经济增长目标、融资约束与污染企业绿色技术创新

Economic Growth Target, Financial Constraint and Green Technology Innovation of Polluting Enterprises

中文关键词:  经济增长目标  融资约束  污染企业  绿色技术创新  环境目标

英文关键词:economic growth target  financial constraint  polluting enterprises  green technology innovation  environmental target

中文摘要:

      经济增长目标作为中国政府宏观经济管理的一个重要手段，不仅会影响宏观经济绩效，还会显著影响微观经济主体的行为和绩效。本研究借助中国2004—2019年沪深A股上市污染企业数据，采用固定效应模型，从绿色技术创新视角考察了经济增长目标对微观企业的影响效应，并检验了融资约束在经济增长目标与污染企业绿色技术创新活动之间的中介效应。结果显示，经济增长目标会加剧融资约束，进而抑制企业绿色技术创新。同时，在“硬约束”情形、重污染企业和非国有企业中，经济增长目标对企业绿色技术创新的抑制效应更显著，而环境目标会弱化这种负向作用。本文丰富了经济增长目标影响微观企业绩效的相关研究，并为地方政府科学设定经济增长目标、更好平衡经济增长目标与环境目标之间关系以及促进污染企业绿色转型升级提供了理论依据和政策参考。

英文摘要:

      As an important means of the Chinese government's macroeconomic management, economic growth target will not only affect macroeconomic performance, but also significantly affect the behavior and performance of microeconomic subjects. Based on the data of China's polluting enterprises listed in Shanghai and Shenzhen A-share markets from 2004 to 2019, this paper uses a fixed effect model to investigate the impact of economic growth target on micro enterprises from the perspective of green technology innovation, and examines the mediating effect of financing constraints between economic growth target and green technology innovation activities of polluting enterprises. The results show that the economic growth target will aggravate the financing constraint, thereby inhibiting the green technology innovation of enterprises. At the same time, the inhibition effect is more obvious in the case of "hard constraints", heavily polluting enterprises and non-state-owned enterprises, while the environmental goals will weaken this negative effect. This paper enriches the relevant research on the impact of economic growth target on the performance of micro enterprises, and provides a theoretical basis and policy reference for local governments to set economic growth target scientifically, better balance the relationship between economic growth target and environmental target, and promote the green transformation and upgrading of polluting enterprises.