证券市场导报Issue(8)：12-19,8.
环保投入、融资约束与企业技术创新——基于长短期异质性影响的研究视角
摘要
Abstract
According to the special institutional environment in China, this paper examines the heterogeneity of the long-term and short-term effects of environmental protection investment on firms' technology innovation of enterprises. On the basis of theoretical analysis, this paper takes the data of listed companies in China as samples to do empirical research. The results show that in different time dimensions, the influence of environmental protection investment on firms' R&D investment has significant heterogeneity. In the short term, environmental protection investment has a significant inhibitory effect on firms' R&D investment. But in the long term, the impact of environmental investment on firms' R&D of the enterprise is more likely to be facilitating. Further research on the mechanism of influence shows that through the interference of the financial constraints, environmental investment can affect firms' R&D investment. Finally, this paper considers the moderating effect of internal and external factors of enterprises, found that in different property right enterprises or different external market competition environment, the impact of environmental protection investment on firms' technological innovation is different.关键词
环保投入/融资约束/技术创新Key words
environmental protection investment/financial constraints/technology innovation分类
管理科学引用本文复制引用
马红,侯贵生..环保投入、融资约束与企业技术创新——基于长短期异质性影响的研究视角[J].证券市场导报,2018,(8):12-19,8.基金项目
山东省自然科学基金项目, "虚拟经济与实体经济非协调发展对企业投资行为的影响研究" (ZR2018BG007) （ZR2018BG007）
山东省社会科学基金项目"山东省创业板上市公司财务战略研究——基于行为财务的视角" (11DKJJ09) （11DKJJ09）
山东科技大学人才引进科研启动基金项目"空间溢出视角下创新要素集聚与创新驱动发展" (2017RCJJ023) （2017RCJJ023）
