绿色金融对新能源上市企业流动性风险的影响研究
Research on the Impact of Green Finance on the Liquidity Risk of New Energy Listed Enterprises

绿色金融在促进企业可持续性发展中起着重要作用，探究绿色金融政策对新能源企业流动性风险的影响具有重要的时代价值和理论意义。本文基于2012~2022年我国各省省级面板数据以及新能源上市公司的财务和市场交易数据，采用固定效应模型和调节效应模型进行实证研究，结果表明：从全国层面来看，绿色金融能够显著降低新能源企业的流动性风险，这种抑制效果存在区域异质性，对中西部地区的影响较小，对东部地区的影响更为显著。绿色技术创新能够促进绿色金融政策对新能源企业流动性风险的抑制作用，技术创新的调节效应同样存在地域差异，对中西部地区的影响更为明显。因此，要因地制宜制定绿色金融政策，同时提高绿色技术创新对绿色金融政策的支持作用，促进新能源企业流动性水平的全面提升。
Green finance plays an important role in promoting the sustainable development of enterprises. Exploring the impact of green finance policies on the liquidity risk of new energy enterprises has important times value and theoretical significance. Based on the panel data of China’s provinces and the financial and market transaction data of listed new energy companies from 2012 to 2022, this paper adopts the fixed-effect model and the moderating effect model to conduct empirical research. The results show that: At the national level, green finance can significantly reduce the liquidity risk of new energy enterprises, and this inhibition effect has regional heterogeneity, with a small impact on the central and western regions and a more significant impact on the eastern region. Green technology innovation can promote the restraining effect of green finance policy on the liquidity risk of new energy enterprises, and the regulatory effect of technological innovation also has regional differences, and the impact on the central and western regions is more obvious. Therefore, it is necessary to formulate green finance policies according to local conditions, while improving the supporting role of green technology innovation for green finance policies, and promoting the overall improvement of the liquidity level of new energy enterprises.