Corporate Social Responsibility,Financing Constraints And Green Innovation

In recent years,green development has become the common aspirations of the world,and environmental pollution control is receiving more and more attention,which objectively requires enterprises to change the mode of economic development at the cost of environmental pollution and realize the "win-win" of economic development and ecological environment improvement through green innovation.However,there is a positive externality of knowledge spillover in green innovation,and there is a negative externality of enterprise pollution emission cost.The dual externality problem weakens the enthusiasm of enterprise green innovation.At the same time,green innovation also has the characteristics of large investment,long cycle and high risk.Compared with traditional innovation,green innovation is easier to face the problem of financing constraints.Corporate social responsibility is an important means to alleviate the relationship between enterprises and stakeholders.It can alleviate financing constraints and gather more resources for green innovation.So can corporate social responsibility promote green innovation and how to promote green innovation? These problems deserve further study.Taking the A-share manufacturing listed companies from 2011 to 2019 as the research sample,this paper studies the impact and mechanism of corporate social responsibility on green technology innovation.Research findings: First,Corporate social responsibility can significantly promote green technology innovation of manufacturing enterprises.Corporate social responsibility can not only improve the quantity of green technology innovation,but also improve the quality of green technology innovation.Second,Mechanism test found that corporate social responsibility promotes green technology innovation of manufacturing enterprises by alleviating financing constraints,and financing constraints play a partial intermediary role.Moreover,financing constraints play a partial intermediary role in the relationship between corporate social responsibility and the quantity and quality of green technology innovation.Third,the regulatory effect study found that media attention and environmental protection industrial policies strengthened the promotion of corporate social responsibility to green innovation.That is,with the increase of media attention,corporate social responsibility plays a stronger role in improving the quantity and quality of green innovation.With the support of environmental protection industrial policies,corporate social responsibility plays a greater role in improving the quantity and quality of green innovation.It is found that the quantity and quality of green innovation of state-owned enterprises play a stronger role than that of non-state-owned enterprises.The economic effect test of corporate social responsibility promoting green innovation found that green innovation can significantly improve environmental performance and financial performance,and achieve a winwin situation of economic development and environmental protection.To sum up,corporate social responsibility can significantly promote green innovation,and financing constraints play an intermediary role.Media attention and environmental protection industrial policies strengthen the promotion of corporate social responsibility on green innovation,corporate social responsibility plays a greater role in promoting green innovation of non-stateowned enterprises,and green innovation promoted by corporate social responsibility can significantly improve environmental performance and financial performance.This paper studies the impact and mechanism of corporate social responsibility on green innovation from the perspective of financing,deepens the research on the impact mechanism of corporate social responsibility on green innovation,provides empirical evidence for enterprises to realize the transformation and upgrading of green innovation,and provides a theoretical reference for the realization of the goal of "carbon peak and carbon neutralization" and the sustainable development of economy and society.