低碳城市试点政策、企业融资约束与绿色技术创新

Low-Carbon City Pilot Policy, Corporate Financing Constraints and Green Technological Innovation

摘要: 本文以2004~2020年A股上市公司为研究样本，实证检验2010年、2012年以及2017年总共三次低碳城市试点政策实施对于企业绿色技术创新水平的影响效应。研究发现，低碳城市试点政策的实施在一定程度上促进企业绿色技术创新。机制检验表明，政策的实施可以有效缓解企业融资约束，从而提高了绿色技术创新水平。本文从企业绿色技术创新的角度为低碳城市试点政策实施效果提供经验证据。

Abstract: Taking the 2004~2020 A-share listed companies as a research sample, this paper empirically ex-amines the impact of the implementation of three low-carbon city pilot policies on the green tech-nological innovation level of enterprises in 2010, 2012 and 2017. The study found that the imple-mentation of the low-carbon city pilot policy promotes the innovation of green technology in enter-prises to a certain extent. The mechanism test shows that the implementation of the policy can ef-fectively alleviate the financing constraints of enterprises, thereby improving the level of green technological innovation. This paper provides empirical evidence for the implementation of low-carbon city pilot policies from the perspective of enterprise green technological innovation.