【作者】 徐敏；

【导师】 王翌秋；

【作者基本信息】 南京农业大学 ， 金融学， 2021， 硕士

【摘要】 党的十九大报告指出,必须坚持节约资源和保护环境的基本国策,形成绿色发展新模式。我国在建设初期,采用粗放式的经济发展模式,虽然取得了经济上的发展成果,但却造成了资源的浪费和环境的污染,由此我国经济发展模式由高速发展转变为高质量发展。企业不仅是国家经济发展的主体,还是污染制造的主体,因此从企业层面转变发展模式是重中之重。我国是制造业大国,企业是产品生产的集中地和绿色技术创新的主体,企业进行绿色研发有利于从产品制造的源头上进行转型,从而提高资源利用率、减少污染排放,不仅能够提升我国经济的高质量发展水平,因符合市场需求,从而还有利于企业自身的长远发展。但是企业进行绿色技术创新相较于一般的技术创新具有研究周期长、成本投入大、研发成果转化难等特点,因此多数企业不会主动进行绿色技术创新,这就需要政府、金融机构等多方合力,从资金层面给予企业支持。“一带一路”政策是在2013年由习近平总书记提出,是一项多边合作共赢的政策。“一带一路”建设七年来,从四大丝路发展成为七大丝路,企业作为“一带一路”参与主体,承担着建成绿色、创新丝绸之路,发展绿色经济的责任,这主要体现为企业的绿色技术创新。而企业进行绿色技术研发需要大量资金支持,“资金融通”是“一带一路”建设的重要支撑,企业加入“一带一路”,一方面可以获得税收减免、研发补贴等政策红利;另一方面,政府对于加入“一带一路”的企业的信誉度、发展实力等有着严格的审查,银行等金融机构为减少搜寻成本会主动与这些企业合作,提供低息贷款等,这也会增加企业的融资,进而有充足的资本进行绿色研发。因此,本文研究“一带一路”政策对企业绿色技术创新的影响,以及企业融资约束在两者中的作用。基于以上背景,本文首先详细介绍了“一带一路”政策、企业绿色技术创新等相关概念。其次从“一带一路”政策发展现状、企业绿色技术创新、企业融资约束等多个角度回顾了国内外相关文献。并在梳理相关理论和作用机制的技术上提出研究假说。在实证分析部分,本文运用中国沪深A股2010～2018年上市公司数据,建立双重差分模型,定义同花顺数据库中“一带一路”概念板块内企业为加入“一带一路”企业,讨论了加入“一带一路”企业在不同性质企业、行业与地区的分布特征,特别地,本文采用企业绿色专利申请量、绿色发明专利申请量和绿色实用型专利申请量三种方式对企业绿色技术创新水平进行衡量,并分别研究“一带一路”政策对其影响,并从不同企业性质、行业和地区的角度进行了深入讨论。又引入企业融资约束这一变量与“一带一路”政策实施形成交互项,探究企业融资约束对“一带一路”政策与企业绿色技术创新关系的影响,并从不同企业性质、行业和地区的角度进行了深入讨论。研究得出,我国加入“一带一路”企业总体占比约为7.30%,自“一带一路”政策实施以来,无论是从企业绿色专利申请量来看,还是将其细分为绿色发明专利申请量和绿色实用型专利申请量来看,“一带一路”政策都会对企业绿色技术创新产生正向影响,随着时间推移,“一带一路”政策对企业绿色技术创新的影响效应越来越显著,且在与政府关系更为密切的国有企业和治污压力较小的非重污染行业内,表现的更为明显。而企业融资约束的缓解能够显著促进这种正向影响,这主要是因为相较于一般技术创新而言,企业进行绿色技术创新周期更长、创新成果转化更难,需要更多的资金支持,而融资约束的缓解能够增加企业研发投入,因此促进“一带一路”政策对企业绿色技术创新的正向影响,且在有较多融资的国有企业和生产压力较小的非重污染行业内表现得更为明显。这一结论对于推动企业转型、助力绿色丝绸之路建设以及完善政府管理政策具有重要意义。更多还原

【Abstract】 The report of the 19 th National Congress of the Communist Party of China pointed out that the basic national policy of saving resources and protecting the environment must be adhered to,and a new model of green development must be formed.In the early stage of construction,my country adopted an extensive economic development model.Although it has achieved economic development results,it has caused waste of resources and environmental pollution.As a result,my country’s economic development model has changed from rapid development to high-quality development.Enterprises are not only the main body of national economic development,but also the main body of pollution production.Therefore,changing the development model from the enterprise level is the top priority.My country is a big manufacturing country,and enterprises are the concentrated areas of product production and the main body of green technology innovation.The green R&D of enterprises is conducive to the transformation from the source of product manufacturing,thereby improving resource utilization and reducing pollution emissions,which can not only improve my country’s economy.The high-quality development level of the company is also conducive to the long-term development of the enterprise itself because it meets the needs of the market.However,compared with general technological innovation,green technology innovation by enterprises has the characteristics of long research cycle,large cost investment,and difficulty in transforming research and development results.Therefore,most companies will not actively carry out green technology innovation,which requires the joint efforts of governments,financial institutions and other parties to provide enterprise support from the financial level.The “Belt and Road” policy was proposed by Chairman Xi Jinping in 2013 and is a winwin policy for multilateral cooperation.In the past seven years of the construction of the "Belt and Road",the company has developed from the four major silk roads to the seven major silk roads.As the main participants of the "Belt and Road",the enterprise bears the responsibility of building a green and innovating silk road and developing a green economy.This is mainly reflected in the enterprise Green technology innovation.Enterprises need a lot of financial support for green technology research and development."Financial financing" is an important support for the construction of the "Belt and Road".Enterprises joining the "Belt and Road" policy can obtain tax reductions,R&D subsidies and other policy dividends on the one hand,thereby helping the company’s development;On the other hand,the government has a strict review of the creditworthiness and development strength of companies participating in the “Belt and Road” policy.Banks and other financial institutions will actively cooperate with these companies and provide low-interest loans to reduce search costs.This will also Increase corporate financing,and then have sufficient capital for green research and development.Therefore,this article studies the impact of the “Belt and Road”policy on corporate green technological innovation and the role of corporate financing constraints in both.Based on the above background,this article first introduced in detail the “Belt and Road”policy,corporate green technology innovation and other related concepts.Secondly,it reviewed relevant domestic and foreign literature from multiple perspectives such as the status quo of the “Belt and Road” policy development,corporate green technology innovation,and corporate financing constraints.And put forward research hypotheses on the technology of combing related theories and mechanism of action.In the empirical analysis part,this paper uses the data of China’s Shanghai and Shenzhen A shares listed companies from 2010 to 2018 to establish a double differential model to define the companies in the "Belt and Road" conceptual sector in the Flush Shun database as companies that have joined the "Belt and Road" policy.The distribution characteristics of enterprises under the “Belt and Road”policy in different types of enterprises,industries and regions,In particular,this article adopts three methods: corporate green patent applications,green invention patent applications,and green utility patent applications to measure the level of corporate green technological innovation,and considers the impact of the “Belt and Road” policy,and differs from each other.In-depth discussions were conducted from the perspective of the nature of the company,industry and region.It also introduces the variable of corporate financing constraints and the implementation of the "Belt and Road" policy to form an interactive item,explores the impact of corporate financing constraints on the relationship between the "Belt and Road" policy and corporate green technology innovation,and conducts it from the perspectives of different corporate nature,industries,and regions.According to the study,the overall proportion of enterprises in my country who have joined the “Belt and Road” policy is about 7.30%.Since the implementation of the “Belt and Road” policy,whether it is from the perspective of the amount of green patent applications by enterprises or subdivided into green invention patent applications in terms of the number of applications and the number of green utility patent applications,the “One Belt One Road”policy will have a positive impact on corporate green technological innovation.As time goes by,the impact of the “One Belt One Road” policy on corporate green technological innovation has become more and more significant.And the performance is more obvious in the state-owned enterprises that are more closely related to the government and the non-heavy pollution industries that have less pressure on pollution control.The alleviation of corporate financing constraints can significantly promote this positive impact.This is mainly because compared with general technological innovation,the green technology innovation cycle of enterprises is longer,the transformation of innovation achievements is more difficult,and more financial support is needed.Therefore,the positive impact of promoting the “Belt and Road” policy on green technological innovation of enterprises is more obvious in stateowned enterprises with more financing and non-heavy pollution industries with less production pressure.This conclusion is of great significance for promoting the transformation of enterprises,helping the construction of the Green Silk Road,and improving government management policies.更多还原