转型金融对中国双高企业实质性绿色技术创新的影响研究OACHSSCD

Compared to strategic green technology innovation,substantive green technology innovation serves as a crucial cornerstone for achieving the Dual Carbon goals and sustainable development objectives.Transition finance,meanwhile,is a key factor influencing corporate green technology innovation.Based on the sample data of dual-high enterprises listed on China's Shanghai and Shenzhen A-share markets from 2012 to 2022,the study employs a two-way fixed effects model to empirically examine the impact of transition finance on substantive green technology innovation.The findings reveal:Transition finance significantly promotes substantive green technology innovation of dual-high enterprises,with this conclusion remaining robust after robustness and endogeneity tests.Mechanism analysis indicates that transition finance primarily facilitates substantive green technology innovation by alleviating corporate financing constraints,increasing R&D investment,and enhancing human capital.The promoting effect of transition finance on substantive green technology innovation is more pronounced in state-owned enterprises and enterprises in eastern and central China.Further research reveals that transition finance can reduce corporate carbon emissions in the short term by fostering substantive green technology innovation of dual-high enterprises,though its long-term effects warrant further investigation.This study provides theoretical underpinnings and policy insights for refining the transition finance system,guiding substantive green technology innovation of dual-high enterprises,and advancing the achievement of the Dual Carbon goals.