Environmental Subsidies,Green Innovation And Corporate Value

How to better handle the relationship between government environmental protection incentive policies and corporate green innovation development,and promote ecologica l environmental protection and economic development is a persistent problem.Accelerating the construction of a resource-saving and environment-friendly society and promoting the formatio n of a green development mode and way of life are the only way to realize the Chinese dream and the sustainable development of the Chinese nation.As an important means to deal with economic development and environmental contradictions at present,enterprise green innovation is directly related to the future development of enterprises and the construction of social ecologica l civilization.Research on green innovation in the context of environmental regulation is still scarce,and most studies are conducted at the macro level of countries,regions,and industries.At present,China's enterprise green innovation research is in its infancy,lacking micro-research on environmental subsidy policy and enterprise green innovation development.Under this circumstance,in-depth discussion of the relationship between government environme nt a l protection subsidies,corporate green innovation and corporate value is of great significance for expanding micro-scale research on environmental regulation and green innovation.This paper collects micro-data on environmental subsidies,green innovation,financ ia l performance and market value of China's A-share listed companies from 2008 to 2015,first based on externality theory,Schumpeter's "innovation theory",porter hypothesis and signal transmis s io n theory.Relevant theories analyze the relationship between government environmental subsidies,corporate green innovation and corporate value,and then examine the impact of governme nt environmental subsidies on corporate green innovation and its impact on the value of green innovation.The results show that government environmental subsidies have an incentive effect on corporate green innovation,especially in enterprises with high financing constraints,high industry competition and good regional legal environment,and this positive impact is sustainable.In addition,government environmental subsidies can promote green innovation of enterprises by increasing their environmental investment,thereby improving their financial performance and market value.Finally,this paper combines the research conclusions and puts forward policy recommendations,which provides a certain reference for better promoting the development of green innovation.