An Evolutionary Game Dynamic Analysis of Enterprise Technological Innovation Implementation Strategy: From the Perspective of Green Bonds

As a crucial means of financing, green bonds exert a significant influence on the trajectory of technological innovation within enterprises. This article, grounded in an evolutionary game model, investigates the dynamic evolution process of enterprises’ technological innovation strategies through the lens of green bond financial instruments, using the microentity strategy choices of both banks and enterprises as the focal point. Our findings indicate that, first, throughout the cost and benefit game, enterprises will ultimately opt for a technological innovation strategy, while banks will gravitate toward the issuance of green bonds. The issuance of green bonds by banks serves to incentivize enterprises to implement technological innovation strategies, driven by financing advantages and signal transmission factors; second, an escalation in the green credit interest rate imposed by banks will amplify the financing costs associated with enterprise technological innovation, potentially prompting enterprises to forsake their technological innovation strategies; third, an augmentation in the rate of reduction of financing costs for technological innovation in enterprises will alleviate the overall financing burden for enterprises. Simultaneously, an increase in the direct benefit coefficient stemming from technological innovation will enhance corporate income, collectively fostering the adoption of technological innovation strategies by enterprises; and fourth, the intensification of government penalties coupled with judicious government subsidies will stimulate enterprises to embrace technological innovation strategies. Nonetheless, an excess of government subsidies may induce a “crowding out effect,” potentially steering banks toward a strategy of refraining from issuing green bonds.