基于企业规模门槛效应的外部融资对绿色创新影响研究

外部融资是平滑企业绿色技术创新的重要因素.本文基于参照点理论,利用固定效应门槛模型,分析并检验了企业规模在外部融资与绿色技术创新之间的门槛效应.研究发现:高新技术制造业企业中,企业规模在股权融资、债权融资和政府补贴与绿色技术创新的关系中均具有显著门槛效应.当规模低于门槛阈值时,外部融资与绿色技术创新的关系不显著;当企业规模突破门槛阈值后,外部融资能够显著促进绿色技术创新.相较于民营企业,国有企业的门槛阈值更高,且突破门槛阈值后,外部融资对绿色技术创新的促进效应更强.本文能够丰富科技金融领域相关研究,并为制造业企业创新融资和绿色发展提供实践依据.

External financing and enterprises' green technology innovation: A study based on the threshold model of firm size

External financing is a key factor affecting the enterprises' green technology innovation. Based on the reference point theory, this paper has analyzed the relationship between external financing and green technology innovation with the fixed-effect threshold model of firm size. It is found out that firm size has significant threshold effects between green innovation and equity financing, debt financing as well as government subsidies. When firm size is below the threshold, the impacts of external financing towards green technology innovation are not significant, while there exists significant boost effect of external financing if firm size rise above threshold. Compared with private enterprises, the quantitative value of threshold is higher in state-owned enterprises, but the positive effects would be more intense if the firm size is within threshold. This paper can enrich the research of sci-tech finance, and can provide practical basis for manufacturing enterprises' innovative financing and green development.