Research On The Impact Of Green Finance Pilot Policy On Technological Innovation Of New Energy Enterprises

China’s "14th Five-Year Plan" emphasizes that it is necessary to carry out in-depth pollution reduction,reduce carbon emissions,and promote the green transformation of economic and social development.Fossil energy consumption is the most important source of carbon emissions in China,and new energy has the advantages of low pollution and sustainable development,and it is urgent to promote the development of China’s new energy industry.The key to promoting the development of the new energy industry lies in technological innovation,and the capital bottleneck is one of the important obstacles to technological innovation.As an important way to promote the green and low-carbon development of China’s economy,the main purpose of green finance is to support the development of green industries such as new energy and solve the problem of funds.In order to promote the development of green finance,the government issued a pilot green finance policy in 2017,selecting different provinces for piloting.Considering that the subsidy of the new energy industry has been decreasing in recent years,resulting in a decrease in the source of funds,it is of great significance to explore the impact of the implementation of green finance pilot policies on the technological innovation of new energy enterprises.A review of the existing literature shows that there are few studies on green finance policies,and the research objects are mainly concentrated in heavily polluting enterprises,and there is a lack of research on green industries such as new energy.This thesis takes stakeholder theory,information asymmetry theory,technological innovation theory,Porter hypothesis and financing constraint theory as the theoretical basis,analyzes the mediating role of financing constraints,and the differentiated impact of green finance pilot policies on the technological innovation of new energy enterprises in a heterogeneous environment,discusses the impact mechanism of green finance pilot policies on the technological innovation of new energy enterprises,and constructs the corresponding theoretical framework.This thesis selects A-share listed new energy enterprises from 2012 to 2021 as the research object,and constructs a double difference model to empirically study the impact of green finance pilot policy on the technological innovation of new energy enterprises by taking 2017 as the exogenous shock node for the implementation of green finance pilot policy.The research conclusions are as follows: first,the green finance pilot policy has promoted the technological innovation of new energy enterprises,and the conclusions are still valid through many robustness tests;Second,the pilot green finance policy can ease the financing constraints of new energy enterprises,and then promote the technological innovation of new energy enterprises.Third,in terms of the internal environment of enterprises,the technological innovation of new energy enterprises with better state-owned property rights and social responsibility awareness is more obvious by the pilot policy of green finance.In terms of external environment,the technological innovation of new energy enterprises in the eastern region,with a higher level of financial development and a higher level of green finance is more obviously promoted by the pilot policy of green finance.Finally,the policy suggestions are as follows: in terms of top-level design,continue to promote the pilot of green finance regions,expand the scope of pilot areas,develop green finance according to local conditions,and improve the green finance standard system and constraint incentive mechanism;It is necessary to build a diversified green financial market,innovate green financial services and products,and broaden financing channels;It is necessary to create a good environment for technological innovation of new energy enterprises and give play to the market-driving role;New energy enterprises should increase information disclosure and actively assume social responsibility.The results of this thesis can evaluate the implementation effect of green finance pilot policy to a certain extent,provide micro-level research perspectives for subsequent research on such policy,and provide a certain degree of guidance for new energy enterprises to formulate future technological innovation strategies and financing strategies.There are 6 pictures,16 tables and 120 references in this thesis...