DOES CAPITAL MARKET OPENING PROMOTE ENTERPRISE GREEN INNOVATION? EVIDENCE FROM SHANGHAI-HONG KONG STOCK CONNECT AND SHENZHEN-HONG KONG STOCK CONNECT

IF 4.8 2区经济学 Q1 ECONOMICS

Technological and Economic Development of Economy Pub Date : 2023-07-21 DOI:10.3846/tede.2023.19424

Yanwei Lyu, Zuoan Wang, Jinning Zhang

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引用次数: 1

Abstract

This study selects Chinese A-share listed enterprises from 2010 to 2020 as the research sample, constructs a Difference-in-differences model to analyze the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy on enterprise green innovation. The transmission channels are tested, and the heterogeneity of this impact is further explored. It is found that the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy has significantly improved the total level, quality and quantity of enterprise green innovation, and the effect on the total level and quality is greater than the quantity. The Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy can effectively alleviate the financing constraints faced by enterprises, improve the information environment of enterprises, and thus improve their green innovation. There is heterogeneity in the nature of property rights, corporate social responsibility, industry monopoly and regional marketization in the promotion of enterprise green innovation by the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy.

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资本市场开放促进企业绿色创新吗?证据来自沪港通和深港通

本研究选取2010 - 2020年中国a股上市企业作为研究样本，构建异中异模型，分析沪港通和深港通政策对企业绿色创新的影响。对传输通道进行了测试，并进一步探讨了这种影响的异质性。研究发现，沪港通和深港通政策显著提高了企业绿色创新的总水平、质量和数量，且对总水平和质量的影响大于对数量的影响。沪港通和深港通政策可以有效缓解企业面临的融资约束，改善企业的信息环境，从而提高企业的绿色创新能力。沪港通和深港通政策在促进企业绿色创新方面存在产权性质、企业社会责任性质、行业垄断性质和区域市场化性质的异质性。

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来源期刊

Technological and Economic Development of Economy ECONOMICS-

CiteScore

10.00

自引率

8.50%

发文量

审稿时长

15 weeks

期刊介绍： Technological and Economic Development of Economy is a refereed journal that publishes original research and review articles and book reviews. The Journal is designed for publishing articles in the following fields of research: systems for sustainable development, policy on sustainable development, legislation on sustainable development, strategies, approaches and methods for sustainable development, visions and scenarios for the future, education for sustainable development, institutional change and sustainable development, health care and sustainable development, alternative economic paradigms for sustainable development, partnership in the field of sustainable development, industry and sustainable development, sustainable development challenges to business and management, technological changes and sustainable development, social aspects of sustainability, economic dimensions of sustainability, political dimensions of sustainability, innovations, life cycle design and assessment, ethics and sustainability, sustainable design and material selection, assessment of environmental impact, ecology and sustainability, application case studies, best practices, decision making theory, models of operations research, theory and practice of operations research, statistics, optimization, simulation. All papers to be published in Technological and Economic Development of Economy are peer reviewed by two appointed experts. The Journal is published quarterly, in March, June, September and December.