企业绿色创新:政府规制、信息披露及投资策略演化

Corporate green innovation: Government regulation, information disclosure and investment strategy evolution

面对制造企业绿色创新的融资困境,如何破解信息披露难题、推动金融机构投资企业绿色创新是实现我国制造业绿色转型升级的关键,而政府规制是推动企业绿色创新的必要手段。基于此,构建政府、企业和金融机构的三方演化博弈模型,运用演化博弈理论和Python仿真,分析政府规制对制造企业绿色创新各主体交互影响的演化过程。研究发现:(1)政府规制能显著影响企业信息披露行为和促进金融机构的企业绿色创新投资意愿;(2)政府对隐瞒信息行为惩罚系数越大,越利于企业向公开信息方向演化;(3)当奖励系数适度时,政府对企业信息披露和金融机构投资的奖励系数越大,越利于克服企业绿色创新的信息披露难题和融资困境,实现制造业的绿色转型;(4)政府规制给企业带来效益增值,企业给予政府反馈补助。当反馈系数较大时,企业和金融机构都会向利于企业绿色创新发展的方向演化。

Facing the financing dilemma of green innovation of manufacturing enterprises, how to solve the problem of information disclosure and promote the financial innovation of financial institutions to invest in enterprises is the key to realizing the green transformation and upgrading of China’s manufacturing industry, and government regulation is a necessary means to promote green innovation of enterprises. Based on this, a tripartite evolutionary game model of government, enterprises, and financial institutions is constructed, and the evolutionary process of the interactive effects of government regulation on the green innovation of manufacturing enterprises is analyzed using evolutionary game theory and Python simulation. The study found that:(1) government regulation can significantly affect corporate information disclosure behaviors and promote the willingness of financial institutions to invest in green innovation.(2) the greater the government’s penalty factor for concealing information, the better it is for companies to evolve in the direction of public information.(3) When the reward coefficient is moderate, the larger the government’s reward coefficient for corporate information disclosure and financial institution investment, the better it is to overcome the problems of corporate green innovation information disclosure and financing dilemma, and to realize the green transformation and upgrading of manufacturing. Enterprises bring value-added, and enterprises give government feedback subsidies. When the feedback coefficient is large, both companies and financial institutions will evolve in a direction that is conducive to the development of green innovation.