| Under the background of promoting the construction of ecological civilization and advocating green development,as one of the eight strategic emerging industries,the development of energy conservation and environmental protection industry has entered the golden period.Although the development speed is fast,it is still in the primary stage.According to the theory of industrial development,one of the conditions for the development of an industry as a leading industry is to obtain sufficient capital accumulation and investment.However,China's energy conservation and environmental protection industry is still facing greater financing constraints,which seriously restricts the improvement and innovation of energy conservation and environmental protection industry.At the same time,the sci-tech financial system of is constantly improving,which can help technology intensive industries broaden financing channels.The existing research on the relationship between sci-tech finance and the development of energy conservation and environmental protection industry is insufficient.Therefore,how to use sci-tech finance to promote the development of energy conservation and environmental protection industry and explore the mechanism behind it is the main problem of this paper.On the basis of theoretical and literature research,combined with the development status and characteristics of China's sci-tech finance and energy-saving and environmental protection industry,this paper finds that there is an objective demand for sci-tech finance in China's energy-saving and environmental protection industry.In theory,to enhance the support of sci-tech finance to the energy conservation and environmental protection industry is an effective way to promote the development of energy conservation and environmental protection industry.Through the fund supply effect,technological innovation effect and market competition effect of sci-tech finance,we can ease the financing constraints faced by the energy conservation and environmental protection industry,and improve the level and quality of industrial technological innovation.After that,the panel model is established to test the effectiveness of sci-tech finance.The impact of sci-tech finance on the development of energy-saving and environmental protection industry is verified by the intermediary effect model.The empirical results show that in the four channels of science and technology financial investment,capital market financing and venture capital have a significant positive impact on the growth of enterprises;the positive impact of bank science and technology loans are not significant,while the government's expenditure on science and technology has a negative impact on the growth of enterprises.It shows that the positive role of bank science and technology loans for energy conservation and environmental protection industry is still not obvious,and further financial product innovation is needed;government financial investment in science and technology needs to change the way and strategy to improve the efficiency of capital use.In terms of mechanism,first of all,sci-tech finance has effectively alleviated the financing constraints faced by enterprises through the financial support effect,providing large-scale and sustainable financial support for the development of energy conservation and environmental protection industry;second,sci-tech finance has improved the technological innovation output of enterprises and helped enterprises establish core competitiveness through the technological innovation effect;however,at this stage,the market competition effect of sci-tech finance has not appeared,even has a restraining effect on industrial development. |
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