Research On The Relationship Between Environmental Information Disclosure And Green Innovation

In May 2021,the Ministry of Ecology and Environment issued the "Reform Plan for the Legal Disclosure System of Environmental Information",which clarified the goal of China’s basic formation of a mandatory disclosure system for environmental information by 2025.The successive introduction of a series of relevant policies means that enterprises’ environmental information disclosure behavior will face stricter supervision.The establishment of a resource-saving and environmentally friendly society requires green innovation,and the resolution of environmental protection and economic development challenges also relies on green innovation.On the one hand,environmental information disclosure can generate crowding out effects on green innovation through resource crowding and inducing opportunistic behavior.On the other hand,the information and governance effects of disclosure can stimulate green innovation,and the relationship between the two may vary depending on different life cycle stages and industry nature.Therefore,this article explores the relationship between environmental information disclosure and green innovation.This article provides a systematic theoretical analysis of the relationship between environmental information disclosure and green innovation based on relevant theories such as resource dependence theory,signal transmission theory and principal-agent theory,laying a theoretical foundation for subsequent research.This article focuses on the A-share listed companies in Shanghai and Shenzhen from 2011 to 2020.Through screening,23713 data samples were obtained,and a multiple linear regression model was constructed to test the relationship between environmental information disclosure and green innovation.The impact of environmental information disclosure on green innovation was studied from a lifecycle perspective.The final conclusion is as follows:(1)There is a positive correlation between environmental information disclosure and green innovation.(2)From the perspective of the lifecycle,the environmental information disclosure of growing and mature enterprises does not have a significant promoting effect on green innovation,while the environmental information disclosure of declining enterprises can significantly promote green innovation.(3)Further research has found that from the perspective of industry heterogeneity,environmental information disclosure in non heavily polluting industries has a significant promoting effect on green innovation,but environmental information disclosure in heavily polluting industries does not have a significant promoting effect on green innovation.The research in this article has certain theoretical and practical significance.It not only enriches the research on environmental information disclosure and green innovation,but also refines the relationship between the two from a dynamic perspective of the life cycle,broadens research ideas,and has a certain incentive effect on enterprises to improve the quality of environmental information disclosure and actively engage in green innovation,Targeted environmental supervision by relevant departments has certain reference significance.