Buyer’s Environmental Information Disclosure And Enterprise’s Green Technology Innovation

With the rapid development of economy,Environmental pollution problems caused by the long-term extensive economic development model have got worse and worse.As a win-win way to improve environmental quality and promote economic growth,green technology innovation is essential in sustainable economic development.Public concern about environmental protection is gradually improving,and there is a growing demand for enterprises to fulfill their environmental social responsibilities and obligations.Environmental information is widely valued.At the same time,because the upstream and downstream businesses are getting closer,as the main body of environmental management and green technology innovation,the environmental information disclosure behavior of the buyer enterprise has spillover effect,and then affects the investment decision of the upstream seller enterprise.Based on the spillover effect of information disclosure,this paper attempts to explore the relationship between buyer’s environmental information disclosure and enterprises’ green technology innovation from the perspective of supply chain.Firstly,this paper analyzes the direct effect of buyer’s environmental information disclosure on green technology innovation,then carding the intermediary effect of the financing constraints,and the public concern in a buyer’s environment in the relationship between information disclosure and green technology innovation.Finally,this paper discusses the moderating effect of market position on these two mediating effects.Based on the data of Shanghai and Shenzhen listed companies from 2008 to 2019,this paper conducts the mediating effect test and the moderated mediating effect test for the impact of buyer’s environmental information disclosure on green innovation of enterprises.First,the environmental information disclosure of the buyer has a spillover effect on the vertical relationship,which can significantly promote the green technology innovation of the seller.The environmental information disclosure of the buyer has a more significant promoting effect on the green technology innovation of state-owned enterprises and large-scale enterprises.Second,financing constraints play an intermediary role between buyer’s environmental information disclosure and enterprise’s green technology innovation.The environmental information disclosure of the buyer reduces the information asymmetry between the seller’s enterprise investors and enterprises through information spillover,and at the same time conveys the signal of the supervisory role of the buyer’s enterprise to enhance the confidence of the investors.Ease the financing constraints of seller enterprises to promote green technology innovation of enterprises.Third,public attention plays an intermediary role between environmental information disclosure of buyers and green technology innovation of enterprises.The environmental information disclosure of the buyer enhances the public attention of the enterprise through reputation spillover,and promotes the green technology innovation of the enterprise through external pressure and internal innovation incentive.Fourth,firm market position positively moderates the mediating effect of financing constraints and public attention on buyer’s environmental information disclosure and green technology innovation.When the buyer’s environmental information disclosure overflows,enterprises with higher market status are more likely to gain favor from investors,and the public will also have higher concerns and requirements for them,so the promotion of green technology innovation of enterprises will be stronger.Finally,combining theoretical analysis and empirical test,this paper puts forward some relevant policy suggestions.Encouraging enterprises to disclose environmental information actively,giving play to the subjective initiative of enterprises;Standardize the environmental performance disclosure standard system and strengthen the audit efforts to improve the credibility of the information disclosed;Innovate the mode of enterprise environmental information disclosure and give play to the role of public supervision.