Green Innovation,Financing Constraints And Enterprise Performance

Traditional extensive economic growth mode has brought serious energy crisis and environmental pollution.China has entered the new development stage of the 14 th five year plan,and the mode of economic development needs to be transformed to a high-quality direction.In order to promote the comprehensive green transformation of economic and social development and realize the good wish of ecological civilization construction in the new era,green innovation is the key.Enterprises are the active subject of innovation and an important source of new knowledge.The green innovation behavior of enterprises needs to be deeply studied.The development of enterprises is limited by resource endowment.Capital is an important enterprise development resource,and financing constraints will affect its innovation behaviors.By combing the literature related to the economic consequences of green innovation,this paper puts forward the research hypothesis that green innovation will affect enterprise performance according to Schumpeter innovation theory,Porter hypothesis and stakeholder theory,and introduces financing constraints as regulatory variables.This paper uses the data of China’s A-share listed companies from 2011 to 2018 to test the hypothesis of this paper,and further explore the different effect of the nature of enterprise equity,industry types and regional economy on the relationship between green innovation and corporate financial performance.The conclusions are as follows: first,green innovation can promote enterprise performance,and different types of green innovation have different effects on enterprise performance.Green invention patent innovation and resource-efficient green innovation can promote the financial performance and social responsibility performance of enterprises.Green utility model patent innovation has no significant impact on social responsibility performance and financial performance.Externality-reduce green innovation has no significant impact on corporate financial performance,but can promote its social performance,Social responsibility performance plays an intermediary role in green innovation and financial performance.Second,financing constraints can positively promote the relationship between green innovation and enterprise financial performance.Third,green innovation can significantly promote the financial performance of enterprises in private enterprises,non heavily polluting industries and the eastern region,but it does not play a significant role in state-owned enterprises,heavily polluting industries and the central and western regions.The conclusion can provide some advices for corporations to participate in green innovation.Enterprises should abandon strategic innovation thinking,concentrate resources to develop higher quality green innovation and promote enterprise transformation and upgrading.The government should continue to improve the market-oriented green innovation system and give more timely positive feedback and greater support to enterprises’ high-quality green innovation.