Research On The Impact Of Environmental Information Disclosure On Green Technology Innovation Of A-shared Listed Companies

Based on global climate change and related domestic and international situations,our government has proposed the goal of achieving carbon peaking by 2030 and carbon neutrality by 2060.This requires the concerted efforts of all parties in the society to implement new development concepts and achieve high-quality economic development.As the main source of environmental pollution and resource consumer,enterprises should optimize production and operation methods,reduce resource energy consumption and environmental pollution,and gradually realize green transformation and upgrading.Environmental information disclosure is an important method of environmental supervision of enterprises,which can regulate and motivate enterprises’ environmental behaviors.Green innovation can inject new momentum into the green transformation of enterprises,but the large capital demand,long R＆D period and uncertain R＆D results of green innovation restrict the enthusiasm of enterprises to carry out green innovation.Therefore,the role of environmental information disclosure on corporate green innovation needs to be studied.Based on the basic theory and domestic and foreign literature,this paper proposes the mechanism of action and research hypotheses.This paper takes A-share listed companies from 2011 to 2019 as the research object,uses the dynamic panel model（system GMM method）to analyze the relevant data,and explores the impact of environmental information disclosure on corporate green innovation.The conclusions are as follows: First,environmental information disclosed by companies can effectively promote the green innovation in the next phase,and financing constraints play a partial intermediary effect in it.Secondly,according to the heterogeneity analysis of the industry,this conclusion is more significant in the heavily polluted industry,which may be due to the fact that the heavily polluted industry faces mandatory environmental information disclosure requirements and strict environmental regulations,and is object of attention of stakeholders and the public,they pay more attention to the risk of environmental violations,so it has more motivation to carry out green innovation;according to the heterogeneity analysis of the nature of ownership,it shows that the environmental information disclosure of state-owned enterprises has a more significant role in promoting green innovation,which may be due to the fact that state-owned enterprises face more government intervention and less financing constraints,it is more likely to carry out green innovation.Finally,it is suggested that enterprises themselves strengthen environmental information disclosure,the government should revise the scientific environmental information disclosure evaluation system,introduce policies to encourage green innovation,and build an environmental information sharing platform.