How does risk-taking affect the green technology innovation of high-tech enterprises in China: the moderating role of financial mismatch.

As a core driver for the high-tech enterprises, green technology innovation is crucial, even with high financial risk. Against this background, this paper empirically examines the impact of risk-taking on green technology innovation of high-tech enterprises, taking Chinese A-share listed companies from 2007 to 2020 as the research sample and considering the moderating effect of financial mismatch. Findings show the following: First, the effect of risk-taking on green technology innovation of high-tech enterprises is insignificant in most cases, and the inhibitory effect of financial mismatch is partly supported. Second, financial mismatch only counter-regulates the inhibitory effect of systematic risk-taking on the number of invention patents granted in the eastern sample. Third, the effect of risk-taking on green technology innovation is significantly heterogeneous in terms of property rights and regional heterogeneity, regardless of considering the moderating effect of financial mismatch or not. Finally, the policy implementations point out that the government should create a favorable investment environment, financial institutions should adjust the way of capital allocation, while high-tech enterprises should broaden the financing channels to enhance their risk-taking ability, and promote green technological innovation to achieve high-quality economic development.
(© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)