Financing Constraints,Enterprise Green Innovation And Environmental Performance

Since the 19th National Congress,with the new era of the two mountain theory,people pay more and more attention to environmental protection,and put forward higher requirements for the environmental performance of enterprises.At the same time,the enterprise green innovation can improve the enterprise production technology,reduce the enterprise environmental pollution,is the first choice to improve the enterprise environmental performance.However,due to the existence of information asymmetry,enterprises in China generally face the problem of financing constraints,leading to the financing of enterprises are constrained.Based on the theory of information asymmetry,the theory of optimal sequence financing,the theory of "bear port" innovation,the theory of externality,stakeholder theory and the theory of signal transmission,the paper analyze the relationship between financing constraints,enterprise green innovation and environmental performance of shanghai and shenzhen listed companies in 2010-2020 by constructing multiple regression models.We find that enterprises generally face the problem of financing constraints,financing constraints have a significant inhibition on environmental performance and enterprise green innovation,and enterprise green innovation plays a part in the inhibition of financial constraints on environmental performance intermediary role.After the endogenous test and the robustness test,the above conclusions are still significant.In further research,after grouping the property nature of enterprises,it is found that the results in the State-owned enterprises subgroup are the same as the above results,and green innovation can still act as a partial intermediary.However,financing constraints have no significant impact on environmental performance in non-state-owned enterprise groups,and green innovation cannot play an intermediary role.According to this,the following suggestions are made: First,Strengthen the transformation capacity of green innovation results,so that the results of green innovation can significantly improve the environmental performance of enterprises;Second,Establish a sound environmental information disclosure system,reduce the degree of information asymmetry in the market,and al Leviate financing constraints in the market.Third,Provide policy support for the achievements of enterprise green innovation,give targeted subsidy support to enterprises,and guide enterprises to improve their environmental performance.