Research On The Impact Of Green Financial Policies On SMEs’ Technological Innovation Listed Companies

As an integral and essential portion of the economy and society,SMEs take on a major role in boosting innovation,easing employment pressure and realizing economic development of high quality.Green finance policies provide a pathway to guide SMEs’ technological innovation.The State Council has created a pilot zone for green financial reform and innovation,with the aim of constructing a green financial system,to foster the growth of green finance and the green transformation and improvement of the economy.Hence,based on the data of SMEs and GEM-listed enterprises from 2013-2020,and taking the pilot policy of green financial reform and innovation pilot zone as an example,we apply the difference in difference model and examine the impact and mechanism of green financial policy on SMEs’ technological innovation through the triple interaction term.It is found that green financial policies can promote technological innovation among SMEs in the overall policy area.Using a triple interaction term,it is suggested that green financial policies can influence technological innovation among SMEs by affecting the cost of debt financing and government subsidies.Specifically,on the one hand,the higher the government subsidies received by enterprises,the more green financial policies can promote SMEs’ technological innovation;on the other hand,green financial policies can promote non-heavy polluting SMEs’ technological innovation by reducing debt financing costs,but green financial policies cannot force heavy polluting enterprises to transform their technological innovation by increasing debt financing costs.The analysis found that the ’compliance costs’ of heavy polluting SMEs due to environmental regulations do not exceed the benefits of innovation compensation.A heterogeneous analysis of firm ownership and regional characteristics found that the effect of green finance policies on SMEs’ technological innovation was more pronounced among non-state owned SMEs and SMEs in the central and eastern regions.According to the analysis of theory and results of empirical evidence,this article proposed recommendations from three perspectives of government,financial institutions and enterprises: to formulate differentiated financial policies,improve government subsidies and strengthen financial supervision mechanisms;to optimize loan structures and evaluation mechanisms,innovate green financial products and control green financial risks;to strengthen green technology research and development,improve environmental management systems and cultivate technological innovation talents.