Research On The Impact Of Enterprise Finance On Green Innovation

In recent years,as China enters a new stage of development,the status of green development has gradually risen.In the report of the 18 th National Congress of the Communist Party of China,the overall layout of the "Five in One" was established,and the construction of ecological civilization was placed in a strategic position.In the report of the 19 th National Congress,a new development concept of "innovation,coordination,green,openness,and sharing" was proposed.At the same time,due to the slow transformation of China’s real economy and the rapid expansion of the financial and real estate industries,funds from the real economy are gradually flowing into the financial and real estate fields,leading to the phenomenon of "de real to virtual" financialization of Chinese enterprises.How to grasp the relationship between corporate financialization and green development is a topic worth exploring.Firstly,this article reviews existing literature and summarizes previous research findings.Secondly,based on existing frameworks and theories,the impact mechanism of corporate financialization on green innovation of enterprises was analyzed,and the regulatory effect of financing constraints was theoretically analyzed.Make the following assumption: H1a: Under the motivation of "capital reservoir",corporate financialization promotes green innovation.H1b: Under the motivation of "arbitrage speculation",corporate financialization inhibits green innovation.H2: Under other unchanged conditions,financing constraints play a positive regulatory role in the impact of corporate financialization on green innovation,that is,financing constraints increase the inhibitory effect of corporate financialization on green innovation.Furthermore,heterogeneity analysis will be conducted based on the different industries and regions where the enterprise is located.Specifically,in response to the different nature of green innovation,it is divided into substantive green innovation and strategic green innovation.The impact of corporate financialization on both types of innovation and the regulatory role of financing constraints are analyzed.The data used in this article are data from A-share listed companies from2009 to 2020.Empirical research has found that: firstly,corporate financialization inhibits green innovation,and financing constraints strengthen the inhibitory effect of financialization on green innovation.Secondly,in heavily polluting industries,the regulatory effect of financing constraints is not significant.In non heavily polluting industries,under the Tobit model,the impact of corporate financialization on green innovation is the same as in heavily polluting industries.Thirdly,in financially developed regions,corporate financialization has a inhibitory effect on green innovation,and financing constraints strengthen this inhibitory effect.In non-financial developed regions,under the Tobit model,the impact of corporate financialization on green innovation is consistent with that of financially developed regions,but the regulatory effect of financing constraints is not significant.Fourthly,the financialization of enterprises inhibits substantive green innovation,but the regulatory effect of financing constraints is not significant;Enterprise financialization suppresses strategic green innovation,and financing constraints strengthen this inhibitory effect.The above empirical results are valid in the test of control endogeneity and robustness.