Proceedings of the International Conference on Information Economy, Data Modeling and Cloud Computing, ICIDC 2022, 17-19 June 2022, Qingdao, China

Research Article

An Empirical Study of Corporate Green Innovation, Surplus Management and Financing Constraints

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  • @INPROCEEDINGS{10.4108/eai.17-6-2022.2322770,
        author={Jianjun  Li and Wenyu  Li},
        title={An Empirical Study of Corporate Green Innovation, Surplus Management and Financing Constraints},
        proceedings={Proceedings of the International Conference on Information Economy, Data Modeling and Cloud Computing, ICIDC 2022, 17-19 June 2022, Qingdao, China},
        publisher={EAI},
        proceedings_a={ICIDC},
        year={2022},
        month={10},
        keywords={green innovation accrued surplus management real surplus management financing constraints},
        doi={10.4108/eai.17-6-2022.2322770}
    }
    
  • Jianjun Li
    Wenyu Li
    Year: 2022
    An Empirical Study of Corporate Green Innovation, Surplus Management and Financing Constraints
    ICIDC
    EAI
    DOI: 10.4108/eai.17-6-2022.2322770
Jianjun Li1,*, Wenyu Li1
  • 1: Jianghan University Business School
*Contact email: 1220710750@qq.com

Abstract

This paper studies the relationship between green innovation, financing constraints and financial performance of listed companies on the Shanghai-Shenzhen Exchange 2010-2019. The research found that the financing constraints of listed companies are significantly negatively correlated with green innovation, that is, the stronger the green innovation capacity a listed company has, the less fancying constraint it faces. Further research found that both accrual surplus management and real surplus management positively moderate the relationship between financing constraints and green innovation. Compared with the lower level of surplus management, green innovation of enterprises with higher degree of surplus management has a more remarkable effect on financing constraints. Therefore, enterprises should strengthen green innovation, ease financing constraints; reasonably and moderately conduct surplus management, and improve accounting information disclosure mechanism.