Influence Of Green Innovation On Corporate Debt Financing

With the deterioration of the ecological environment and the increasingly severe consumption of resources,it is necessary for China’s industrial transformation and upgrading and high-quality economic development to take overall consideration of economic growth and environmental protection.At the request of stakeholders,many enterprises adopt green innovation in order to achieve the double benefits of environmental protection and economic benefits.Therefore,as an important stakeholder of the company,whether creditors also pay attention to the green innovation activities of the enterprise has become an issue worthy of discussion.Although green innovation is of great significance to the construction of green ecosystem and the sustainable development of enterprises in China,there is little research on its relationship with debt financing activities.As the two categories of green innovation,the impact of green technology innovation and green management innovation on corporate debt financing,that is,the scale and cost of corporate debt financing,needs to be explored.In this paper,the quantitative qualitative sequential design method is used to test the overall relationship between green technology innovation,green management innovation and corporate debt financing by empirical analysis and case study;In the case study,focusing on the path between green innovation and debt financing,this paper analyzes the typical case of BYD,and further discusses the impact mechanism between its green innovation and debt financing.The results show that:(1)Through empirical research,we find that green technology innovation can bring more debt financing and reduce the cost of debt financing;Green management innovation can make enterprises obtain more debt financing.However,due to the "green wash" phenomenon or unsmooth signal transmission mechanism,the relationship between green management innovation and debt financing cost is not significant.(2)Furthermore,through case study,it is found that green technology innovation can help BYD build core competitiveness from the perspective of ecological modernization,effectively reduce information asymmetry from the perspective of signal,and enable it to obtain more financing scale and lower financing cost;Green management innovation can help BYD to reduce costs and increase efficiency,so as to attract more debt financing.The deficiency of BYD’s green management innovation lies in the unsmooth signal transmission mechanism rather than the problem of "floating green".This paper confirms that green innovation can meet the requirements of marketization in the field of financing,which has important theoretical and practical significance for the construction of China’s market-oriented green ecological innovation system and the sustainable promotion of green finance.