Research On The Effect Of Green Finance On Technological Innovation Of Heavy Pollution Enterprises

After the reform and opening up,with the rapid development of China’s economy and industrialization level,at the same time produced high energy-consuming,heavy pollution industry,thus causing more and more serious environmental problems,on the other hand,economic development and environmental protection integrated promotion work has also been raised to an important height,the 19th Party Congress clearly pointed out that "promote green development",as well as The 19th Party Congress clearly pointed out that "promoting green development" and "building a market-oriented green technology innovation system and developing green finance".Green finance is a financial instrument that can promote the harmonious development of economy and environment,it plays a pivotal role in the process of green economy in China,and green development is the constant trend of sustainable economic development and high-quality growth in the future.This thesis focuses on the study of the impact of green finance on technological innovation of heavy polluting enterprises in China,firstly,it composes the relevant literature on green finance and technological innovation,secondly,it analyzes the impact mechanism by combining Porter’s hypothesis,following cost hypothesis,financing constraint theory and innovation theory,then it examines the current situation of green finance development and technological innovation of heavy polluting enterprises in China,and carries out empirical analysis based on this.In the empirical process,the author takes the relevant data of 30 provinces and cities in Chinese mainland(except Tibet)from 2010 to 2020,uses the entropy value method,classifies 16 industry types such as thermal power,iron and steel,and cement as heavy pollution industries according to the requirements of the List of Listed Companies’ Environmental Protection Verification Industry Classification Management List and the Listed Companies’ Environmental Information Disclosure Guide,and conducts empirical evidence on the heavy pollution listed enterprises in Shanghai and Shenzhen A-shares The two-way fixed effects model based on panel data is used to analyze the effect and mechanism of green finance on technological innovation of heavily polluting enterprises.Next,to verify the reliability of the theoretical analysis and empirical results of the thesis,robustness tests are conducted by replacing the explanatory variables,lagging period tests and shortening the sample years.Finally,based on the thesis findings,targeted countermeasure suggestions are proposed.It is found that(1)the development of green finance has an inhibitory effect on the technological innovation of heavy polluting enterprises,among the various green financial instruments,green credit and government support play an inhibitory role on the technological innovation of heavy polluting enterprises,green securities and green investment play a promotional role on the technological innovation of heavy polluting enterprises,while green insurance does not play a significant inhibitory role on the technological innovation of heavy polluting enterprises.(2)Mechanism analysis ance is found to inhibit technological innovation activities of heavy polluters through financing constraints,and in this process,there are two mechanisms of action,namely,green finance inhibits technological innovation activities of heavy polluters by reducing long-term debt financing and enhancing equity financing,and the inhibitory effect of short-term debt financing on technological innovation activities of heavy polluters is not obvious.(3)Heterogeneity analysis shows that there are differences in different regions and different types of enterprises,namely,the inhibitory effect of green finance on the eastern region and the central region is weakened in turn,and there is no obvious inhibitory effect on the western region.Compared with that on state-owned enterprises,the inhibitory effect of green finance on the technological innovation of private heavy polluters is greater.It provides clues to clarify the role and path of green finance on technological innovation of heavy polluting enterprises,and provides a basis for the development of green finance and technological innovation of heavy polluting enterprises in China.