摘要
绿色技术创新是企业绿色转型和高质量发展的动力,供应链融资为绿色技术创新提供了保障。选择2012—2021年中国沪深A股和创业板共1 360家上市公司的数据为研究样本,采用双向固定效应模型、中介效应模型及面板门槛效应模型,基于融资优化视角,实证分析了供应链金融对企业绿色技术创新的影响效应及作用机制。研究发现:(1)供应链金融能够显著提升企业绿色技术创新数量与质量,且该结论在经过一系列稳健性检验后依旧成立;(2)供应链金融通过缓解融资约束提高企业绿色技术创新水平,而融资约束在供应链金融与企业绿色技术创新之间发挥遮掩效应,且在不同门槛值下存在差异化影响;(3)供应链金融对企业绿色技术创新的驱动作用在国有企业、高技术行业企业及处于成长期与成熟期的企业中更显著。研究结论为通过供应链融资引导企业绿色创新发展提供了科学的经验证据和决策参考。
Green innovation is the driving force of green transformation and high-quality de-velopment,and supply chain finance contributes innovative vitality to green technology innova-tion.This study is based on data from 1360 listed companies in A-shares and ChiNext of China's Shanghai and Shenzhen stock markets from 2012 to 2021.By using a bidirectional fixed effect model,an intermediary effect model,and a panel threshold effect model,this study empiri-cally analyzes the impact and mechanism of supply chain finance on green technology innovation based on the financing optimization effect.Research has found that:①Supply chain finance sig-nificantly improves the quantity and quality of enterprises'green technology innovation,and this conclusion has been verified through a series of robustness tests and endogeneity tests,including replacement variable measurement,replacement regression model,and instrumental variable method.②Mechanism analysis shows that supply chain finance can alleviate financing con-straints of enterprises,leading to improved green technology innovation.The mediation effect tests found that the financing constraints have a masking effect between supply chain finance and green technology innovation of enterprises.③The threshold effect test finds that the impact of financing constraints on supply chain finance and enterprises'green technology innovation varies at different threshold values.Only when the degree of financing constraints of enterprises exceeds-4.239,can supply chain finance improve the level of green technology innovation of en-terprises by alleviating financing constraints of enterprises.④Heterogeneity analysis shows that the positive incentive and driving effect of supply chain finance on enterprises'green technology innovation is much more significant in state-owned enterprises,high-tech industry enterprises,and enterprises in the growing and developed stages.This study not only enriched the theoretical framework of supply chain finance and technological innovation,expanded the theoretical basis of antecedents of green technology innovation,but also provided scientific empirical evidence and decision-making reference for supply chain finance to guide the green innovation develop-ment of enterprises.
作者
杨艳萍
徐雯雪
Yang Yanping;Xu Wenxue(School of Management,Henan University of Technology,Zhengzhou 450001,China;Logistics Research Center,Henan Province Humanities and Social Sciences Key Research Base,Zhengzhou 450001,China)
出处
《创新科技》
2024年第8期79-92,共14页
Innovation science and technology
基金
河南省高校哲学社会科学应用研究重大项目“河南‘专精特新’企业融资接力实现路径与对策建议研究”(2023-YYZD-06)
河南省高校哲学社会科学创新团队支持计划项目“数字经济与技术创新管理”(2024-CXTD-07)。
关键词
供应链金融
绿色技术创新
融资约束
中介效应
门槛效应
supply chain finance
green technology innovation
financing constraints
media-tion effect
threshold effect
