Environmental Court,Corporate Financing,Investment And Green Innovation

After maintaining rapid growth for more than 30 years,the theme of China’s economic development has gradually shifted to high-quality development,and the emphasis on ecological civilization construction has gradually increased.The report of the Party’s Twenty National Congress also puts ecological civilization construction in a very important position.Facing the environmental pollution problem in our country,if we want to realize the transformation of green development,we must rely on the continuous research and development and adoption of advanced green technology by the corporates themselves,also the supervision and protection role of the ecological law.As a specialized judicial institution for environmental resources,environmental courts have improved the trial procedure of environmental cases,sent a strong signal of green development in the financial market,and had a deterrent effect on the environmental damage behaviors of corporates with high pollution emission.Therefore,whether corporates in industries with high pollution emission can consciously move to the road of green transformation and improve their green innovation performance with the strengthening of local ecological rule of law is worthy of in-depth study and discussion.Since China’s first environmental court was set up on a pilot basis in Guizhou Province in 2007,China has gradually established an environmental resources trial system with wide coverage and complete functions.Therefore,this paper takes the impact of the establishment of environmental protection courts in prefecture-level city intermediate people’s courts as an event to carry out A quasi-natural experiment,and takes the corporates in China’s A-share listed companies in high-pollution emission industries as the treatment group,and uses the progressive differential model to study the impact of the establishment of environmental protection courts on the green innovation of corporates in high-pollution emission industries.The progressive triple difference model and Richardson investment efficiency model were used to further study the influence mechanism,heterogeneity and regulation mechanism of environmental court establishment on corporate green innovation.The empirical results of this paper show that,first of all,the establishment of environmental courts can significantly improve the overall green innovation performance of corporates in industries with high pollution emission.Secondly,through studying the influence mechanism,this paper finds that the establishment of environmental protection court will change the allocation of funds in the financial market,reduce the support for corporates with high pollution emission,and reduce the level of inefficient investment within corporates with high pollution,which has a complex impact on the green innovation of individual corporates.Thirdly,the establishment of the environmental protection court has a more significant role in promoting the green innovation of state-owned or large-scale corporates with high pollution emission,and can also force the high pollution emission corporates in central and western China to adopt the development strategy of strengthening green innovation.Fourthly,after testing the moderating effect model,this paper finds that increasing institutional investors’ shareholding can make the environmental protection court play a more significant role in promoting the innovation of corporates,and strengthening the local judicial strength also helps to further promote the quality of green innovation of corporates.Based on the above conclusions,this paper puts forward some relevant policy suggestions about improving the system of environmental protection court and the construction of ecological rule of law,and provides some reference for corporates in micro-high pollution emission industries to make development investment planning.