Analysis Of The Effects And Mechanisms Of Environmental Information Disclosure Supervision On Corporate Green Innovatio

The sustained and rapid growth of China’s economy is accompanied by huge environmental problems.Based on this,China has formulated a series of environmental regulation policies.As an important part of it,environmental information disclosure supervision tries to force enterprises to carry out environmental governance by means of public participation mechanism.Green innovation may be an effective way for companies to properly deal with environmental issues under environmental information disclosure supervision.Therefore,whether the supervision of environmental information disclosure can promote the green innovation of enterprises become an urgent issue to be explored.We focuses on the impact of environmental information disclosure supervision on corporate green innovation,and combines quantitative research and case analysis to reveal the causal relationship and internal mechanism.Based on literature review and theoretical analysis,we take the “Measures for environmental Information disclosure of enterprises and institutions” implemented in 2015 as an exogenous impact,and selects the data of listed companies in Shanghai and Shenzhen Ashare manufacturing industries from 2011 to 2018.We construct the difference in difference method(DID),and confirm that environmental information disclosure supervision has a significant positive incentive effect on corporate green innovation.After a series of tests such as parallel trend test and placebo test,the result is still robust.We construct a group regression model for heterogeneity analysis and find that for state-owned enterprises and enterprises in areas with stronger law enforcement,environmental information disclosure supervision will have a greater promotion effect on the green innovation.Further mechanism research shows that environmental information disclosure supervision can help companies ease financing constraints,optimize management models,obtain sales incentives,and carry out external cooperation,and ultimately promote green innovation.Based on quantitative research,we select China Petroleum & Chemical Corporation(Sinopec)for case analysis,and further open the "black box" of the relationship between environmental information disclosure supervision and corporate green innovation by exploring environmental information disclosure supervision and green innovation,which more intuitively reflects the internal mechanism of environmental information disclosure supervision affecting the green innovation of enterprises.Case analysis confirms that environmental information disclosure supervision effectively promotes Sinopec’s green innovation,and promotes green innovation by assisting enterprises to ease financing constraints,optimize management models,obtain sales incentives and carry out external cooperation.Therefore,we put forward the following suggestions: by promoting the construction of enterprise environmental informatization and providing policy support for non-state-owned enterprises,the environmental protection cost of enterprises can be reduced.Through the construction of a national environmental information disclosure platform and a technology supply and demand information release platform between universities and enterprises,the green innovation income of enterprises will be improved.Ultimately,it will promote green innovation for enterprises.This research not only deepens the chemical industry’s understanding of the internal mechanism between environmental information disclosure supervision and corporate green innovation at the theoretical level,but also provides sufficient empirical evidence for the implementation of environmental information disclosure supervision policies at the practical level,in particular,for the “Administrative Measures for Legal Disclosure of Corporate Environmental Information” implemented on February 8,2022.