Study On The Impact Of Green Technology Innovation On Financing Constraints Of Polluting Listed Companies

In the context of the "double carbon" target,guiding polluting enterprises to play a major role in green transformation is an important issue.Under increasingly stringent environmental regulations,the financing activities of polluting enterprises are often restricted due to administrative penalties related to environmental protection.As green finance policies continue to be implemented,the research and development of green technologies is being taken more and more seriously by polluting enterprises.And the act may well alleviate the financing pressure problems they have long faced.However,there is relatively little research on this issue in China.Now literature on the impact of green technology innovation on polluting firms is still lacking.This paper will use this as a basis to explore in depth the theory of the impact of green technology innovation on polluting corporate finance issues,with a view to providing more insights and references for research in this area.This study uses the relevant data of pollution companies from 2008 to 2021 to conduct an empirical test on the relationship between green technology innovation and financing constraints of polluting enterprises,and explores the impact on the sensitivity relationship between green technology innovation and polluting enterprises financing constraints from the two aspects of institutional investors and analysts’ concerns.From the results of the empirical analysis,it is found that the current polluting enterprises’ green technology innovation is beneficial to alleviate the financing constraint problem;considering from the perspective of institutional investors’ shareholding,along with the growth of institutional investors’ shareholding in enterprises,the alleviation effect of green technology innovation on polluting enterprises’ financing constraint is enhanced,further dividing institutional investors’ shareholding into those held by stable institutional investors and those held by trading institutional investors.The effect of green technology innovation on the mitigation of financing constraints of polluting firms is strengthened by the increase in the shareholding of stable institutional investors.And the effect of green technology innovation on the mitigation of financing constraints of polluting firms is strengthened by the increase in analysts’ attention to the firms.This paper provides an analysis through the perspective of the firm’s internal and external environment.The results show that the mitigating effect of green technology innovation in polluting firms is more pronounced in a more competitive market environment.In contrast to small firms,the positive relationship is further reinforced in large polluting firms,where green technology innovation in polluting firms plays a more effective mitigating role.In the heterogeneous grouping of property rights,the impact of green technology innovation in state-owned enterprise is stronger than private enterprises.After substitution of explanatory variables,substitution of explained variables and the use of instrumental variables,the results of the various tests are consistent with the regression results in the previous section,thus ensuring the credibility and accuracy of the results of the analysis.On the basis of the findings of the study,this paper provides a targeted reference for the formulation of green development strategies of polluting enterprises,and also plays an important role in the formulation and further improvement of government green policies,especially the problem of the sensitivity difference in the mitigation effect of green technological innovation between private enterprises and small-scale enterprises,and put forward suggestions on increasing support,so as to guarantee comprehensive incentives for green technological innovation of polluting enterprises and achieve high-quality green development.