A Study on The Impact of Financial Mismatch on Green Innovation Performance of Enterprises: Evidence from Listed Companies in China
Abstract
Using Chinese listed companies from 2011 to 2022 as the research object, this study employs a two-way fixed effects model to empirically examine the impact of financial mismatch on corporate green innovation performance. The findings are as follows: First, based on regression analysis of the listed company sample and robustness tests, financial mismatch inhibits the development of both the “quantity” and “quality” of corporate green innovation; Second, regional heterogeneity analysis reveals that the impact of financial mismatch on the “quantity” and “quality” of corporate green innovation is significantly negative in eastern and western regions, while the impact is not significant in central regions; Enterprise heterogeneity analysis reveals that financial mismatch inhibits the “quality” and “quantity” of green innovation in technology-intensive enterprises, while its impact on the “quantity” and “quality” of green innovation in labor-intensive enterprises and the “quantity” of green innovation in asset-intensive enterprises is not significant. However, it promotes the “quality” of green innovation in asset-intensive enterprises; Third, financial mismatch inhibits the development of corporate green innovation through the financing constraint pathway. This explains the substantive impact of financial mismatch on corporate green innovation behavior, providing data support for optimizing financial resource allocation and promoting green innovation development.
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