| Innovative development is the core driving force of China’s development.Green development driven by innovation is an important support for achieving high-quality economic development,optimizing the economic structure,and replacing old growth drivers with new ones.Enterprises are an important part of green technology innovation.It is necessary to promote enterprises’ green technology innovation,cultivate more green enterprises and green industries,accelerate the construction of a resource-conserving and environment-friendly society to realize sustainable development.Enterprises’ green technology innovation needs financial support.The stock market is an important direct financing platform for enterprises,with functions such as financing,information transmission,supervision and governance,and risk dispersion,which would affect enterprises’ green technology innovation.On May 14,2019,the National Development and Reform Commission and Ministry of Science and Technology publishing on the building of market-oriented guidance of green technology innovation system.And the multi-level capital market and the M&A market should be developed to strengthen the financial support for green technology innovation.On the basis of previous researches,this dissertation analyzes the influence of stock market on enterprises’ green technology innovation,mainly including the following three aspects.This dissertation defines the green technology innovation of enterprises,studies the factors that drive enterprises’ green innovation by analyzing its connotation and characteristics.Based on the review of industrial organization theory and green innovation theory and green innovation theory,the connotation and characteristics of green technology innovation are summarized.This dissertation holds that green technology innovation is a kind of technology innovation which develop new technology,reform process and design production to reduce environmental pollution,improve resource use efficiency and reuse waste resources,and finally help enterprises to achieve economic and social benefits.It is found that green technology innovation and technology innovation have same characteristics such as high investment,high risk,long cycle and complexity.However,the green technology innovation of enterprises has multiple objectives,focusing on environmental benefits and social benefits of innovation.And it has ‘double externalities’,which have a positive effect on the external environment,that leading to the possibility that enterprises cannot monopolize the revenue of green innovation costs and the lack of motivation for green technology innovation.The driving factors of green technology innovation mainly include external institutional factors,pressure from stakeholders;and internal capital accumulation level,green innovation consciousness and ability of the enterprise,etc.This dissertation constructes the framework of the influence of the stock market on enterprises’ green technology innovation,and put forward the environmental regulation effect,the capital accumulation effect,the environmental information disclosure effect and the stakeholder pressure effect of stock market,which can influence enterprises’ green technology innovation.According to industrial organization view,porter’s hypothesis view,resource-based view,information asymmetry view and principal-agent view,this dissertation studies the environmental regulation effect,the capital accumulation effect,the information transfer effect and and the stakeholder pressure effect from the institutional design,financing,information disclosure,supervision and governance to explains the path of the stock market in influencing enterprises’ green technology innovation.First,the environmental regulation effect of market rules.The measures for the management of the initial public offering and listing of stocks and the standards for the governance of listed companies in the stock market all put forward to strict requirements on the environmental governance level of enterprises,which would form certain regulatory pressure on enterprises,promote the green technology innovation of listed companies,so as to avoid punishment from regulatory authorities such as the CSRC.Second,capital accumulation effect.The stock market provides listed companies with equity financing channels,increases their internal capital accumulation,and provides listed companies with green r&d funds for green technology innovation.However,in the process of equity financing,enterprises also face short-term performance pressure from investors,which would lead to the reduction of green technology innovation activities.Thirdly,information transmission effect formed by analysts in stock market through promoting environmental information disclosure.And analysts in the stock market would track and predict the profits of enterprises.On the one hand,they will promote the transmission of environmental information,improve the social reputation and market valuation of enterprises and increase the endogenous impetus for green innovation;bring regulatory pressure to enterprises and promote green technology innovation.On the other hand,the pressure of earnings forecast brought by financial intermediaries and analysts will also cause enterprises to reduce investment in green technology innovation.Fourth,the stakeholder pressure effect by institutional investor.According to the stakeholder theory and principal-agent theory,institutional investors,as investors,will pay attention to the sustainable development and environmental performance of listed companies.But for the sake of profit-seeking,they would also restrain enterprises from carrying out green technology innovation.Next,this dissertation empirically tests the actual impact of the stock market on enterprise green technology innovation,and tests the effect of listing,equity financing,environmental information disclosure and institutional investor shareholding on enterprise green technology innovation to verify the theoretical hypothesis.In this dissertation,the a-share listed companies from 2007 to 2018 are used as samples,and the bidirectional fixed effect,poisson regression,difference in difference,propensity score matching and other methods are mainly adopted,and the regulating effect,mediating effect and the studies of enterprise heterogeneity characteristics are expanded.According to the "green list of international patent classification" issued by the world intellectual property organization(WIPO),green patents are distinguished from the patents of listed companies and represent the output level of green technology innovation,which is the core index to measure the innovation of green technology of enterprises.First,the changes in the output level of green technology innovation before and after the listing of enterprises is examined,and it is found that the growth rate of green patent application of enterprises is significantly accelerated after the listing,indicating that listing can promote enterprises to carry out green technology innovation.Furthermore,non-listed enterprises are added as the control group,and difference in difference model is used to reduce endogeneity,so as to further verify the conclusions and ensure the robustness of the results.Secondly,the fixed effect regression and poisson regression were carried out between the scale of equity financing and the number of green patents of listed companies.It is found that the increase of equity financing scale could inhibit green technology innovation of enterprises.But for energy-consuming enterprises,equity financing would promote green technology innovation.Government subsidies have a positive regulating effect on the influence of equity financing on enterprises’ green technology innovation,indicating that the degree of capital accumulation brought by the stock market to enterprises has not yet reached the threshold value for enterprises to invest in green technology innovation,which requires the promotion of the government.Third,Third,analysts chould improve the output of green technology innovation through promoting the environmental information disclosure of listed companies.For voluntary environmental information disclosure enterprises and enterprises with low energy consumption and low pollution,the more analysts follow,the more green patents enterprises have.Fourth,institutional investors in the stock market have a negative impact on enterprises’ green technology innovation.Chinese investors are lack of environmental protection awareness and do not pay enough attention to enterprises’ environmental governance behavior.The higher the shareholding ratio of stable institutional investors,the fewer the number of green patents of enterprises.For transactional institutions,the effects are not significant.Finally,this dissertation holds that listing can promote enterprises’ green technology innovation on the basis of theoretical analysis and empirical analysis.Environmental information disclosure can promote listed companies’ green technology innovation,and equity financing and institutional investors would inhibi green technology innovation.Then,this dissertation puts forward the following policy suggestions: encourage green technology innovation enterprises to go public in the stock market,strengthen the guidance of financing in the stock market,strengthen the responsibility of corporate environmental information disclosure,guide stock market investors to pay attention to corporate social benefits and environmental governance. |
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