Environmental Pollution Liability Insurance, Financing Constraints And Corporate Green Technology Innovatio

The report to the 19th CPC National Congress clearly pointed out that environmental pollution control is one of the major tasks in the three critical battles,and green development is an inevitable requirement for the construction of ecological civilization.Environmental pollution liability insurance(EPLI)for enterprises is an important manifestation of the company’s environmental and social responsibility,and it is an insurance measure to solve the problem of huge compensation due to environmental pollution.Enterprises take out EPLI,which disperses the risk of compensation caused by sudden environmental pollution,makes it easier to obtain recognition from the external capital market,and reduces the financial pressure for enterprise research and development.At the same time,by introducing the firm external environment supervision,the emphasis on pollution and green innovation will affect the green technology innovation ability of firms.This paper takes Shanghai and Shenzhen A-share listed companies that purchase EPLI as a sample to study the impact and mechanism of EPLI on corporate green technology innovation.The empirical study found that:(1)the introduction of EPLI can significantly improve the level of green technology innovation;(2)the alleviation of financing constraints plays an intermediary role in the impact of EPLI on green technology innovation;(3)the impact of EPLI of state-owned enterprises and companies in heavy pollution industries on green technology innovation is more significant.In addition,this paper selects GEM Co.,Ltd.as a case company for analysis,and finds that the company’s purchase of EPLI actively promotes green technology innovation for enterprises.Further analysis found that EPLI can alleviate the financing constraints and increase the strength of environmental supervision,so as to promote the enterprise green technological innovation.The research of this paper enriches the relevant research on the micro-influence of EPLI on enterprises and the influencing factors of green technology innovation,and analyzes the impact and mechanism of EPLI on green technology innovation,which is helpful for enterprises to buy EPLI and for the country to carry out corresponding policy.