环境信息披露能否激励企业绿色技术创新?——来自中国上市公司的证据

Can Environmental Information Disclosure Motivate Corporate Green Technology Innovation?——Evidence from Chinese Listed Companies

通过披露企业环境信息激励企业绿色技术创新,是促进经济与环境协调发展的重要途径,也是现代化环境治理的必然方向。本文以沪、深两市上市公司为研究对象,探讨环境信息披露对企业绿色技术创新的影响效果及其作用机制。研究发现:环境信息披露通过缓解企业融资约束和促进企业研发投入两条路径提升了企业的绿色技术创新水平,经过克服样本自选择问题、缓解内生性等稳健性检验后,该结论仍成立。此外,环境信息披露对东部地区、重污染企业绿色技术创新的激励作用更明显。研究结论为进一步完善我国环境治理体系、激励企业绿色技术创新进而推进经济绿色转型提供了新的政策思路。

It’s an important way to promote the coordinated development of economy and environment by encouraging enterprises’green technological innovation through the enterprise’s environmental disclosure.It’s also the inevitable direction of modern environmental governance.This paper takes listed companies in Shanghai and Shenzhen stock exchanges as the research object with an aim to explore the impact of environmental disclosure on enterprises’green technology innovation and its mechanism.The study finds that environmental disclosure improves the level of green technological innovation of enterprises by both alleviating corporate financing constraints and promoting corporate R&D investment.After overcoming the problem of sample self selection and robustness check such as alleviating endogeneity,this conclusion is still valid.In addition,environmental disclosure has a more incentive effect on green technological innovation of enterprises with severe pollution in the eastern region.The research conclusion provides new pathways for encouraging enterprises'green technological innovation to promote the green reformation of the economy and further improve the environmental governance system in China.