Government Subsidies,environmental Information Disclosure And Green Innovation Performance

The sixth Plenary Session of the 19 th CPC Central Committee pointed out that "pioneering and innovation" is one of the ten valuable historical experiences accumulated by the CPC during its century-long struggle,and an inexhaustible driving force for the development and progress of a country and a nation.For enterprises,innovation is also important,which is an important way for enterprises to improve their competitiveness and enhance their essential strength.In the current era,enterprises should not only adhere to innovation,but also actively respond to the national "carbon peak" and "carbon neutral" policies,committed to saving resources,reducing energy consumption and reducing environmental pollution.In particular,heavy polluting enterprises,which bring serious harm to the environment,should adhere to green innovation.However,green innovation is a continuous process that takes a long time and requires continuous investment of a large amount of capital,personnel and materials.Whether it can succeed is highly uncertain.Due to the high investment and high risk of green innovation,heavily polluting enterprises tend to hesitate and lack the driving force of innovation.Then,whether government subsidies can effectively promote green innovation activities of heavy polluting enterprises and improve green innovation performance;whether there is an indirect path of environmental information disclosure between government subsidies and green innovation performance of heavy polluting enterprises;to what extent can environmental information disclosure play a mediating role,this thesis discusses these issues.In the existing literature,most studies on the relationship between government subsidies and enterprise innovation performance focus on the direct impact effect,or research on the indirect impact of R&D investment as a mediator variable,and the research samples are mainly manufacturing and high-tech enterprises.This thesis focuses on heavy polluting enterprises,builds a comprehensive evaluation index system for green innovation performance,and introduces environmental information disclosure to explore the impact of government subsidies on green innovation performance,providing a new path for studying the relationship between the two.This thesis selects the data of heavy polluting enterprises from 2015 to 2020 as the research sample.Then,the mediating effect model is constructed to empirically analyze the relationship between government subsidies,environmental information disclosure and green innovation performance.The results show that :(1)government subsidies can significantly improve the green innovation performance of heavy pollution enterprises.(2)In the process of government subsidies acting on green innovation performance,environmental information disclosure plays a partial mediating role,in which the mediating effect of disclosure standard is 5.12%,the mediating effect of disclosure carrier is 16.06%,and the mediating effect of disclosure content is 19.44%.Government subsidies mainly promote the improvement of green innovation performance by affecting the carrier and content of environmental information disclosure.(3)Among government subsidies,both direct and indirect subsidies can significantly promote the improvement of green innovation performance,but direct subsidies such as financial allocation and non-monetary asset allocation have more obvious promoting effect.