{"title":"绿色金融政策工具组合与企业的环境创新：企业生命周期阶段是否重要？","authors":"Zhongju Liao, Lijun Xu, Mengnan Zhang","doi":"10.1002/sd.2926","DOIUrl":null,"url":null,"abstract":"Many countries around the world have introduced green finance policies to promote environmental innovation activities. Based on institutional theory and life‐cycle theory, this study constructs a model among green finance, life cycle, and firms' environmental innovation. The research sample consists of 558 Shanghai and Shenzhen A‐share manufacturing listed firms from 2010 to 2021. Using multiple regression analysis, this study examines the influences of green credit, green bonds, and the mix of the two on firms' environmental innovation and the moderating role of the firm life cycle. The results indicate that green credit, green bonds, and the mix of the two have positive effects on firms' environmental innovation. Green bonds and the mix of green credit and green bonds have stronger positive effects on firms' environmental innovation in the growth stage than in the maturity and recession stages. By introducing firms' life‐cycle theory, this study reveals the mechanism between green financial policy and firms' environmental innovation, and provides a reference for optimizing combinations of green financial policy measures to promote the development of firms' environmental innovation activities.","PeriodicalId":510523,"journal":{"name":"Sustainable Development","volume":"67 3","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Green finance policy instrument mix and firms' environmental innovation: Does firm life‐cycle stage matter?\",\"authors\":\"Zhongju Liao, Lijun Xu, Mengnan Zhang\",\"doi\":\"10.1002/sd.2926\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Many countries around the world have introduced green finance policies to promote environmental innovation activities. Based on institutional theory and life‐cycle theory, this study constructs a model among green finance, life cycle, and firms' environmental innovation. The research sample consists of 558 Shanghai and Shenzhen A‐share manufacturing listed firms from 2010 to 2021. Using multiple regression analysis, this study examines the influences of green credit, green bonds, and the mix of the two on firms' environmental innovation and the moderating role of the firm life cycle. The results indicate that green credit, green bonds, and the mix of the two have positive effects on firms' environmental innovation. Green bonds and the mix of green credit and green bonds have stronger positive effects on firms' environmental innovation in the growth stage than in the maturity and recession stages. By introducing firms' life‐cycle theory, this study reveals the mechanism between green financial policy and firms' environmental innovation, and provides a reference for optimizing combinations of green financial policy measures to promote the development of firms' environmental innovation activities.\",\"PeriodicalId\":510523,\"journal\":{\"name\":\"Sustainable Development\",\"volume\":\"67 3\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-02-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Sustainable Development\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1002/sd.2926\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Sustainable Development","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1002/sd.2926","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
摘要
世界上许多国家都出台了绿色金融政策，以促进环境创新活动。本研究以制度理论和生命周期理论为基础，构建了绿色金融、生命周期与企业环境创新之间的模型。研究样本包括 2010 年至 2021 年的 558 家沪深 A 股制造业上市公司。本研究采用多元回归分析方法，考察了绿色信贷、绿色债券以及二者的组合对企业环境创新的影响，以及企业生命周期的调节作用。结果表明，绿色信贷、绿色债券以及二者的混合对企业的环境创新有积极影响。与成熟期和衰退期相比，成长期的绿色债券以及绿色信贷和绿色债券的混合对企业环境创新的积极影响更大。本研究通过引入企业生命周期理论，揭示了绿色金融政策与企业环境创新之间的作用机制，为优化绿色金融政策措施组合，促进企业环境创新活动的发展提供了参考。
Green finance policy instrument mix and firms' environmental innovation: Does firm life‐cycle stage matter?
Many countries around the world have introduced green finance policies to promote environmental innovation activities. Based on institutional theory and life‐cycle theory, this study constructs a model among green finance, life cycle, and firms' environmental innovation. The research sample consists of 558 Shanghai and Shenzhen A‐share manufacturing listed firms from 2010 to 2021. Using multiple regression analysis, this study examines the influences of green credit, green bonds, and the mix of the two on firms' environmental innovation and the moderating role of the firm life cycle. The results indicate that green credit, green bonds, and the mix of the two have positive effects on firms' environmental innovation. Green bonds and the mix of green credit and green bonds have stronger positive effects on firms' environmental innovation in the growth stage than in the maturity and recession stages. By introducing firms' life‐cycle theory, this study reveals the mechanism between green financial policy and firms' environmental innovation, and provides a reference for optimizing combinations of green financial policy measures to promote the development of firms' environmental innovation activities.
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