Research On The Influence Of Corporate Social Responsibility On Green Innovation Of Listed Companies Under Different Financing Methods

At present,China is in a crucial period of transition from high-speed development to high-quality development.The CPC’s Second National Congress also mentioned that clear waters and lush mountains are invaluable assets,highlighting "green development" and accelerating the green transformation of development mode.To this end,we must abandon the traditional production mode dominated by high energy consumption,vigorously improve the innovation ability,and transform the economic development mode into an innovation-driven one.In this context,green innovation,as an important way to alleviate the contradiction between economic growth and environmental sustainability,has become the driving force to balance high-quality economic development and environmental friendliness.As the main body of market economy and innovation activities,enterprises shoulder the important mission of realizing green innovation and have the obligation to give consideration to environmental performance while developing economic performance.But considering the double externalities of green innovation,it needs to be guided by the behavior of corporate social responsibility.Therefore,whether fulfilling social responsibility can have a positive impact on green innovation has become an important issue.In addition,green innovation has the problem of high risk and large investment,and different financing sources have different impacts on corporate green innovation.Studying the effects of different financing methods on corporate green innovation is not only conducive to enterprises fully undertaking their social responsibility obligations,but also to select appropriate financing methods to raise funds for green innovation activities and cultivate core technologies.It is also of great significance to the green and sustainable development of China’s economy and society.This paper takes some listed companies in Shanghai and Shenzhen as research samples,uses DEA model to measure the efficiency of green innovation of sample companies,and then empirically analyzes the effect of CSR performance on green innovation.Then,starting from different financing methods,the intermediary effect model is used to explore the mechanism of four different financing methods,namely equity financing,debt financing,internal financing and government subsidies,in the effect of CSR on its green innovation.The empirical results show that:(1)The efficiency of green innovation of listed enterprises in our country is at a lower level.(2)The fulfillment of social responsibility can promote the green innovation of enterprises.(3)CSR promotes corporate green innovation by influencing equity financing,endogenous financing and government subsidies;Corporate social responsibility has a negative impact on the green innovation level of enterprises by influencing their debt financing.(4)The effect of CSR on green innovation is different among different types of listed companies: CSR has different effects on the green innovation level of state-owned and non-state-owned enterprises.In state-owned enterprises,the performance of CSR has a greater promoting effect on the improvement of green innovation level.In the manufacturing industry,the fulfillment of social responsibility plays a greater role in promoting green innovation.In addition,enterprises in different regions have different effects on green innovation due to their fulfillment of social responsibility.The innovation point of this paper is the green innovation of listed companies as the entry point,combined with the input-output perspective,using the green innovation efficiency index to measure the green innovation level of enterprises.In addition,different financing methods are used as the starting point to describe the role of social responsibility on green innovation of listed companies,that is,enterprises optimize their own financing conditions through assuming social responsibility,so as to improve the level of corporate green innovation.In addition,it also provides new ideas for the financial industry and departments to actively respond to the development of green finance policies and guide the precise and efficient flow of funds to green enterprises and projects.