Research On The Impact Of Environmental Information Disclosure On Enterprise Green Technology Innovation

For the past few years,environmental issues have become a public issue of intense concern to all sectors of society.The government departments have adopted laws and regulations to control the intensity of environmental regulations,forcing enterprises to innovate and upgrade.The report to the 19 th National Congress pointed out that efforts should be made to improve the system of environmental credit evaluation and mandatory information disclosure,and speed up the establishment of a market-oriented green technology innovation system.Green technology innovation is an important measure for enterprises to save resources and reduce pollution.The stakeholders of enterprises need to disclose environmental information,grasp the level of green technology innovation of enterprises,and judge the sustainable development ability of enterprises,so as to serve as an important basis for investment and management decisions.Based on the signal transmission effect as market incentive environmental regulation and information disclosure,enterprises pass environmental performance and environmental governance information to stakeholders through environmental information disclosure to gain the favor of stakeholders.To a certain extent,it can encourage enterprises to take the initiative to carry out green technology innovation,which is conducive to the improvement of enterprises’ economic,ecological and environmental benefits.Because green technology innovation itself has the characteristics of long cycle,high cost and high information asymmetry,its development level will be restricted by financing.However,if enterprises present a higher level of environmental information disclosure to external environmental information users,it can send positive signals,reduce the degree of information asymmetry,and optimize the economic resources owned by enterprises.Enterprises will invest more in innovation to improve their ability to innovate in green technology.Therefore,in order to make the enterprise environmental information disclosure more perfect,help its green transition,there is a high research value to discuss the impact of environmental information disclosure of listed companies on green technological innovation.Based on the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2012 to 2021,this paper discusses the impact of environmental information disclosure on enterprises’ green technology innovation.The empirical results show that environmental information disclosure of Chinese A-share listed companies in Shanghai and Shenzhen has A significant positive impact on enterprises’ green technology innovation.Moreover,the disclosure of environmental information can reduce the financing constraints of enterprises and promote their green technology innovation.Further research shows that active environmental information disclosure has a more significant promoting effect on green technology innovation in state-owned enterprises.For enterprises in different regions,the positive impact on enterprises in the eastern region is higher than that in the central and western regions.Finally,based on the conclusions,this paper puts forward specific suggestions,which provides empirical evidence for environmental information disclosure,improvement of green technology innovation level,guidance and promotion of enterprises to achieve green transformation,and also has far-reaching significance for enterprises to achieve win-win economic and environmental benefits.