绿色金融、制度环境与双元绿色创新

doi:10.13776/j.cnki.resourcesindustries.20231017.003

摘要/Abstract

摘要：

基于中国30个省份2007—2019年的390个观测数据为样本，运用固定效应模型分析了绿色金融对双元绿色创新的影响作用，并基于制度经济学理论，进一步探讨了制度环境在其中起到的调节作用。研究发现，绿色金融能显著提升当地的探索式绿色创新和开发式绿色创新水平，且对前者的促进作用更大；绿色金融向双元绿色创新转化过程中会受到地区制度环境的影响，具体来看，当地的市场化程度、知识产权保护程度和政府治理程度越高，绿色金融向双元绿色创新转化的程度越高。此外，制度环境对绿色金融向探索式绿色创新转化的促进作用要强于开发式绿色创新。

关键词:

绿色金融, 双元绿色创新, 市场化程度, 知识产权保护程度, 政府治理程度

Abstract:

This paper, based on pieces of observed data of China ‘s 30 provinces during 2007 to 2019, applies fixed effect model to study the impacts of green financing on dual green innovation, and applies institutional economics theory to discuss the Moderation of institutional environment. Green financing can largely increase the local tentative green innovation, and also increase the open green innovation level in a less manner. Green financing is impacted by local institutional environment during transforming to dual green innovation, the higher marketing degree, intelligence protection extent and governance extent, the higher transforming. Institutional environment promotes the transforming to tentative green innovation of green financing in a stronger manner than to open green innovation.

Key words: green financing, dual green innovation, marketing degree, intelligence protection extent, governance extent

中图分类号:

F205

鞠加亮, 辛沛祝, 赵敏. 绿色金融、制度环境与双元绿色创新[J]. 资源与产业, 2023, 25(5): 61-71.

JU Jialiang, XIN Peizhu, ZHAO Min.

GREEN FINANCE, INSTITUTIONAL ENVIRONMENT AND DUAL GREEN INNOVATION [J]. Resources & Industries, 2023, 25(5): 61-71.

参考文献

鲍宗客, 施玉洁, 钟章奇, 2020. 国家知识产权战略与创新激励: “保护创新”还是“伤害创新”？[J]. 科学学研究, 38（5）: 843-851.〔BAO Z K, SHI Y J, ZHONG Z Q, 2020. Chinese IPR protection strategy and innovation incentives: “protecting” or “injuring”?[J]. Studies Science of Science, 38（5）: 843-851.〕

毕晓方, 翟淑萍, 姜宝强, 2017. 政府补贴、财务冗余对高新技术企业双元创新的影响[J]. 会计研究（1）: 46-52.〔BI X F, ZHAI S P, JIANG B Q, 2017. Government subsidies, financial slack and ambidextrous innovation[J]. Accounting Research (1): 46-52.〕

蔡强, 王旭旭, 2022. 空间视角下绿色金融对经济高质量发展的影响[J]. 江汉论坛（6）: 21-28.〔CAI Q, WANG X X, 2022. Impact of green finance on high-quality economic development from the perspective of space[J]. Jianghan Tribune（6）: 21-28.〕

陈书伟, 韩丽, 2022. 政府创新补贴促进了企业绿色技术创新水平吗: 基于信号传递的视角[J]. 资源与产业, 24（5）: 98-107.〔CHEN S W, HAN L, 2022. Does governmental allowance promote enterprises ‘ green technical innovation level viewing from information transmission? [J]. Resources & Industries, 24（5）: 98-107.〕

陈战光, 李广威, 梁田, 等, 2020. 研发投入、知识产权保护与企业创新质量[J]. 科技进步与对策, 37（10）: 108-117.〔CHEN Z G, LI G W, LIANG T, et al, 2020. R&D investment, intellectual property protection and quality of enterprise innovation[J]. Science & Technology Progressand Policy, 37（10）: 108-117.〕

董景荣, 张文卿, 陈宇科, 2021. 环境规制工具、政府支持对绿色技术创新的影响研究[J]. 产业经济研究（3）: 1-16.〔DONG J R, ZHANG W Q, CHEN Y K, 2021. The impact of environmental regulation tools and government support on green technological innovation[J]. Industrial Economics Research（3）: 1-16.〕

樊纲, 王小鲁, 马光荣, 2011. 中国市场化进程对经济增长的贡献[J]. 经济研究, 46（9）: 4-16. ﹝FAN G, WANG X L, MA G R, 2011. Contribution of marketization to China ‘s economic growth[J]. Economic Research Journal, 46（9）: 4-16.〕

韩科振, 2020. 绿色金融发展与绿色技术创新效率关系研究: 基于空间溢出视角的实证分析[J]. 价格理论与实践（4）: 144-147, 178.〔HAN Z K, 2020. Research on the relationship between green finance development: an empirical analysis based on the spatial spillover[J]. Price Theory & Practice(4): 144-147, 178.〕

李梦雅, 严太华, 2019. 风险投资、引致研发投入与企业创新产出: 地区制度环境的调节作用[J]. 研究与发展管理, 31（6）: 61-69.〔LI M Y, YAN T H, 2019. Venture capital, incentive R&D investment and enterprise ‘ innovation output: moderative effect of regional institutional environment[J]. R&D Management, 31（6）: 61-69.〕

李戎, 刘璐茜, 2021. 绿色金融与企业绿色创新[J]. 武汉大学学报（哲学社会科学版）, 74（6）: 126-140.〔LI R, LIU L Q, 2021. Green finance and enterprises ‘ green innovation[J]. Wuhan University Journal（Philosophy & Social Science）, 74（6）: 126-140.〕

马骏, 2015. 论构建中国绿色金融体系[J]. 金融论坛, 20（5）: 18-27.〔MA J, 2015. On the construction of China ‘s green finance system[J]. Finance Forum, 20（5）: 18-27.〕

宋敏, 马艳霞, 汪琦, 2020. 金融发展、技术进步与全要素能源效率: 基于中介效应的实证研究[J]. 资源与产业, 22（2）: 69-78.〔SONG M, MA Y X, WANG Q, 2020. Financial development, technical advance and whole element energy efficiency based on empirical media effect [J]. Resources & Industries, 22（2）: 69-78.〕

孙畅, 王湛, 刘嘉琦, 2021. 绿色技术创新与绿色金融体系发展的耦合性研究[J]. 金融理论与实践（10）: 22-33.〔SUN C, WANG Z, LIU J Q, 2021. Research on the coupling of green technology innovation and green financial system development[J]. Financial Theory & Practice（10）: 22-33.〕

孙锐, 李树文, 顾琴轩, 2018. 双元环境下战略人力资源管理影响组织创新的中介机制: 企业生命周期视角[J]. 南开管理评论, 21（5）: 176-187.〔SUN Y, LI S W, GU Q X, 2018. The relationship between strategic human resource management and organizational innovation under ambidextrous environment: based on the enterprise life-cycle perspective[J]. Nankai Business Review, 21（5）: 176-187.〕

孙莹, 孟瑶, 2021. 绿色金融政策与绿色技术创新: 来自绿色金融改革创新试验区的证据[J]. 福建论坛（人文社会科学版）(11): 126-138. ﹝SUN Y, MENG Y, 2021. Green Financial Policy and Green Technological Innovation- Evidence from the Green Financial Reform and Innovation Pilot Zone[J]. Fujian Tribune（Humanities and Social Science）（11）: 126-138.〕

陶然, 2021. 绿色金融驱动绿色技术创新的机理、实践与优化研究: 基于“政、企、学、金”协同发展视角[J]. 金融理论与实践（12）: 62-72.〔TAO R, 2021. Research on the mechanism, practice and optimization of green finance driving green technology innovation: based on the perspective of “government, enterprise, education and finance” coordinated development[J]. Financial Theory & Practice（12）: 62-72.〕

王晓燕, 2021. 业绩期望差距与制造企业创新行为选择: 基于不同期望参照水平的检验[J]. 产业经济研究（6）: 129-142.〔WANG X Y, 2021. Research on the impact of performance expectation gaps on innovation behavior of manufacturing enterprises: test based on different expected reference levels[J]. Industrial Economics Research（6）: 129-142.〕

王馨, 王营, 2021. 绿色信贷政策增进绿色创新研究[J]. 管理世界, 37（6）: 173-188, 11.〔WANG X, WANG Y, 2021. Research on the green innovation promoted by green credit policies[J]. Journal of Management World, 37（6）: 173-188, 11.〕

王玉林, 周亚红, 2022. 绿色金融发展与企业创新[J]. 财经研究（6）: 129-142. ﹝WANG Y L, ZHOU Y H, 2022. Green Finance Development and Enterprise Innovation[J]. Journal of Finance and Economics（6）: 129-142.〕

谢乔昕, 2021. 环境规制、绿色金融发展与企业技术创新[J]. 科研管理, 42（6）: 65-72.〔XIE Q X, 2021. Environmental regulation, green financial development and technological innovation of firms[J]. Science Research Management, 42（6）: 65-72.〕

徐敏, 陈媛, 2020. 政府补贴、金融集聚对技术创新效率的影响: 以长江经济带11省市高技术产业为例[J]. 资源与产业, 22（2）: 43-50.〔XU M, CHEN Y, 2020. A case study on high-tech industry of 11 provinces along Yangtze River Economic Zone: influence of governmental allowance and financing concentration on technical innovation efficiency [J]. Resources & Industries, 22（2）: 43-50.〕

阳镇, 李纪珍, 凌鸿程, 2022. 政策不确定性与创新数字化: 双元创新的视角[J]. 科研管理, 43（4）: 1-10.〔YANG Z, LI J Z, LING H C, 2022. Policy uncertainty and innovation digitization: a study from the perspective of ambidextrous innovation[J]. Science Research Management, 43（4）: 1-10.〕

杨上广, 郭丰, 2022. 知识产权保护与城市绿色技术创新: 基于知识产权示范城市的准自然实验[J]. 武汉大学学报（哲学社会科学版）, 75（4）: 100-113.〔YANG S G, GUO F, 2022. Intellectual property protection and urban green technology innovation: a quasi-natural experiment based on intellectual property model city[J]. Wuhan University Journal（Philosophy& Social Science）, 75（4）: 100-113.〕

尹志锋, 叶静怡, 黄阳华, 等, 2013. 知识产权保护与企业创新: 传导机制及其检验[J]. 世界经济, 36（12）: 111-129.〔YIN Z F, YE J Y, HUANG Y H, 2013. Intellectual property protection and corporate innovation: conduction mechanisms and examination[J]. The Journal of World Economy, 36（12）: 111-129.〕

张陈宇, 孙浦阳, 谢娟娟, 2020. 生产链位置是否影响创新模式选择: 基于微观角度的理论与实证[J]. 管理世界, 36（1）: 45-59, 233.〔ZHANG C Y, SUN P Y, XIE J J, 2020. The relationship between strategic human resource management and organizational innovation under ambidextrous environment: based on the enterprise life-cycle perspective[J]. Journal of Management World, 36（1）: 45-59, 233.〕

张翀, 焦伟伟, 2022. 风险投资、地区制度环境与区域创新绩效[J]. 财经问题研究（4）: 75-82. ﹝ZHANG C, JIAO W W, 2022. Venture capital, regional institutional environment and regional innovation performance[J]. Research on Financial and Economic Issues（4）: 75-82.〕

赵春雨, 商梦雅, 赵亚楠, 2022. “双循环”背景下中国双向FDI与绿色创新效率: 基于市场化水平的调节分析[J]. 商业研究（1）: 144-152.〔ZHAO C Y, SHANG M Y, ZHAO Y N, 2022. China′s two-way FDI and green innovation efficiency under the background of the “Double Cycle”: adjustment analysis based on market level[J]. Commercial Research（1）: 144-152.〕

周琛影, 田发, 周腾, 2021. 绿色金融对经济高质量发展的影响效应研究[J/OL]. 重庆大学学报（社会科学版）.〔ZHOU C Y, TIAN F, ZHOU T, 2021. Green finance and high-quality development: mechanism and effects[J/OL]. Journal of Chongqing University（Social Science Edition）DOI: 10. 11835/j. issn. 1008-5831. jg. 2021. 05. 001〕

邹志勇, 辛沛祝, 晁玉方, 等, 2019. 高管绿色认知、企业绿色行为对企业绿色绩效的影响研究: 基于山东轻工业企业数据的实证分析[J]. 华东经济管理, 33（12）: 35-41.〔ZOU Z Y, XIN P Z, CHAO Y F, et al, 2019. Research on the influence of executive green cognition and corporate green behavior on its green performance: based on data of Shandong light industry enterprises[J]. East China Economic Management, 33（12）: 35-41.〕

BENNER M J, TUSHMAN M L, 2003. Exploitation, exploration and process management: the productivity dilemma revisited [J]. Academy of Management Review, 28（2）: 238-256.

HUANG Y M, CHEN C, LEI L J, et al, 2022. Impacts of green finance on green innovation: a spatial and nonlinear perspective [J]. Journal of Cleaner Production, 365: 132548.

LI Y, ZAHRAS A, 2010. Formal institutions, culture, and venture capital activity: a cross-country analysis [J]. Journal of Business Venturing, 27（1）: 95-111.

ZHANG Y M, LI X L, XING C, 2022. How does China ‘s green credit policy affect the green innovation of high polluting enterprises?: the perspective of radical and incremental innovations [J]. Journal of Cleaner Production, 336（15）: 130387.