摘要
在绿色金融规模快速增长及国家大力发展新质生产力背景下,通过优化绿色金融资源配置激励企业提升技术创新效率,具有重要的现实意义。本文以中国A股上市的94家新能源汽车企业为样本,通过面板数据分析,实证研究绿色金融影响企业技术创新效率的规律及特征。研究发现,绿色金融对企业技术创新效率的影响问题较为复杂,存在着企业规模、所有权属性及产业链上中下游等的差异性。以绿色贷款及绿色证券为代表的绿色金融,能够明显提升中国新能源汽车产业的技术创新效率,绿色贷款对产业链上游企业及国有企业技术创新效率的影响更为显著,控制变量中的企业规模和现金流量之比与技术创新效率之间呈负相关。本文结合模型分析结果,从以下四个方面提出对策建议:一是如何利用ESG的资本工具和市场工具推动绿色金融走向多元化;二是如何基于相关产业及企业的不同阶段,动态调整绿色金融工具;三是如何创新绿色产业的授信评估和风险管理体系;四是中西部区域如何创新绿色金融工具。
Against the backdrop of rapid growth in the seale of green finance and the country's vigorous development of new quality productive forces,optimizing the allocation of green finance resources to incentivize enterprises to improve technological innovation efficiency has important practical significance.This article takes 94 new energy vehicle companies listed on China's A-share market as samples,and empirically studies the laws and characteristics of the impact of green finance on the fficiency of enterprise technological innovation through panel data analysis.Research has found that the impact of green finance on the eficieney of technological innovation in enterprses is complex,with differences in enterprise size,ownership attributes,and upstream,midstream,and downstream of the industrial chain.Green finance,represented by green loans and green securities,can signific antly improre the te hnological innoration cffic icncy of China's new energy vehicle industry.Green loans have a more significant impact on the technological innovation efficiency of upstream enterprises and state-owned enterprises in the industry chain.The controlled variables of enterprise size and cash flow ratio have a negative relationship with technological innovation efficiency.Based on the analysis results of the model,countermeasures and suggestions are proposed from the perspectives of how to use ESC capital tools and ESG market tools to promote the diversifcation of green finance,how to dynamically adjust green finance tools based on different stages of related industries and enterprisen,how to inmovate the cedit evaluation aud rish uuageuueut syslem uf gieeu industries,and how to innovate green finance tools in the central and western regions.
作者
鲁仕宝
LU Shibao(School of Business Administration and Tourism Management,Yunnan University,Kunming 650000,China)
出处
《生态文明研究》
2025年第2期90-106,共17页
Journal of Eco-civilization Studies
基金
教育部人文社科规划课题“长江中下游地区生态产品绿色发展绩效跟踪评估及提升路径研究”(批准号:23A10673002)。
关键词
绿色金融
技术创新效率
新能源汽车
企业异质性
green finance
technological innov ation fficiency
new energy vehicle
firm heterogeneity
