河南师范大学学报(哲学社会科学版)

本文利用中国2000-2021年上市企业面板数据，通过双重差分模型结合投资-现金流敏感性模型，分析了绿色专利与企业所受融资约束之间的关系。研究结果表明，绿色专利显著缓解了企业受到的融资约束；绿色专利的质量越高，对企业融资约束的缓解能力越强；绿色专利主要通过影响企业的债权融资尤其是银行贷款渠道进而影响融资约束。进一步的研究把绿色专利划分为减缓型和适应型，并考虑了碳排放权交易制度的冲击。从中发现，目前中国只有减缓型绿色专利对企业融资约束具有显著、稳定的缓解效应，碳排放权交易制度的实施显著提高了减缓型绿色专利的缓解效应，但削弱了适应型绿色专利所能发挥的作用。本文结论一方面点出了企业绿色转型战略应注重自主创新及专利申请，另一方面也强调了适应型绿色技术创新发展可能面对的资金困境，需要政府部门的重视和政策支撑。

This study uses panel data of Chinese listed companies from 2000 to 2021, and analyzes the relationship between green patents and financing constraints faced by companies through a difference in difference model combined with an investment cash flow sensitivity model. The results indicate that green patents significantly alleviate the financing constraints faced by enterprises.The higher the quality of green patents, the stronger their ability to alleviate financing constraints for enterprises.Green patents mainly affect financing constraints by influencing corporate debt financing, especially bank loan channels. Further research has divided green patents into mitigation and adaptation types, taking into account the impact of the carbon emissions trading system. It has been found that currently in China, only mitigation type green patents have a significant and stable mitigation effect on corporate financing constraints. The implementation of the carbon emissions trading system has significantly improved the mitigation effect of mitigation type green patents, but weakened the role that adaptive type green patents can play. On the one hand, the conclusion of this study points out that the green transformation strategy of enterprises should focus on independent innovation and patent application. On the other hand, it also emphasizes the financial difficulties that adaptive green technology innovation and development may face, which require the attention and policy support of government departments.