绿色创新对环保企业融资约束影响研究

gainst the backdrop of the ongoing implementation of the "dual carbon" strategy and the growing prominence of green finance, environmental protection enterprises, as core practitioners of the green economy, bear the critical mission of driving ecological improvement.This study combines theoretical analysis with empirical testing. Taking 126 listed environmental protection enterprises from 2014 to 2023 as samples, it constructs a two - way fixed - effect model and a mediating - effect model to test the direct impact of green innovation on financing constraints, the mediating effect of ESG ratings, as well as regional and scale heterogeneities. The research findings are as follows: Green innovation can significantly alleviate the financing constraints of environmental protection enterprises. ESG ratings play a partial mediating role in the relationship between them, and green innovation further reduces financing constraints by improving ESG ratings. Regional heterogeneity is significant. The alleviating effect of green innovation is significant in the eastern region, while in the central and western regions, the effect has not emerged due to resource and policy differences. In terms of enterprise scale, the alleviating effect of green innovation on financing constraints is more prominent in large - scale enterprises. This research provides empirical evidence for environmental protection enterprises to optimize innovation strategies, for financial institutions to improve credit policies, and for the government to improve the green financial system, facilitating the sustainable development of the environmental protection industry under the "dual - carbon" target.