资本市场开放与制造业企业绿色创新——基于沪深港通的经验证据

摘要/Abstract

摘要： 促进制造业企业绿色创新对我国"碳达峰"和"碳中和"目标的实现以及经济社会全面绿色转型具有重要意义。以2010到2021年A股上市制造业企业为样本,利用沪深港通的实施构造多期双重差分模型,实证检验了沪深港通对制造业企业绿色创新的影响。研究发现,沪深港通不仅促进了制造业企业绿色创新,还提升了其绿色创新质量。机制检验表明,沪深港通可通过缓解融资约束和提高环境信息披露水平等途径促进了绿色创新。异质性分析表明,沪深港通对民营制造业企业和非重污染制造业企业的绿色创新促进作用更大。研究结果表明,资本市场开放对于促进经济绿色发展,实现"双碳"目标具有重要作用,为进一步深化资本市场改革和扩大资本市场开放提供了理论支撑。

关键词: 资本市场开放, 沪深港通, 绿色创新, 制造业

Abstract: Promoting green innovation in manufacturing enterprises is of great significance for China to achieve its "peak carbon dioxide emissions" and "carbon neutrality" goals, as well as for the comprehensive green transformation of the economy and society. Using a sample of manufacturing firms listed on the A-share market from 2010 to 2021, this study employs a multi-period difference-in-differences model constructed based on the implementation of the trading system of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connection, and empirically examines the impact of the trading system on green innovation in manufacturing enterprises. The study reveals that the implementation of the trading system not only promotes green innovation in manufacturing firms, but also enhances the quality of such innovation. Mechanism tests indicate that the trading system promotes green innovation in manufacturing firms by alleviating financing constraints and enhancing environmental information disclosure. Heterogeneity analysis suggests that the impact of the trading system on green innovation is greater for privately-owned manufacturing firms and non-heavy-polluting manufacturing firms. The research findings indicate that the opening up of the capital market plays an important role in promoting green economic development and achieving the "dual carbon" targets, providing a theoretical basis for further expanding the opening up of the capital market.

Key words: stock market opening, "Shanghai-Hong Kong" and "Shenzhen-Hong Kong" Stock Connection, green innovation, manufacturing enterprises

中图分类号:

F272

侯超惠, 陈全保, 帅昭文. 资本市场开放与制造业企业绿色创新——基于沪深港通的经验证据[J]. 贵州财经大学学报, 2023(04): 101-110.

HOU Chaohui, CHEN Quanbao, SHUAI Zhaowen. Effect of Stock Market Opening on Green Innovation in Manufacturing Enterprises - Evidence from the Shanghai-Shenzhen-Hong Kong Stock Connect[J]. Journal of Guizhou University of Finance and Economics, 2023(04): 101-110.

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