环境规制、融资约束与企业创新

2019年的中央经济工作会议指出,在经济下行压力加大的形势下,要把稳增长放在更重要的位置,而目前全球面临着日益严峻的环境形势,企业创新以及充足的资金流是保护和改善环境的关键,是实现绿色可持续发展的必经之路。基于此,选取2014—2018年沪深A股上市公司的数据,建立了回归模型来探究环境规制、融资约束与企业创新之间的关系,旨在为实现企业绿色、创新发展提供借鉴意义。研究发现:环境规制和融资约束均对企业创新有着显著的负向作用,即随着环境规制强度以及融资约束水平的提高,企业创新能力会下降,主要表现为研发投入的减少;融资约束在环境规制与企业创新的关系中存在着部分中介效应。最后根据研究结论,分别从政府、企业角度提出相关的对策建议。

Environmental Regulation,Financing Constraints and Corporate Innovation

In 2019,the central economic work conference pointed out that in the form of increasing downward pressure on the economy,it is more important to maintain stable growth.At present,the ecological environment is becoming increasingly severe,and corporate innovation and sufficient capital flow are the keys to protecting and improving the environment,and they are the only way to achieve green and sustainable development.Based on this,this paper selected the data of a-share listed companies in Shanghai and Shenzhen from 2014 to 2018 and established an regression model to explore the relationship between environmental regulation,financing constraints and corporate innovation,in order to provide reference for the realization of enterprise green innovation development.It is found that both environmental regulation and financing constraints have a significant negative effect on corporate innovation,that is,with the increase of environmental regulation intensity and financing constraints level,corporate innovation ability will decline,which is mainly manifested in the decrease of R&D investment;financing constraints have partial mediating effect in the relationship between environmental regulation and corporate innovation.Finally,according to the research conclusion,this paper puts forward the relevant countermeasures and suggestions from the perspective of government enterprises.