Research On The Impacts Of Green Innovation On Financing Constraints

Plenty of corporations have started to explore Green Development and pay attention to Green Innovation,since the progress of green transformation of domestic economic structure accelerated.Nowadays,under the background of implementation of Green Finance Policies and increasing volume of Green Investment,the results of Green Innovation are likely to be the resolution of financing constraints that are faced by enterprises for a long time.However,the research about the correlation between the two is relatively rare and in its infancy.Additionally,the theoretical basis,mechanism and endogenous issues of Green Innovation affecting financing constraints have not been discussed in depth and in detail by researchers.Therefore,this dissertation will study the impact of Green Innovation on financing constraints to further enrich research results in relative fields.Considering the relevant literature,this dissertation analyses the potential impacts of Green Innovation on financing constraints of enterprises and its microscopic mechanism,based on Asymmetric Information theory and Stakeholder theory.Taking the A-share of non-financial listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2012 to 2020 as a sample,the empirical test has been conducted to examine the impact of Green Innovation on financing constraints under the framework of cash-cash flow sensitivity.Furthermore,group regression has been performed from the nature of property rights dimension and characteristics of environmental protection dimension to carry out heterogeneity analysis.Finally,the specific mechanism of Green Innovation to ease financing constraints have been tested and proved by introducing the factor of asymmetric information.Moreover,this dissertation uses appropriate instrumental variable to solve the endogenous problem,and tests the robustness of empirical results by replacing important variables.The conclusions of this dissertation are as follows:（1）Green Innovation can effectively reduce the financing constraints of enterprises.（2）The mitigation effect of financing constraints of Green Innovation mainly impacts on non-state-owned enterprises and enterprises in heavily polluting industries.（3）The results of Green Innovation can significantly reduce the information asymmetry between the supply and demand sides of funds,since both information effect and resource effect play important roles in the process of green innovation alleviating financing constraints.Based on the results,this dissertation gives suggestions for different parties in Green Innovation as follows:（1）For enterprises,they should get the policy benefit,adapt to the trend,participate in Green Innovation activities actively and choose the path of high-quality development.（2）For the local governments,they should implement green incentive policies effectively,encourage the enterprises to actively take parts of green practices and promote coordinated development of economy and environment.（3）For financial institutions should accelerate the progress of green finance,guide capital into the green industry and construct a market-oriented green technology innovation system as soon as possible.