Research On The Influence Of Environmental Pollution Liability Insurance On Enterprise Innovation

In the report of the 20th Party Congress,General Secretary Xi Jinping clearly emphasized the need to promote green development and advocated the use of green financial tools to serve green development.After more than a decade of development,environmental pollution liability insurance,an important financial tool to promote green development,has still not been effectively promoted and the insurance coverage rate of enterprises is still very low.In order to better practice the concept of green development,enterprises and the government need to pay attention to and promote the development of the environmental pollution liability insurance market.The 20th Tenth Report points out that innovation is the first driving force and the country should accelerate the implementation of innovation-driven development strategy to achieve high-quality development and green development.However,in the context of leading the green transformation of heavily polluting enterprises through innovation,taking out environmental pollution liability insurance may have two very different impacts on a company’s innovation activities.In view of this,the impact of environmental pollution liability insurance on enterprise innovation and its theoretical mechanism is worthy of in-depth study.Based on the list of enterprises covered by environmental pollution liability insurance published by the Ministry of Ecology and Environment,this paper firstly analyses the impact of environmental pollution liability insurance on enterprise innovation and the intermediary role of financing constraints in the process,based on the theory of insurance supply and demand,information theory,financing constraints and the theory of Pigou tax.(1)Insurance coverage for environmental pollution liability promotes corporate innovation.Compared with uninsured enterprises,the innovation level of enterprises insured with environmental pollution liability insurance increases by 0.238,which is significant at the 5% level.(2)Enterprises taking out environmental pollution liability insurance can promote corporate innovation by alleviating their own financing constraints.Compared to uninsured enterprises,those who take out environmental liability insurance can reduce their own financing constraints by 0.487,making it easier to obtain financing to relieve the financial pressure faced by enterprises and increase their R&D investment,thus promoting innovation.(3)The impact of environmental pollution liability insurance on the innovation level of enterprises is heterogeneous in terms of the nature of property rights and regions.In terms of the nature of property rights,the effect of taking out environmental pollution liability insurance on the innovation level of state-owned enterprises is not significant,while the effect on the innovation level of non-state-owned enterprises is more significant at the 5% level.In terms of region,the effect of environmental pollution liability insurance on the innovation level of enterprises is more significant in the east and central part of the country,but not in the west;finally,based on the above findings,this thesis makes suggestions from three perspectives: improving environmental laws and policies,playing the role of intermediaries in financing constraints and diversifying assessment mechanisms.The research in this thesis enriches the theoretical study of the impact of insurance on enterprise innovation,especially that of heavily polluting enterprises.The findings of the study can not only provide intuitive evidence for enterprises to guide them to voluntarily take out insurance according to their own situation;they can also provide a reliable basis for the government to formulate policies to promote environmental pollution liability insurance,so that the government can better play the "invisible hand " role.This will have important theoretical and practical significance for China to promote green development and achieve high-quality development.