| This study selects A-share listed companies in China’s Shanghai and Shenzhen markets from 2010 to 2020 as the research sample,and constructs a double difference model based on the quasi-natural experimental platform of the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy.The impact of capital market opening on enterprises’ green innovation is examined separately in three dimensions:total,quantity and quality of green innovation,and a series of robustness tests are conducted,including placebo test,propensity score matching test,and exclusion of special samples that may affect the findings.Secondly,the mediating effect model is applied to examine the mediating effect of financing constraints and information environment in the above relationship to explore the impact mechanism of Shanghai-Shenzhen-Hong Kong Stock Connect policy on enterprises’ green innovation.In addition,we further explore the heterogeneity of the impact of the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy on enterprises’green innovation from four aspects:property rights nature,corporate social responsibility,industry monopoly level and regional marketization level.The study shows that the policy of Shanghai-Shenzhen-Hong Kong Stock Connect significantly improves the total level,quality and quantity of enterprises’ green innovation,and the effect of the policy of Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect on the total level and quality of enterprises’ green innovation is greater compared to the quantity of enterprises’ green innovation.This conclusion still holds after the placebo test,PSM-DID test,and exclusion of special samples test.The policy of Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect can effectively alleviate the financing constraints faced by enterprises,improve the information environment in which they operate,and thus enhance their total level,quality and quantity of green innovation.On the one hand,the policy of Shanghai-Shenzhen-Hong Kong Stock Connect provides great convenience for enterprises to carry out equity financing,which effectively reduces their financing costs and alleviates financing constraints,thus promoting their green innovation.On the other hand,the policy of Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect attracts more analysts’ attention,which makes enterprises’ green innovation information disclosure more transparent effectively improving their information environment and promoting their color innovation.There is heterogeneity in the nature of property rights,corporate social responsibility,degree of industry monopoly and regional marketization level in the promotion of green innovation by the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy.The promotion effect of the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy on the total level and quantity of green innovation of nonstate-owned enterprises and the quality of green innovation of state-owned enterprises is stronger;the promotion effect on the total level,quality and quantity of green innovation of enterprises with low social responsibility,low industry monopoly and high market regional marketization level is stronger. |
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