Study On The Influence Of Green Finance Policy On Enterprise Green Technology Innovation

Since reform and opening,our country economy soared quickly and obtained remarkable achievement.However,the early extensive economic development model caused various environmental problems,such as sandstorms,smog,climate warming and melting glaciers.These problems have caused a negative impact on economic and social life that cannot be ignored.Excessive exploitation of resources and excessive destruction of environment have made our economic development pay a heavy price.Therefore,transforming to green economy is an important direction of economic development of our country in the future.Green technology innovation is the primary driving force for low-carbon transformation of enterprises and an important foundation for improving Chinese ecological progress.Financial constraint is the key to restrict enterprises’ green technology innovation.It is particularly important for financial institutions and capital markets to provide financial support for green production.As an important adjustment tool for Chinese economic green transformation,does green finance policy exert positive influence on enterprise green technology innovation level? Do different green finance policies have different impacts on enterprises’ green technology innovation? How does it affect enterprise green technology innovation? As an important mechanism of information intermediary and external governance of enterprises,can analyst coverage reduce the information asymmetry between enterprises and external investors and alleviate the "principal-agent" conflict in the process of green technology innovation by tracking the actions of enterprises,so as to promote the best effect of green finance policies? Based on the above analysis,the core issues of this paper are: the influence of green finance policies on enterprises’ green technology innovation,and the moderating effect that analysts pay attention to.In order to study the above issues,this paper empirically studies the impact of Chinese green finance policies on enterprises’ green technology innovation through the enterprise micro-data from 2009 to 2021.The results showed that:(1)Green finance policy significantly improved the quantity and quality of Chinese enterprises’ green technology innovation.(2)Different types of green finance policies have different impacts on enterprises’ green technology innovation.Compared with environmental green finance policies,supply-oriented green finance policies have stronger impacts.(3)Analysts pay attention to the influence of green finance policies on enterprises’ green technology innovation.(4)Heterogeneity of different dimensions shows that green finance policies have a more significant effect on innovation incentives for non-state-owned enterprises and enterprises in highly marketized areas.Therefore,corresponding policy suggestions are put forward: strengthen the scientific formulation and effective implementation of environment-oriented green finance policies,and adjust the implementation of green finance policies according to local conditions and enterprises,and improve the construction of green finance supporting facilities.The main contributions of this paper are as follows:(1)In terms of theoretical significance,through the division of green finance policies,this paper studies the difference of influence of different types of green finance policies on enterprises’ green technology innovation;In addition,analysts’ concerns are included into the theoretical system of green finance policy and enterprise green technology innovation to explore its influence on the relationship between green finance policy and enterprise green technology innovation.(2)In terms of practical significance,empirical analysis is conducted to test the influence of different green finance policies on enterprises’ green technology innovation level,providing practical empirical data and reference for the government to optimize green finance policies.This paper reveals the important influence of analyst concern on the relationship between green finance policy and enterprise green technology innovation,which provides reference significance for relevant departments to optimize the industry environment of financial analysts.