Environmental Information Disclosure,Environmental Subsidies And Corporate Green Innovation

For a long time,China’s rapid economic growth has relied on the crude end-of-pipe environmental management model,which has caused serious environmental pollution and led to the increasingly prominent problem of coordinated development of economy,environment and society.Therefore,China attaches great importance to the issue of sustainable development and proposes the green development goals of "carbon peak" and "carbon neutral",and strengthens the environmental regulation of heavy polluting enterprises.In this context,heavy polluting enterprises must change their development mode,accelerate their pace of green innovation,assume environmental responsibility and improve their market competitiveness.As a bridge connecting enterprises and market communication,environmental information disclosure plays an important role in promoting enterprises to actively fulfill their environmental responsibilities.Higher quality of corporate environmental information disclosure can effectively reduce information asymmetry,thus alleviating the enterprises’ own financing pressure and sending positive signals to the market,improving their reputation and obtaining corresponding environmental protection subsidies,thus improving their green innovation ability.However,at present,some enterprises in China still have weak awareness of environmental information disclosure and imperfect disclosure information.Therefore,it is of strong theoretical and practical significance to study whether environmental information disclosure can influence corporate green innovation from the microscopic perspective of enterprises.Based on this,on the basis of fully reading and summarizing the relevant research literature,hypotheses are proposed by combining the theories of information asymmetry and legitimacy.The data of listed companies in heavy pollution industry from 2010-2019 are selected as the research sample,and the empirical analysis is conducted using stata software.Firstly,the relationship between environmental information disclosure and corporate green innovation is investigated,and robustness tests with lagged treatment of independent variables are conducted.Second,based on the mechanism of action,the mediating effect of environmental subsidies is investigated to verify whether the path of "environmental information disclosure-environmental subsidies-corporate green innovation" is valid.Then,based on heterogeneity,we analyze whether environmental information disclosure has the same degree of impact on corporate green innovation among different types of companies.Finally,the study finds that environmental information disclosure can promote green innovation.In addition,the improved level of environmental information disclosure helps enterprises to obtain environmental protection subsidies,which provides direct financial support to enterprises and can send favorable signals to investors,thus helping enterprises to carry out green innovation,which proves that the path of "environmental information disclosure-environmental protection subsidies-enterprise green innovation The path of"environmental information disclosure-environmental subsidies-corporate green innovation" is valid.In addition,compared to private enterprises,the environmental information disclosure of State-owned enterprises has a more obvious effect on promoting green innovation.Combining the actual situation of environmental information disclosure in China and research findings,corresponding policy recommendations are put forward from three levels:government,enterprises and society.The government should continuously improve the environmental information disclosure system,strengthen the supervision of environmental information disclosure of enterprises,and formulate more sound and effective environmental protection subsidy policies.Enterprises should raise their awareness of environmental information disclosure,fully disclose environmental information,and accelerate the pace of green innovation.Investors should focus on the environmental information disclosure of enterprises and increase their investment in their green innovation.