The Impact Of Local Government’s Attention Of Environmental Protection On Green Innovation Of Listed Companies

In recent years,environmental protection issues have become more and more important.The Concept of "Clear waters and green mountains are as valuable as mountains of gold and silver" and the target of "peak carbon emissions" and “carbon neutrality” request local government should give consideration to environmental protection while developing the economy.The policy resources owned by local government are limited,and how to allocate resources between different goals and the effectiveness of local government regulation have become important issues.As to these issues,this article discusses this issue through normative analysis and empirical analysis based on existing literature and relevant theories,and gives corresponding policy suggestions in the last.Based on the text of the local Government Work Report from 2010 to 2021 and the data of A-share listed enterprises,this paper examines the correlation between local government’s environmental attention and local listed companies’ green innovation by empirical method.Be specific,based on the keyword dictionary formed after the manual intensive reading of 65 local Government Work Reports,this paper use Python program to segment the remaining more than 3,000 prefecturelevel city government work reports,and counts environmental protection related keywords and calculates their proportion in the annual local Government Work Report,take this variable as the proxy variable of local government’s environmental attention.Through the analysis of this paper,the research conclusions are followed.(1)There is a correlation between local government’s attention to the environment and the degree of green innovation of listed companies in their jurisdiction.The higher the local government’s attention to environmental protection goals,the higher the degree of participation of enterprises in their jurisdiction in green innovation.(2)Further,the correlation between the two is heterogeneous due to the location of the enterprise,the nature of its own equity,and whether it is a heavily polluting enterprise.(3)Local government invests resources into environmental protection goals by subsidizing enterprises,thereby improving the level of green innovation of local enterprises.(4)The higher the intensity of carbon emissions in regions,the stronger the promotion role of government environmental protection attention on green innovation of listed companies in their jurisdiction.Finally,based on empirical conclusions,this article proposes relevant policy recommendations,which provide certain assistance for future academic research and local government governance.