Air Pollution,Green Investment And Corporate Green Innovation

Since the reform and opening up,China’s economy has continued to grow at a high speed,and its total GDP ranks second in the world.However,the extensive economic development model has brought about a series of problems such as waste of factors,inefficient use of resources,and severe environmental pollution.It affects all aspects of social production and people’s life,it is important to solve the environmental problems of air pollution and accelerate the high-quality green transformation of China’s economy.The key to solving environmental problems such as air pollution lies in green innovation.Enterprises are the carrier of independent innovation and the focus of green innovation.The key to promoting high-quality economic transformation lies in green innovation.Exploring the driving factors of corporate green innovation is the focus and difficulty of current research.Green innovation is a high-risk,high-input dynamic process.As a microscopic entity seeking to maximize profits,investment in environmental protection will increase its operating costs.Due to the uncertainty and high risk of innovation,companies often lack The drivers of environmental protection investment and green innovation in pollution control are market failures that cannot effectively solve the problem of environmental pollution.Then,can the worsening of air pollution force companies to increase green investment? Green investment can effectively promote green innovation in enterprises.Is there an indirect path of green investment between air pollution and corporate green innovation? What important role does the measure play between air pollution and corporate green investment? This article discusses these issues.In the existing literature,most of the research on the relationship between air pollution and corporate green innovation focuses on the direct impact of air pollution on corporate innovation,ignoring the close relationship between air pollution and corporate green innovation,and the literature that specifically studies the path between the two It is even more lacking in research path and content.Few literatures have studied the indirect effects of air pollution on corporate green innovation.Different enterprises have different perceptions of the same level of air pollution due to differences in their age,business conditions,and attitudes towards air pollution.Therefore,this article focuses on the listed companies of heavily polluting enterprises in the Shanghai and Shenzhen A-share markets,and introduces a moderating intermediary model to explore the indirect effects of air pollution on corporate green innovation.This paper has the following deficiencies:(1)This paper only studies the intermediary impact path of green investment.There are many intermediary impact mechanisms of air pollution on corporate green innovation,and the indirect impact mechanism of air pollution on corporate green innovation is lacking.The research path is single and scarce.(2)The indicator system needs to be improved.Although PM2.5,PM10,and AQI are selected as indicators for measuring air pollution on the basis of their predecessors,the impact of different indicators on corporate green innovation is not the same.More detailed processing,so that the research results are biased.(3)The research sample is only for heavily polluting companies,and does not fully consider the impact of corporate personality such as differences in corporate culture,environmental awareness,and employee choice preferences on corporate innovation.The advice given is so little on the surface.Based on a large number of domestic and foreign literature studies,this paper summarizes the main driving factors affecting green innovation based on environmental economics and Schumpeter’s innovation theory.Among them,the environmental system and investment play an important role.This article from the perspective of government environmental regulations and corporate green investment,based on 2010-2018 provincial panel data and listed company data bit research samples,based on the “Porter’s conjecture” in-depth study of air pollution,green investment and corporate green innovation The direct and indirect effects and the role of political connections among executives play a role.The sys-GMM method is used to construct a mediation effect model,a moderation effect model,and a moderated mediation effect model.The research results show that:(1)Air pollution is promoting green innovation of enterprises.In the short term,air pollution will cause negative impacts such as loss of human resources,rising production costs,and crowding out R&D investment;but in the long term,companies have a cumulative effect of green investment,production process innovation,production process reengineering,and environmental awareness Many favorable factors such as deep roots in the hearts of the people,forming a virtuous circle of green investment-green innovation-income,ultimately help stimulate green innovation in enterprises.(2)Air pollution is promoting green investment,green investment is promoting green innovation of enterprises,and green investment plays a positive intermediary role between air pollution and green innovation of enterprises.(3)Political connections among executives are positively regulating the impact of air pollution on corporate green innovation.As a kind of social capital,political connections among executives have facilitated the establishment of politically connected companies,while giving priority to scarce resources to reduce innovation risks.It has played an important role in corporate innovation.(4)The political connection of executives is positively regulating the mediating role of green investment as a mediating variable between air pollution and corporate green innovation.