环境规制、绿色金融发展与企业技术创新

摘要/Abstract

摘要： 以制造业上市公司为研究样本，对环境规制对于企业技术创新的影响以及绿色金融在其中的调节作用进行实证检验。研究发现：环境规制对企业技术创新具有显著的促进作用，这种促进作用在强融资约束企业中表现相对较弱；绿色金融发展对环境规制对于企业技术创新的促进效应具有显著地正向调节作用，且这种正向调节作用在强融资约束企业中表现得更为明显；与低环境规制强度地区相比，强环境规制地区的绿色金融发展对于环境规制与企业技术创新关系的正向调节作用相对更大。

关键词: 环境规制, 绿色金融发展, 技术创新

Abstract: Although the extensive mode of growth, characterized by high investment and high consumption, achieve the rapid economic growth in the last few decades, the accompanying resource shortage and environmental pollution problems have become increasingly prominent, while sustainable economic and social development is facing severe challenges. However, it is not easy to effectively balance economic growth and environmental protection. Strengthening environmental regulations and promoting the green transformation of the economy will often experience the pain of slowing growth in the short term.
As the main policy tool oriented to environmental protection, whether environmental regulations can stimulate the vitality of firms′ technological innovation, is crucial to achieving a win-win goal for economic development and environmental protection. As a new type of environmental policy tool, green finance was introduced to China in 2007, "Thirteenth Five-Year Plan Outline′ further elevate the construction of green financial system to the national strategic level. Under the constraints of environmental regulations, can green finance provide strong support for green technological innovation and green enterprises, ease the financial pressure on enterprises caused by environmental regulations, give full play to the technological innovation incentive effect of environmental regulations, and finally solve the dilemma of economic growth and environmental protection, what is of great significance to achieve high-quality development in the period of the new normal.
Basing on the data of China′s manufacturing industry listed companies, this paper investigates the impact of environmental regulation on the firms′ technological innovations and the adjustment effect of regional green financial development on the relationship between environmental regulation and firms′ technological innovations. The results show that, environmental regulation has a significant positive impact on the firms′ technological innovations. The promotion effect is relatively weak in strong financing-constrained firms. Green financial development has a significant positive adjustment effect on the promotion effect of environmental regulation on the firms′ technological innovations. The positive adjustment effect of green financial development plays a more obvious role in strong financing-constrained firms. Furthermore, compared with firm located in regions with low environmental regulations, the positive adjustment effect of green financial development is relatively larger in firm located in regions with strong environmental regulation. The conclusion of this paper provides a new perspective and decision support for guiding the innovation and incentive effect of environmental regulation, and expands the research field of the economic consequences of green finance development.
The conclusion of this paper has some policy implications. Firstly, simply increasing the intensity of environmental regulations regardless of the firms′ financial situation will strengthen the substitution relationship between environmental regulation and technological innovation. Secondly, from the perspective of promoting firms′ innovation, the development of green finance and environmental regulation policies are mutually complementary. Thirdly, the financial constraint is an important factor restricting the stimulation effect of environmental regulation policy on the firms′ innovation. In addition to promoting the development of green finance, the allocation of government R&D funding should be more inclined to the firms with strong financing constraints, and encouraging firms to achieve green transformation through technological innovation.

Key words: environmental regulation, green financial development, technological innovation

谢乔昕. 环境规制、绿色金融发展与企业技术创新[J]. 科研管理, 2021, 42(6): 65-72.

Xie Qiaoxin. Environmental regulation, green financial development and technological innovation of firms[J]. Science Research Management, 2021, 42(6): 65-72.

参考文献

[1] STOKEY N L. Are there limits to growth?[J].International Economic Review，1998，39（1）：1-31.

[2] ARDUINI R，CESARONI F. Environmental technologies in the european chemical industry [R]. Laboratory of

Economics and Management, Sant’Anna School of Advanced Studies，Working Paper，2002.

[3] WAGNER M. On the relationship between environmental management, environmental innovation and patent-

ing:evidence from German manufacturing firms[J].Research Policy，2007（10）:1587-1602.

[4] PORTER M E, VAN Der Linde C. Toward a new conception of the environment-competitiveness relationship[J]. Journal of Economic Perspectives，1995，9（4）：97-118.

[5] LANJOUW J O，MODY A. Innovation and the international diffusion of environmentally responsive technology[J].Research Policy，1996，25（4）：549-571.

[6] JAFFE A.B.，PALMER K. Environmental regulation and innovation: a panel data study[J]. Review of Economics and Statistics，1997（79）：610-619.

[7] LANOIE P，PATRY M， LAJEUNESSE R. Environmental regulation and productivity:testing the porter hypothesis[J].Journal of Productivity Analysis，2008（30）：121-128.

[8] 王超，李真真，蒋萍.环境规制政策对中国重污染工业行业技术创新的影响机制研究[J].科研管理，2021（2）：88-99.

WANG Chao，LI Zhenzhen，JIANG Pin. A research on the influence mechanism of environmental regulation on technological innovation in China’s heavily-polluting industries[J]. Science Research Management，2021（2）：88-99.

[9] 李青原，肖泽华.异质性环境规制工具与企业绿色创新激励—来自上市企业绿色专利的证据[J].经济研究，2020（9）：192-208.

LI Qingyuan, XIAO Zehua. Heterogeneous environmental regulation tools and green innovation incentives: evidence from green patents of listed companies[J]. Economic Research Journal，2020（9）：192-208.

[10] EATON S，KOSTKA G. Authoritarian environmentalism undermined? Local leaders' time horizons and environmental policy implementations in China[J]. China Quarterly，2014，218( 2) : 359-380.

[11] 王锋正，姜涛，郭晓川.政府质量、环境规制与企业绿色技术创新[J].科研管理，2018（1）：26-33.

WANG Fengzheng，JIANG Tao，GUO Xiaochuan.Government quality，environmental regulation and green technological innovation of enterprises[J].Science Research Management，2018（1）：26-33.

[12] 张峰，田文文.环境规制与技术创新：制度情境的调节效应[J].研究与发展管理，2018（4）：71-81.

ZHANG Feng，TIAN Wenwen. Environmental regulation and technological innovation：moderating effects of institutional contexts[J]. Research & Development Management，2018（4）：71-81.

[13] 韩超，刘鑫颖，王海．规制官员激励与行为偏好—独立性缺失下环境规制失效新解[J].管理世界，2016（2）：82-94.

HAN Chao，LIU Xinying，WANG Hai. Regulatory officials 'incentives and behavioral preferences—a new explaination to the failure of environmental regulation in the absence of independence[J]. Management World，2016（2）：82-94.

[14] 绿色金融工作小组.构建中国绿色金融体系[M].北京：中国金融出版社，2015.

GREEN Finance Working Group. China green finance system constrution[M]. Beijing：China Finance Pulisher，2015.

[15] 曹军新.构建多层次跨界合作治理的绿色金融体系-基于公共池塘资源理论的扩展框架[J].经济社会体制比较，2016（3）：154-162.

CAO Junxin. Establishing a green financial system with multilevel and cross-border cooperation[J]. Comparative Economic & Social Systems，2016（3）：154-162.

[16] 谢乔昕.环境规制、规制俘获与企业研发创新[J].科学学研究，2018（10）:1879-1888.

XIE Qiaoxin. Evironmental regulation, regulation capture and corporate R&D[J]. Studies in Science of Science, 2018（10）：1879-1888.

[17] DOMAZLICKY B.R，WEBER W.L.Does Environmental protection lead slower productivity growth in the chemical Industry[J].Environmental and Resource Economics，2004，28（3）：301-324.

[18] BRUNNERMEIER S.B，COHEN M.A. Determinants of enviromental innovation in U.S. manufacturing industries[J]. Journal of Environmental Economics and Management，2003，45（2）：278-293.

[19] ANTWEILER W.，COPELAND B.R.，TAYLOR M.S. Is free trade good for the environment[J].The American Economic Review，2001，91（4）：877-908.

[20] 王文普.污染溢出与区域环境技术创新[J].科研管理，2015（9）：19-25.

WANG Wenpu. Pollution spillover and regional environmental technology innovation[J]. Science Research Management，2015（9）：19-25.

[21] 于冬菊.金融机构发展绿色金融的影响因素研究—基于先行国家的实证检验[J].财经问题研究，2017（12）：53-60.

YU Dongju. Research on the influencing factors of financial institutions developing green finance—based on empirical tests of leading countries[J]. Research on Financial and Economic Issues，2017（12）：53-60.

[22] 陈超逸.绿色金融对宏观经济的影响及碳税和理性水平研究[D].上海：华东理工大学，2017.

CHEN Chaoyi. The influence of green finance on macro economic growth and the rationality of carbon tax[D]. Shanghai East China University of Science and Technology，2017.

[23] 孟庆松，韩文秀.复合系统协调度模型研究[J].天津大学学报，2000（7）：444-446.

MENG Qingsong,HAN wenxiu. Study on the coordinating measurement model with respect to composite system[J]. Journal of Tian Jin University，2000（7）：444-446.

[24] HADLOCK C J,Pierce J R. New evidence on measuring financial constraints: Moving beyond the KZ index[J]. Review of Financial studies，2010，23（5）：1909-1940.