Research On The Influence Of Anticorruption On Corporate Green Innovation

With the rapid growth of China’s economy,it is urgent to realize the green transformation of production mode.In the government work report delivered at the 14 th National People’s Congress,Premier Li Keqiang clearly pointed out that we should vigorously promote the green transformation of development mode,and promote the clean and efficient use of energy and technology research and development.As an effective way to achieve the harmony and unity of economic development and ecological environmental protection,the positive externalities brought by green innovation conform to the development requirements of the new era.How to effectively stimulate the vitality of green innovation in firms has become a problem that the whole society needs to think about.However,as a micro-subject with the goal of maximizing profits,will a political environment prone to rent-seeking cause firms to bypass reasonable environmental regulations and thus lose the motivation for green innovation? After the 18 th CPC National Congress,corruption has been effectively remedied,so has the anticorruption campaign played a role in improving the level of green innovation and promoting the green transformation of firms?Based on this thinking,this thesis takes A-share listed companies from 2010 to 2020 as research samples,establishes a quasi-natural experiment based on the effective year of the anticorruption impact of the 18 th National Congress,uses software such as STATA17.0 for data analysis,and conducts a robustness test on the results to study the impact of anticorruption on corporate green innovation.And explore the mechanism role of green credit and financing constraints.This study finds that:(1)From the perspective of rent-seeking theory and Porter’s hypothesis,by tackling regional corruption,anticorruption policy enables firms to move away from the business environment in which government support is the goal,and shift to the business model of enhancing their competitiveness through active innovation.At the same time,anticorruption forces firms that rely on government protection to evade legal supervision to face up to environmental supervision.Reasonable environmental regulation will force firms to increase green innovation to compensate for the cost of environmental governance,which is mainly reflected in the significant increase in the number of corporate green innovation in the treatment group after the anticorruption impact.(2)In the test of the mechanism of action,this thesis finds that anticorruption can effectively reduce the information asymmetry between banks and firms and between different firms,restrain rent-seeking and collusion between banks and firms,prevent firms with high pollution and high energy consumption from obtaining loans through bribery and violation,and guide funds from firms with high pollution and high energy consumption to non-polluting firms.Forcing firms to increase green innovation to eliminate the negative externalities of environmental pollution;(3)Among firms with higher financing constraints,the availability of green credit has a more significant impact on corporate green innovation.The results show that the implementation of anticorruption can effectively optimize the business environment,correct the allocation of resources in the financial market,and stimulate the vitality of local innovation.This thesis has enriched the relevant theoretical research on the driving factors of green innovation and provided theoretical support for promoting the construction of political civilization to promote the construction of ecological civilization.At the same time,the research conclusions of this thesis provide governance ideas for the improvement of China’s green financial system and the acceleration of the green transformation of development mode.