| In recent years,with the promotion of China’s "double carbon" goal,green innovation has increasingly become an inherent requirement for high-quality economic development,while the high risk and externalities of green innovation make it more difficult to obtain financing in the traditional capital market.Therefore,integrating green concepts into the financial sector,focusing on developing green finance and releasing the potential of green innovation is not only the need of the times,but also a guarantee force for the transformation and development of the real economy.Green finance aims to solve the environmental problems in economic development through market-based means to balance environmental and economic benefits,thus promoting green and high-quality development.As the main force of economic development,the green innovation development of enterprises is of great significance to the green transformation of the economy.Therefore,it is of great practical and theoretical significance to explore the relationship between green finance and enterprise green innovation and its mechanism in order to provide useful supplement to the existing research and promote the realization of "two-carbon" goal and high-quality economic development.Based on the background of promoting the realization of "double carbon" target and high-quality economic development in China,this paper focuses on the relationship between green finance development and green innovation of enterprises in China and the mechanism of its role through combing relevant literature at home and abroad and through relevant theoretical analysis.First,from the current situation of green finance development in China,panel data of thirty provinces,cities and autonomous regions(except Tibet and Hong Kong,Macao and Taiwan)from 2012 to 2020 are constructed,and the entropy value method is applied to measure the level of green finance development in each region in four dimensions:green credit,green investment,green insurance and government support.The results found that the development level of green finance in China is generally on the rise,but the development level of green finance in the eastern region is relatively higher.Secondly,the fixed-effect model is used to empirically test the influence of green finance development on enterprise green innovation,and it is found that green finance development has a significant promoting effect on enterprise green innovation(green invention patent and green utility model patent),indicating that green finance development can promote the improvement of enterprise substantive innovation level,and the conclusion is still significant after the robustness test.Further analysis shows that the development of green finance has a more significant promoting effect on the green innovation of state-owned enterprises and large-scale enterprises.Thirdly,by establishing the intermediary effect model and the moderating effect model,the action mechanism and other influencing factors of green finance development on enterprise green innovation are tested.It is found that the development of green finance can realize the promoting effect of green finance on enterprise green innovation by increasing the intensity of R&D investment and easing the financing constraints of enterprises.And the higher the enterprise ESG(environmental,social,corporate governance)score,the stronger the role of green finance in promoting green innovation;Finally,based on the research findings,this paper puts forward relevant policy suggestions,including improving the design of green finance system and improving the level of information disclosure,promoting the innovation and diversified development of green financial products,strengthening the construction of green finance capitalization market,and increasing the support and influence scope of green finance for green innovation. |
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