Regional Green Finance Development,financing Constraints And Enterprise Green Innovation

China’s green transformation is imperative,which is closely related to the green innovation of micro subjects.The development of a country lies in the vitality of enterprises,and promoting green innovation in Chinese enterprises is the key to achieving green development.In recent years,China has vigorously developed green finance,as a financial tool that can achieve coordinated economic and environmental development,green finance plays an important role in promoting green innovation.As a major limitation of green innovation,financing constraints have a significant negative impact on enterprises’ green output.China’s green transformation is urgent,at this stage,it is of strong significance to discuss the bond between regional green finance,financing constraints and enterprise green innovation.This paper first analyzes the theory of regional green finance and financing constraints affecting enterprises’ green innovation,and the effect of financing constraints as mechanisms affecting regional green finance on green innovation,then the empirical analysis is carried out.Taking the data of listed enterprises in China from 2010 to 2021 as a sample,this paper uses the two indicators of the number of green invention patent applications and the number of green utility model patent applications to measure the "quality" and "quantity" of green innovation of enterprises,uses the SA index to measure the financing constraints of enterprises,and establishes a provincial green finance index through four sub-indicators of green credit,green stock,green insurance and green fiscal,empirically studies the impact of financing constraints and green finance on enterprises’ green innovation.Then,it studies the effect difference of regional green finance on green innovation when financing constraints are used as adjusting variables.It is found that:(1)the intensification of financing constraints will reduce the "quality" and "quantity" of enterprise green innovation,and the impact of the improvement of financing constraints on the "quality" of enterprise green innovation is greater than the impact on "quantity" and the "quality" of innovation in general.(2)The development of regional green finance can effectively improve the "quality" and "quantity" of green innovation of enterprises.The development of green finance has a better effect on the "quantity" of green innovation of enterprises than on the "quality" of green innovation.(3)The intensification of financing constraints and the improvement of information asymmetry will weaken the positive impact of regional green finance on enterprises’ green innovation.In addition,heterogeneity and robustness are analysed in this paper.(4)The development of regional green finance has differentiated effects on the green innovation of different types of enterprises.(5)The establishment of green finance reform pilot zones can significantly improve the level of green innovation of enterprises.Overall,the results of this paper show that financing constraints are a major restriction for enterprises to carry out green innovation activities,and green finance can significantly improve the level of green innovation of enterprises,but there is still room for improvement in the effect.The conclusion of this paper is conducive to finding out the current financial difficulties faced by enterprises’ green innovation,providing part of the basis for the subsequent introduction of more targeted policies,and has certain reference value for the improvement of China’s future green financial system.The innovation of this paper lies in enriching the research content of green innovation of micro-enterprises and constructing comprehensive indicators of green finance.