Environmental Information Disclosure,Government Subsidies And Enterprise Green Innovation

At this stage,China’s economy is in an important period of in-depth implementation of the "dual-carbon" goal and innovation-driven development strategy.Environmental constraints and innovation and development coexist.For a long time,while the heavy polluting enterprises have achieved large-scale expansion benefits,they have not yet effectively carried out clean process innovation and expanded end-of-line treatment technology improvements,coupled with the lack of green design,refined management and technological innovation,which eventually lead to extensive production,resource consumption,and environmental pollution.And the consequences of serious ecological damage.Promoting green innovation has become an inevitable decision for heavy-polluting enterprises to break through bottlenecks such as resource depletion and environmental degradation,improve unreasonable structures,and promote industrial transformation and upgrading.Environmental information disclosure can effectively play the role of public supervision,help stakeholders make accurate investment and business decisions,stimulate public awareness of environmental protection,and strongly drive green innovation of enterprises;and is subject to differences in the degree of information manipulation and the understanding of recipients,and heterogeneity The effect of environmental information disclosure on corporate green innovation are different.Government subsidies,with their free transfer payments of funds and resources,will definitely weaken the motives of heavily polluting enterprises to avoid environmental investment,resolve innovation risks,and shape environmental constraints of "joint efforts" within the society,with internal cost compensation and external constraints.Innovation provides assurance.In view of this,exploring the relationship between environmental information disclosure,government subsidies and green innovation of enterprises can not only clarify the internal logic of the three,but also help strategic decision-making for high-quality economic development.Based on stakeholder theory,crowding-in and crowding-out theory and green innovation theory,research targets on in-depth analysis of the impact of monetary and non-monetary environmental information disclosure on green innovation,the green innovation based on green invention patent,and the green innovation based on green utility model patent.The mechanism of action of subsidies.Taking Shanghai and Shenzhen A-share heavily polluted listed companies from 2015 to 2019 as a sample,the authors adopted Stata17 software to empirical tests on the relationship between environmental information disclosure,government subsidies,and corporate green innovation,and draws the following research conclusions:（1）Environmental Information disclosure helps heavily polluting enterprises to carry out green invention and innovation,and monetary environmental information disclosure helps heavily polluting enterprises to carry out green innovation and the green innovation based on green utility model patent activities.（2）Government environmental protection subsidies have a significant role in promoting green innovation and the green innovation based on green invention patent of enterprises,while the role of total government subsidies is not obvious;both total government subsidies and government environmental protection subsidies have a significant role in promoting the green innovation based on green utility model patent,and the role of government environmental protection subsidies is better than the total amount of government subsidies.（3）The joint effect of environmental information disclosure and government environmental protection subsidies helps heavy-polluting enterprises to carry out green innovation and the green innovation based on green utility model patent,and the joint effect of monetary and non-monetary environmental information disclosure and government environmental protection subsidies helps heavy pollution.Polluting enterprises carry out green invention and innovation activities,and the adjustment effect of total government subsidies on environmental information disclosure and enterprise green innovation is not significant.（4）Under the heterogeneity of industries and regions,the research hypothesis of this paper can still be verified.For the key pollutant discharging enterprises under the policy of mandatory environmental information disclosure by key pollutant discharging units,the positive impact of their environmental information disclosure and government subsidies on green innovation is significantly better than that of non-key pollutant discharging enterprises,so reasonable environmental regulation will be conducive to the green innovation of enterprises;For heavily polluting enterprises in different jurisdictions,the positive performance of environmental information disclosure and government subsidies on green innovation is related to the intensity of environmental regulation.The eastern,central,and northeastern regions have an obvious positive effect,while the western region is affected by the "crowding out" effect.Based on the above conclusions,this paper puts forward corresponding policy suggestions for the government and the main body of environmental responsibility — heavy polluting enterprises,in order to deepen the impact of environmental regulation on green innovation,and explore the transformation and development direction of heavy polluting enterprises under the "dual carbon" goal.