摘要
基于TOE框架对绿色企业融资约束的影响,以我国2021年90家创业板绿色企业为数据样本进行整合分析,选取绿色创新能力、数字化转型、成长性、融资结构和绿色金融发展水平5个前因条件,应用模糊集定性比较分析方法探究绿色企业融资约束的影响机制。实证结果表明,5个前因条件单独作用时均无法构成绿色企业高融资约束;存在3条造成绿色企业高融资约束的路径,即“债权融资结构-融资环境缺失”型、“绿色创新能力弱-融资环境缺失”型和“绿色创新能力弱-债权融资结构”型;存在3条缓解绿色企业融资约束的路径,即“数字化转型程度高-股权融资结构”型、“绿色创新能力强-股权融资结构”型和“绿色创新能力强-融资环境支撑”型。研究结论为解决绿色企业融资约束问题提供了理论借鉴和实践启示。
Taking the data sample of 90 green enterprises on chiNext in 2021,this paper conducts an integrated analysis on the influencing factors of financing constraints of green enterprises based on the TOE framework.Selecting five antecedent conditions of green innovation capability,digital transformation,growth,financing structure and green financial development level,the fuzzy set qualitative comparative analysis method is used to explore the impact mechanism of green enterprise financing constraints.The empirical results show that:when the five antecedent conditions work alone,they cannot constitute the high financing constraints of green enterprises.There are three paths that lead to high financing constraints of green enterprises,namely"debt financing structure-lack of financing environment"type,"weak green innovation ability-lack of financing environment"type and"weak green innovation ability-debt financing structure"type.There are three paths to alleviate the financing constraints of green enterprises,namely"high degree of digital transformation-equity financing structure"type,"strong green innovation ability-equity financing structure"type and"strong green innovation ability-financing environment support"type.The research conclusions provide theoretical reference and practical enlightenment for solving the financing constraints of green enterprises.
作者
杨艳萍
李清莹
Yang Yanping;Li Qingying(School of Management,Henan University of Technology,Zhengzhou 450001,China)
出处
《科技管理研究》
北大核心
2023年第19期251-258,共8页
Science and Technology Management Research
基金
国家社会科学基金一般项目“基于区块链技术的小微企业融资信任机制重构研究”(20BJY251)。
