| 中国制造业绿色技术创新与融资契约选择 |
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| 引用本文： | 王旭,褚旭.中国制造业绿色技术创新与融资契约选择[J].科学学研究,2019,37(2):351-361. |
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| 作者姓名： | 王旭 褚旭 |
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| 作者单位： | 山东财经大学工商管理学院 |
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| 基金项目： | 国家自然科学基金青年基金项目;山东省自然科学基金青年项目;山东省高等学校人文社科计划一般项目 |
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| 摘 要： | 融资活动已成为驱动中国制造业绿色技术创新的重要因素。而制造业究竟应选择“一视同仁”的融资安排，均衡拓展各个融资渠道，还是应“量体裁衣”，选择驱动效应最优的融资契约？本文利用包含非期望产出的Super-SBM模型对绿色技术创新绩效进行测量，重点探讨股权融资、债权融资与政府补贴对绿色技术创新的影响机理和作用边界。研究发现：（1）股权融资和政府补贴与绿色技术创新绩效存在积极关系，而债权融资表现出了消极影响。（2）创新投入在三类融资与绿色技术创新绩效关系均具有显著中介作用。（3）制造业面临的环境规制越强，股权融资和政府补贴对创新投入的促进效应更强，债权融资的抑制效应更弱，绿色技术创新绩效更高。因此，制造业应选择以股权融资为主、政府补贴为辅的融资契约安排，并根据环境规制情境权变调整债权融资配置，以实现对绿色技术创新的持续平滑。
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| 关 键 词： | 股权融资 债权融资 政府补贴 绿色技术创新 |
| 收稿时间： | 2017-12-21 |
A study of green technology innovation and financing contracts arrangement in manufacturing industry |
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| Abstract: | Based on analysis of the characteristics of green innovation activities in manufacturing industry, this paper has discussed and tested the impact of equity financing, debt financing and government subsidy towards green innovation as well as the mediation effect of innovation input. Meanwhile, the moderation effect of environmental regulation has also been studied. It is found out that, firstly, there exist significant positive relationship between stake financing, government subsidy and green innovation. But debt financing can restrain green innovation performance. Secondly, innovation input has been playing a significant mediation role in the relationship of financing and green innovation. Finally, the moderation effect of environmental regulation is significant. The stronger regulation is, the stronger the boost effect of stake financing and subsidy towards green innovation will be. Furthermore, along with the increase of environmental regulation the restrain effect of debt financing towards innovation input is weakened. |
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