The Impact of Green Capital Structure on Enterprise Development and the Regulation of Technological Innovation under Carbon Peaking

Maochun Zhou () and Rui Fan ()
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Maochun Zhou: School of Business Administration, Liaoning Technical University, Huludao 125105, China
Rui Fan: School of Business Administration, Liaoning Technical University, Huludao 125105, China

Sustainability, 2023, vol. 15, issue 7, 1-19

Abstract: The introduction of the “double carbon” target has placed higher and newer demands on China’s economic development, which must rely on investment in green capital. In today’s knowledge-based economy, one of the most important factors influencing the growth of enterprises is technological innovation. Based on the data of A-share listed companies in China from 2016 to 2020, this paper empirically tests whether the green capital structure of enterprises can promote the development of enterprises through regression analysis. The study shows that green capital structure has a significant promotion effect on enterprise development; technological innovation will weaken the promotion effect of green capital structure on enterprise development to a certain extent. The paper further shows that the higher the cash flow from operating activities, the higher the concentration of equity and the non-state-owned enterprises, the more conducive the green capital structure is to enterprise development. Finally, the article’s findings are supported by robustness tests. It is conducive to promoting the development of a green economy and facilitating the transformation and upgrading of China’s economy while protecting the environment.

Keywords: green capital structure; technological innovation; enterprise development; equity concentration (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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