This article aims to clarify the impact of stock market liberalization on corporate green technology innovation, analyze its mechanism from the perspectives of financing constraints and environmental management level and explore heterogeneity.
Using the panel data of Chinese enterprises from 2010 to 2020, this article adopts the multi-point difference-in-difference (DID) method to test the impact of stock market liberalization on enterprise green technology innovation and its conduction pathway.
The outcomes demonstrate that stock market liberalization contributes to the furthering of green technology innovation. The heterogeneity test reveals that this promotion is more pronounced for private companies, small-scale companies and companies with high information transparency. The mediating effect test shows that stock market liberalization boosts green technology innovation by alleviating corporate financing constraints and improving corporate environmental management.
This article elucidates the impact path of stock market liberalization on corporate green innovation based on alleviating corporate financing constraints and improving corporate environmental management levels. From the perspective of corporate green technology innovation, this article provides evidence from emerging market countries for the economic effects of capital market opening, which helps to further improve the level of green innovation.
