Does green finance stimulate green innovation of heavy-polluting enterprises? Evidence from green finance pilot zones in China.
Environ Sci Pollut Res Int
; 30(21): 60678-60693, 2023 May.
Article
in En
| MEDLINE
| ID: mdl-37039919
ABSTRACT
There is a relative dearth of empirical studies quantitatively analyzing the implementation effect of green finance reform and innovation pilot zones (GFRIs) on green innovation at the micro-enterprise level. Thus, this paper aims to construct the difference-in-difference-in-difference method to explore the influence of Chinese GFRIs on corporate green innovation of heavy-polluting enterprises based on green patent data. Results show that the pilot policy has significantly decreased green patents of heavy-polluting enterprises by approximately 42.64%, indicating that the policy has a significant innovation inhibition effect and fails to exert the Porter effect. Furthermore, establishing GFRIs has a more effective inhibition effect on the green invention patent than the green utility model patent. Moreover, although enterprises of different scales have different innovation capabilities, the negative impact of GFRIs on green innovation of heavy-polluting enterprises is widespread. Still, the negative impact is more pronounced for big-scale enterprises. The above empirical evidence is essential in formulating green finance development strategies and promoting green economic transformation.
Key words
Full text:
1
Collection:
01-internacional
Database:
MEDLINE
Main subject:
Environmental Pollution
/
Policy
Type of study:
Health_economic_evaluation
/
Prognostic_studies
Aspects:
Determinantes_sociais_saude
Country/Region as subject:
Asia
Language:
En
Journal:
Environ Sci Pollut Res Int
Journal subject:
SAUDE AMBIENTAL
/
TOXICOLOGIA
Year:
2023
Document type:
Article