Impact Analysis Of Environmental Information Disclosure On Green Technology Innovation Of Listed Companies In China

This paper adopts the 2008 environmental information disclosure policy,namely the publication of the PITI index,to study whether environmental information disclosure promotes green technological innovation of listed companies in China.Based on the financial data of Chinese listed companies from 2002 to 2013 and the data of authorized green patents,the Difference-in-Differences method is used to compare before and after the implementation of the environmental information disclosure policy,and whether the number of green patents in the pilot areas is more than that in the non pilot areas,to test the promotion effect of the environmental information disclosure policy on the green innovation of companies.In addition,according to the nature of the enterprise,whether the enterprise has been subject to environmental administrative punishment,high-tech enterprises and non-high-tech enterprises,the types of green patents and policy exclusion,a series of the heterogeneity test and robustness test are conducted.The results show that the environmental information disclosure,namely,the publication of PITI index,promotes the green technology innovation of listed companies in the pilot area.In terms of the research sample,compared with non-state-owned enterprises and foreign-funded enterprises,environmental information disclosure system has more significant impact on the green technology innovation activities of state-owned enterprises and domestic enterprises;However,the environmental information disclosure system has no significant difference between the environmental administrative punishment and the environmental administrative punishment,the high-tech enterprises and the non-high-tech enterprises.Further research finds that the environmental information disclosure system can promote the green technology innovation of listed companies by easing the financing constraints and perfecting the disclosure of corporate social responsibility.The findings of this paper have some policy implications for China to realize the double dividend of environment and economy,to strengthen the hidden environmental regulation in the domain of environmental management and to construct a green technology innovation system.