用次数: 1

Does corporate reputation play a mediating role in the association between manufacturing companies' corporate social responsibility (CSR) and financial performance? 企业声誉是否在制造业企业社会责任与财务绩效之间起中介作用?

IF 8.6

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023010

Zhang Jing, Gazi Md. Shakhawat Hossain, Badiuzzaman, Md. Shahinur Rahman, Najmul Hasan

The main objective of this research was to analyze the variable of corporate reputation as a mediating variable to determine the relationship between corporate social responsibility and financial performance. Simple random sampling was used in the study to obtain 300 respondents from Bangladeshi manufacturing companies. Statistical Package for the Social Sciences (SPSS) 23.0 was used to analyze the data. To evaluate the hypotheses in this study, structural equation modeling (SEM) was used. The results demonstrated that corporate social responsibility positively influences corporate reputation and financial performance, while corporate reputation is statistically significant for financial performance. Environmental contribution, philanthropic responsibility, legal responsibility, ethical responsibility, economic responsibility and social responsibility are listed in order of significance as corporate social responsibility factors. It was determined how corporate reputation influences the link between corporate social responsibility and financial performance. However, it may be logical to conclude that there is a considerable correlation between corporate social responsibility and financial performance based on the data analysis. The results of corporate social responsibility practices in manufacturing organizations in developing nations, particularly Bangladesh, have significant consequences for businesses, entrepreneurs, communities, researchers and policymakers in understanding the outcomes of sustainability. The conclusion has drawn implications for sustainability practice and future research.

本研究的主要目的是分析企业声誉作为中介变量来确定企业社会责任与财务绩效之间的关系。本研究采用简单随机抽样的方法，从孟加拉国的制造企业中抽取了300名受访者。采用SPSS 23.0统计软件包对数据进行分析。为了评估本研究中的假设，我们使用了结构方程模型(SEM)。结果表明，企业社会责任正向影响企业声誉和财务绩效，企业声誉对财务绩效有显著的影响。企业社会责任因素依次为环境贡献、慈善责任、法律责任、伦理责任、经济责任和社会责任。确定了企业声誉如何影响企业社会责任与财务绩效之间的联系。然而，根据数据分析，得出企业社会责任与财务绩效之间存在相当大的相关性的结论可能是合乎逻辑的。在发展中国家，特别是孟加拉国，制造业企业社会责任实践的结果对企业、企业家、社区、研究人员和政策制定者理解可持续发展的结果具有重大影响。这一结论对可持续发展的实践和未来的研究具有启示意义。

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引用次数: 3

Aftermarket performance of green IPOs and portfolio allocation 绿色ipo后市场表现与投资组合配置

IF 8.6

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023019

Zubair Mumtaz Muhammad, Y. Naoyuki

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors’ participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for the greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short- and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and find an inverse relationship that suggests that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring a longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs.

本研究考察了高绿色和低绿色IPO的后市场表现，以及绿色IPO如何优化投资组合配置。我们假设更高的绿色水平增加了投资者对ipo的参与。为此，我们开发了效用函数，并确定了当公司考虑绿色措施时，投资者更愿意参与新股发行。本研究提出了绿色措施的全球方面:一个公司维持的理想的绿色水平。我们发现样本中的ipo远远低于全球绿色标准。这一证据表明他们必须采取必要的行动使环境变得绿色。本研究的另一个重要贡献是衡量了高绿色和低绿色ipo在短期和长期的表现。该研究表明，高绿色ipo较少被低估。本研究估计了绿色度对初始回报的影响，并发现了一个反比关系，表明高绿色度的ipo较少被低估，因为与新发行相关的风险较低。在衡量长期绩效方面，本研究确定高绿色ipo比低绿色ipo表现不佳。

引用次数: 0

The mechanism of green finance's impact on enterprises' sustainable green innovation 绿色金融对企业可持续绿色创新的影响机制

Green Finance

Pub Date : 2023-01-01 DOI: 10.3934/gf.2023018

Yafei Wang, Jing Liu, Xiaoran Yang, Ming Shi, Rong Ran

Global attention toward environmental sustainability and economic green transformation is on the rise. Green technology innovation plays a crucial role in achieving green economic development, making the study of enterprises' sustainable green innovation highly valuable. This paper aims to examine the influence mechanism of green finance on enterprises' sustainable green innovation. To achieve this, panel data from A-share-listed enterprises in Shanghai and Shenzhen between 2012 and 2020 are utilized as the basis for analysis. The results show that: (1) Green finance plays an important role in encouraging enterprises' sustainable green innovation. (2) The test of the intermediary effect reveals that green finance can stimulate enterprises' sustainable green innovation by increasing continued R & D investment. (3) The moderating mechanism test reveals that enterprise financing restrictions and enterprise debt default risk moderate the influence of green finance on enterprises' sustainable green innovation. Furthermore, for enterprises with high financial constraints and a high risk of debt default, the development of green finance is particularly important in fostering their long-term green innovation. (4) The study concludes that all four types of sustainable green innovation, namely, strategic, substantive, independent and cooperative, exhibit the promotion effect of green financial development, the intermediary effect of continuous R & D investment and the moderating effect of financing constraints. Enterprises with a higher risk of defaulting on their debt are more likely to make significant, independent and sustainable green innovations.

& lt; abstract>< >全球对环境可持续性和经济绿色转型的关注正在上升。绿色技术创新对于实现经济的绿色发展具有至关重要的作用，因此对企业可持续绿色创新的研究是非常有价值的。本文旨在研究绿色金融对企业可持续绿色创新的影响机制。为此，本文采用2012 - 2020年沪深两市a股上市企业面板数据作为分析基础。研究结果表明:(1)绿色金融对企业可持续绿色创新具有重要的激励作用。(2)中介效应检验表明，绿色金融可以通过增加持续研发来刺激企业的可持续绿色创新;D投资。(3)调节机制检验表明，企业融资限制和企业债务违约风险调节了绿色金融对企业可持续绿色创新的影响。此外，对于资金约束程度高、债务违约风险高的企业，发展绿色金融对于促进其长期绿色创新尤为重要。(4)研究发现，战略性、实质性、自主型和合作型四种类型的可持续绿色创新均表现出绿色金融发展的促进效应、持续研发的中介效应;D投资与融资约束的调节作用。债务违约风险较高的企业更有可能进行重大的、独立的和可持续的绿色创新。& lt; / abstract>

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引用次数: 0