Research On The Influence Mechanism Of Capital Market Opening On Enterprise Green Innovation

As environmental problems have become increasingly prominent,the goals of "emission peak" and "carbon neutrality" have been written into the government work report,and green and low-carbon development has become the main melody of China’s economic development.As the market body of economic development,enterprise’s green innovation is of great significance to our country’s "double carbon" goal realization.Different from traditional scientific and technological innovation,enterprise green innovation emphasizes the coordination and unity of economic benefits,social benefits and ecological benefits,which has higher uncertainties and risks.How to effectively promote enterprise green innovation is an important issue to be solved urgently in the new era.This paper takes A-share listed companies in Shanghai and Shenzhen from2007 to 2021 as research samples,uses the "Shanghai-Shenzhen-Hong Kong Stock Connect" as A quasi-natural experiment,and establishes the multi-time point difference difference(DID)model to empirically-test the impact mechanism of capital market opening on enterprise green innovation.The results show that the opening of the capital market significantly promotes the green innovation of enterprises,which is reflected in the increase of the number of green patents granted by enterprises.After a series of robustness tests,such as alternative variable measure,parallel trend test,placebo test,entropy balance matching,sample interval adjustment and panel Tobit model regression,the conclusion remains valid.Mechanism test shows that the opening of capital market can promote corporate green innovation through three ways: easing corporate financing constraints,improving the effectiveness of corporate internal control and increasing the attention of corporate analysts.Further research shows that the promotion effect of capital market opening on enterprises’ green innovation is more obvious in state-owned,non-heavy polluting industries and low-growth enterprises,and not only reflected in the increase of quantity,but also indeed improve the quality of enterprises’ green innovation.The conclusions of this paper affirm the information role of analysts,and also show that enterprises with weaker financing constraints and more effective internal control can exert the governance effect of capital market opening to promote corporate green innovation to a greater extent.Finally,based on the conclusion of the empirical study,this paper puts forward relevant policy suggestions for the government regulatory departments and enterprises respectively,and puts forward further improvement ideas for the shortcomings of the research,in order to provide beneficial inspiration for deepening the opening of the capital market and promoting the green innovation of enterprises.