Green Technology Innovation,Financing Constraints And Enterprise Value Relationship Research

With the rapid growth of the global economy,human activities have more and more impact on the natural environment,environmental pollution,ecological damage and other problems become more and more prominent.The Fifth Plenary Session of the 18 th CPC Central Committee included "green and innovation" into the five development concepts,and the 20 th CPC National Congress further emphasized to promote the comprehensive green transformation of economic and social development,indicating that under the background of the new era,green technology innovation is of great significance to the development of ecological economy and the realization of the goal of double carbon.Heavy polluting enterprises belong to high-pollution and high-emission enterprises,which are more in need of green technology innovation,but also face relatively strict financing constraints.Therefore,this paper takes heavy polluting industries as the research object,and studies the relationship between green technology innovation,financing constraints and enterprise value.First of all,this paper reviews the concepts and correlation between green technology innovation,financing constraints and enterprise value.Based on the literature review and green innovation theory,sustainable development theory and stakeholder theory,this paper selects the heavily polluting industries of China’s Shanghai and Shenzhen A-share listed companies from 2005 to 2021 as the research object.This paper empirically examines the relationship between green technology innovation and enterprise value,and analyzes the moderating effect of financing constraints on the relationship between green technology innovation and enterprise value.The results show that:(1)green technology innovation has a positive U-shaped relationship with the value of heavy polluting enterprises;(2)There is a significant negative correlation between financing constraints and corporate value;(3)Financing constraints have a negative moderating effect on the relationship between green technology innovation and the value of heavy polluting enterprises;(4)The increase of financing constraints will inhibit the relationship between green technology innovation and enterprise value,that is,it will weaken the positive U-shaped relationship between green technology innovation and the value of heavily polluting enterprises.(5)Compared with state-owned enterprises,green technology innovation of non-state-owned enterprises has a more significant impact on enterprise value;(6)By comparing the central and western regions of China,the green technology innovation investment in the eastern region is relatively higher,and the impact on enterprise value is more sensitive.In addition,in order to further study the impact of green technology innovation on enterprise comprehensive rating,this paper conducts regression analysis of green technology innovation,enterprise ESG rating and ESG sub-items(E environment,S social responsibility,G corporate governance),and concludes that there is a significant positive correlation between green technology innovation and enterprise ESG rating and sub-items.At the same time,for the sake of the rigor of the paper,the paper again examines the impact of R&D investment in heavily polluting industries on enterprise value,and the conclusion is still a significant positive "U" shaped relationship.Finally,some suggestions are put forward,that is,the government should encourage enterprises to carry out green technology innovation,and give appropriate subsidies to green special research and development;Enterprises should improve the management system of green technology innovation,increase the investment in green research and development,improve information disclosure,and ease the financing constraints of enterprises.The news media and the public should give full play to their supervisory role and urge enterprises to realize the potential brought by green technology innovation and its importance in business strategy.