环境信息公开、绿色金融与城市绿色创新

Environmental Information Disclosure,Green Finance,and Urban Green Innovation

基于2015—2021年城市面板数据,实证检验环境信息公开对城市绿色创新的影响。基准回归结果表明,环境信息公开能够显著提高城市的绿色创新水平。中介效应检验结果显示,环境信息公开可以通过推动绿色金融发展促进城市绿色创新,绿色金融亦能够通过提高环境信息公开水平促进城市绿色创新,即环境信息公开与绿色金融在提升城市绿色创新水平方面能够产生协同作用。门槛效应检验结果显示,随着绿色金融的发展与创新水平的提高,环境信息公开对城市绿色创新的促进作用具有边际递增的非线性特征。异质性分析结果表明,环境信息公开的绿色创新效应在东部城市、非省会城市、资源型城市以及二氧化硫污染控制区城市更为显著。

Based on the urban panel data from 2015 to 2021,this paper empirically examines the impact of environmental information disclosure on urban green innovation.On this basis,the scale of green bonds issued by cities is used to represent the level of urban green finance,and the synergistic effect of environmental information disclosure and green finance on urban green innovation is investigated.Then,the panel threshold model is used to explore the possible nonlinear impact of environmental information disclosure on urban green innovation,and its regional heterogeneity is further discussed.The results show that environmental information disclosure can significantly improve the urban green innovation level.This conclusion is valid after using the two-stage least squares(2SLS)method to solve the endogenous problem.Moreover,the mediating effect test shows that environmental information disclosure can promote urban green innovation by enhancing the development of green finance,and green finance can also promote urban green innovation by improving the environmental information disclosure level,that is,environmental information disclosure and green finance can have a synergistic effect in improving the urban green innovation level.Furthermore,the threshold effect test shows that the promotion effect of environmental information disclosure on urban green innovation has a non-linear character of marginal increment.With green finance development and innovation level improvement,the promotion effect of environmental information disclosure on urban green innovation is gradually enhanced.Besides,the heterogeneity analysis shows that the green innovation effect of environmental information disclosure is more significant in eastern,non-provincial,and resource-based cities,as well as cities in SO 2 pollution control areas.Therefore,to further promote green innovation,this paper proposes the following recommendations.Firstly,constructing a quality assurance mechanism for environmental information disclosure.With digital means,big data and other new technologies,it is necessary to build a more scientific and reasonable environmental information disclosure evaluation system,timely release environmental information,and ensure the quality of information.Secondly,perfecting the existing green finance system.On the one hand,it should strengthen the green credit incentive policy,create diversified green financial products,and promote the green transformation of traditional financial institutions.On the other hand,it is essential to increase consumers pollution compensation further,cultivate and enhance their awareness of environmental protection and supervision,and reduce regulatory costs of the government.Thirdly,giving full play to the synergistic effect between environmental information disclosure and green finance in enhancing urban green innovation level.It is necessary to ensure the smoothness of environmental and financial information between regions,strengthen the green technology exchange between cities,and gradually establish an environmental information disclosure evaluation system featuring consultation,co-governance and sharing.