Since the reform and opening up,China’s economy has developed rapidly by relying on the extensive development model,but the environment has also been seriously damaged.With the proposal of green development and double-carbon goals,green technology innovation can better deal with the contradiction between economic development and environmental protection,and is the inevitable choice to promote the green transformation of heavy polluting enterprises.Green finance can provide resource support for green technology innovation.Among them,green bonds and green credit develop rapidly under the policy support,but the development of green insurance is slow and the institutional system is not perfect.As an important financial tool for environmental risk management,environmental pollution liability insurance can effectively reduce the probability of sudden environmental accidents,so as to reduce the production and operation risks of enterprises.Since 2007,China has begun to promote environmental pollution liability insurance on a large scale.Although it has experienced more than ten years of promotion,the low insurance rate makes it difficult to play its due effect.Then,can environmental pollution liability insurance play its role of green finance to promote heavy polluting enterprises to carry out green technology innovation and green transformation? This is the focus of the study presented in this paper.This paper first combed the relevant literature and theoretical basis,according to the externality theory,information asymmetry theory,external supervision hypothesis and signal transmission theory,the environmental pollution liability insurance and the relationship between the green technology innovation,and the research and equity financing as the transmission path mechanism explains,and put forward the corresponding research hypothesis.Then,China’s heavy pollution listed enterprises in2014-2015 were taken as samples,and relevant data were used for empirical analysis,mainly for basic regression result analysis,robustness test,intermediary effect test and heterogeneity analysis.The results show that:(1)heavy pollution enterprises can significantly promote green technology innovation after applying for environmental pollution liability insurance.(2)Equity financing and R & D investment play a partial intermediary effect in promoting environmental pollution liability insurance and green technology innovation of heavy pollution enterprises.(3)Compared with state-owned enterprises and small-scale enterprises,environmental pollution liability insurance has a significant promotion effect on the green technology innovation of non-state-owned enterprises and large-scale enterprises.The results of this paper can provide a new micro-research direction for the research between environmental pollution liability insurance and heavy pollution enterprises.Based on the research conclusion,from the three aspects of the government,insurance institutions and enterprises to improve the environmental pollution liability insurance related suggestions.It is hoped that through the tripartite cooperation between the government,insurance institutions and enterprises,the environmental pollution liability insurance will be further improved,so as to better promote the green transformation of heavily polluting enterprises and achieve sustainable economic development. |