| The 20 th National Congress of the Communist Party of China pointed out that innovation must maintain its core position in the overall modernization construction of our country and take the path of high-quality development.Accelerating green transformation is a key link in achieving high-quality development,and improving innovation performance is an important technical support for promoting social and economic green transformation.Therefore,enterprises must attach importance to green innovation investment.Innovation,on the other hand,has the characteristics of long cycles and uncertainty,and generally faces the problems of difficult and expensive financing.Green finance is an important policy lever for the country to encourage enterprise innovation.To improve innovation performance,enterprises cannot do without the support of national financial policies.Green finance encourages enterprises to research and promote new technologies and products for energy conservation and environmental protection,guiding resources from industries with high pollution and energy consumption to enterprises with advanced concepts and technologies,providing diversified financing channels for enterprises,reducing financing costs,and encouraging more enterprises to engage in green innovation,thereby achieving environmental protection and governance goals,improving innovation performance,and promoting green transformation.Therefore,exploring how green finance will affect enterprise innovation performance and how the impact mechanism plays a role has important practical significance and theoretical value.First of all,this paper combs the domestic and foreign research literature on green finance,innovation performance,financing constraints and government subsidies,expounds the relevant basic theories,and provides a theoretical basis for further research.On this basis,the impact mechanism of green finance on innovation performance is logically derived.Secondly,we bring financing constraints and government subsidies into the same Logical framework,propose the research hypothesis of this paper,and select Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as the research sample,with a total of 3387 company data and 21713 observations.Finally,through empirical testing,analyze the correlation between green finance and innovation performance under current and lag conditions,as well as the mediating effect of financing constraints and the moderating effect of government subsidies;Based on property rights and regional heterogeneity,study the impact of green finance on innovation performance.Based on the research findings,policy recommendations are proposed from the following aspects: increasing the implementation of assistance policies to guide enterprises in green transformation;Encourage green finance participants to actively promote green technology innovation;Establish a professional performance evaluation institution to assess the results of policy implementation.The research results indicate that:(1)the development of green finance can promote enterprises to improve innovation performance;(2)Green finance can improve innovation performance of enterprises by alleviating financing constraints;(3)Government subsidies have a positive moderating effect on green finance and innovation performance;(4)Green finance has a significant positive impact on the innovation performance of state-owned enterprises,but its promotion effect on non-state-owned enterprises is limited;(5)The promoting effect of green finance on innovation performance is significant in both the eastern and central western regions. |
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