| With the continuous progress of the economy and society,environmental problems have become more and more serious.Facing the huge environmental cost and energy crisis brought about by the rapid economic development,the Chinese government has issued a series of environmental regulations and policies,and is committed to improving the legal system related to environmental protection.,adhere to the path of ecological priority and green development.Corporate environmental protection behavior is the micro-foundation of ecological civilization construction,and corporate innovation is the driving force for the sustainable development of China’s economy.Enterprises’ investment in environmental protection is to internalize the cost of pollution.To offset the various costs increased by environmental protection investment,the most fundamental way is to break through the existing technology.Therefore,investment in environmental protection will become an incentive for enterprises to carry out green innovation.Financial support plays an important role in encouraging green innovation.It is difficult for endogenous financing to meet the capital needs of enterprises for green innovation.Equity financing still faces stricter supervision,and debt financing is relatively more flexible.In this context,it is of great practical significance to study the impact of environmental protection investment on corporate green innovation and its transmission path,for companies to actively practice environmental protection concepts,guide corporate green innovation,and achieve green and sustainable economic development.Based on the data of green innovation,environmental information disclosure and financial indicators of all A-share listed companies from 2008 to 2019,based on Porter hypothesis,this paper sorted out the correlation between environmental input and enterprise green innovation as well as the influence channels,constructed the mediation effect progressive equation,and used the fixed effect model.By investigating the impact of environmental protection input on green innovation through corporate debt financing and its heterogeneous impact on various enterprises,and analyzing the reasons behind it,the following conclusions are finally drawn: first,environmental protection input has a positive impact on green innovation;Further investigation of patent heterogeneity shows that environmental protection investment can significantly promote the increase of the number of green invention patents of enterprises,but cannot promote the increase of the number of green utility model patents.Therefore,environmental protection investment can significantly improve the quality of green innovation of enterprises,but does not significantly improve the number of green innovation.Second,corporate debt financing is one of the important channels for environmental protection investment to affect enterprise green innovation.Further investigation of the heterogeneity of debt shows that only bank loan financing and bond financing play a partial intermediary role in the process of environmental protection investment promoting enterprise green innovation,but commercial credit financing does not play an intermediary role.Third,the total amount and quality of green innovation of enterprises in heavily polluting industries will increase significantly with the increase of environmental protection investment.The total amount and quality of green innovation of state-owned enterprises are better than those of non-state-owned enterprises.The effect of green innovation is remarkable,and green innovation is mainly realized in enterprises with strong R＆D capabilities.Finally,according to the results of empirical research,this paper summarizes the whole paper,and puts forward relevant suggestions from two aspects of enterprise development and government work.Enterprise development: actively respond to government environmental regulations,take the initiative to achieve green development,timely disclose corporate environmental information,optimize financing structure,support green innovation;Government work: rationally design environmental regulation mode,guide green transformation of enterprises,increase support,comprehensively promote green innovation output,improve financial market system,reduce financing difficulty.Cultivate enterprises’ awareness of green development,guide enterprises’ green transformation,enhance their willingness and ability of green innovation,and make the concept of green innovation and development become the indicator of enterprises’ transformation and development in the new era under the guidance and support of the government. |
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