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Financial Market Openness, Environmental Regulation, and Green Technological Innovation Efficiency
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DOI：10.1016/j.iref.2025.104877.png)
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Abstract
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The present study integrates financial market openness and environmental regulation into the profit framework of the firm's green technology innovation function, incorporating spatial effects. Utilizing panel data from 30 Chinese provinces spanning the years 2004–2022, a financial market openness index is constructed using the entropy method. The model utilizes a two-stage network DEA approach to assess green technology innovation efficiency across provinces. Empirical analysis is conducted using a spatial Durbin model. The findings of the study indicate a positive correlation between financial market openness and green technological innovation efficiency. Furthermore, it has been demonstrated that spatial spillover effects enhance the innovation efficiency of neighboring regions. This conclusion remains robust after endogeneity and stability tests. Financial market openness has been demonstrated to promote innovation efficiency by alleviating financing constraints, while environmental regulation has been shown to play a moderating role in guiding corporate green innovation. From a regional heterogeneity perspective, the promotional effect of financial market openness is more pronounced in non-Belt and Road regions and non-coastal areas. As green technological innovation progresses through its various stages, financial market openness emerges as a pivotal factor influencing the efficiency of green innovation output. In regions characterized by varying quantiles, the promotional effect of financial market openness on green technological innovation efficiency demonstrates a non-linear variation. The findings of this study emphasize the role of financial market openness in enhancing green technological innovation efficiency, providing a reference point for policymakers seeking financial resources to achieve sustainable development.
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