基于企业规模门槛效应的外部融资对绿色创新影响研究.

External financing is a key factor affecting the enterprises' green technology innovation. Based on the reference point theory, this paper has analyzed the relationship between external financing and green technology innovation with the fixed-effect threshold model of firm size. It is found out that firm size has significant threshold effects between green innovation and equity financing, debt financing as well as government subsidies. When firm size is below the threshold, the impacts of external financing towards green technology innovation are not significant, while there exists significant boost effect of external financing if firm size rise above threshold. Compared with private enterprises, the quantitative value of threshold is higher in state-owned enterprises, but the positive effects would be more intense if the firm size is within threshold. This paper can enrich the research of sci-tech finance, and can provide practical basis for manufacturing enterprises' innovative financing and green development. [ABSTRACT FROM AUTHOR]