Green Credit,Financial Mismatch And R&D Investment

The technological progress of environmental protection enterprises has provided impetus for the adjustment of China’s industrial structure,and also provided support for green credit to achieve the goal of environmental protection.In the research and development activities of environmental protection enterprises,the supply of financial resources is very important.However,the distortion of financial markets has led to the failure to effectively allocate financial resources,and increasingly serious environmental problems have put forth urgent requirements for environmental protection enterprises to accelerate technological upgrades and industrial structure adjustments.How to understand the impact of financial mismatch on R&D investment of environmental protection enterprises in theory and grasp the relationship between financial mismatch and R&D investment of environmental protection enterprises to reduce the impact of financial mismatch on R&D investment of environmental protection enterprises is the key to promote the innovation of environmental protection enterprises development and green development.This article sorts out the impact mechanism of green credit,financial mismatch and R&D investment of environmental protection enterprises.This article uses the data of listed environmental protection companies from 2012 to 2018 to empirically analyze the relationship and mechanism between green credit,financial mismatch and environmental protection enterprise R&D investment.The main findings of this article are as follows: From the overall sample,(1)Financial mismatch significantly inhibits the R&D investment of environmental protection enterprises.(2)Green credit can regulate the relationship between financial mismatch and R&D investment of environmental protection enterprises.The development of green credit can weaken the suppression effect of financial mismatch on R&D investment of environmental protection enterprises.(3)From the nature of ownership,financial mismatch has a stronger inhibitory effect on R&D investment of non-state environmental protection enterprises than state-owned environmental protection enterprises,and green credit has a stronger regulating effect on R&D investment of non-state environmental protection enterprises.(4)From the perspective of industry concentration,compared with monopoly environmental protection enterprises,financial mismatch has a stronger inhibition effect on R&D investment of non-monopoly environmental protection enterprises,and green credit can weaken the inhibition effect of financial mismatch on R&D investment of non-monopoly environmental protection enterprises.(5)From the perspective of enterprise scale,for small-scale environmental protection enterprises,financial mismatches significantly inhibit their R&D investment.The development of green credit can offset some of the inhibition of financial mismatches on R&D investment of environmental protection enterprises,but this impact is not reflected in large-scale environmental protection enterprises.Based on the understanding of green credit,financial mismatch,and R&D investment of environmental protection enterprises,this article puts forward policy recommendations to improve the allocation of financial resources,increase the level of green credit,and promote R&D investment of environmental protection enterprises.