Environmental Information Disclosure And Green Innovation In High Energy Consumption Industrie

Recently,environmental issues have become a public issue of intense concern to all sectors of society.Therefore,the report of the 19 th National Congress pointed out that efforts should be made to solve environmental problems,improve environmental credit evaluation system and mandatory information disclosure system.Due to the characteristics of high energy consumption and high pollution,energy-intensive industries are facing increasingly strict environmental supervision and information disclosure requirements,and green innovation is generally considered to be an important tool for saving resources and reducing pollution.Therefore,environmental information disclosure(EID)and green innovation of energy-intensive enterprises become important decisions affecting their survival and development.In the era of information explosion,the information transmission and public opinion guidance functions of the media have been continuously strengthened,which will have a profound impact on enterprises’ EID behavior.Based on this reality,this paper aims to explore the impact and mechanism of EID in energy-intensive industries on green innovation,and introduce media attention variables to further test the moderating role of media attention.This paper selects the 2010-2019 data of listed companies in six energy-intensive industries as research samples.We constructed the basic regression model,moderating effect model and mediating effect model.The empirical research in this paper is implemented by Stata15.0.Firstly,descriptive statistics and correlation test were carried out on the variables.Secondly,we set up dummy variables and continuous variables of EID to verify the positive effect of EID on green innovation and the moderating effect of media attention.In the part of heterogeneity test,the sub-sample regression and Fisher test are carried out according to the level of financial subsidies of enterprises,the level of local marketization and the level of internal control.In the testing part of the mechanism of action,the stepwise regression method is used to verify the partial mediating effects of financing constraints and agency costs.Finally,five methods are adopted to verify the robustness of the previous conclusions by removing zero values,replacing the measurement indicators,lagging key variables by one period,replacing the regression model and propensity score matching.Besides,we select Zijin Mining for a case study,and then discuss the promotion effect of EID on enterprises’ green innovation from two aspects of R&D input and green innovation output.Finally,it is found that EID can improve enterprises’ green innovation level by alleviating financing constraints and reducing agency costs.This study draws the following conclusions.EID in energy-intensive industries can significantly promote green innovation.Based on the sub-sample test,we found that the incentive effect of EID on green innovation of enterprises with low level of fiscal subsidy and low degree of local marketization was significantly higher than that of enterprises with high level of fiscal subsidy and high degree of local marketization.In enterprises with high level of internal control,the incentive effect of EID on green innovation is significantly higher than that of enterprises with low level of internal control.Media reports,especially negative media reports,play a positive moderating effect on the relationship between EID and green innovation.The mechanism of action test found that EID promotes green innovation by alleviating corporate financing constraints and reducing corporate agency costs.Based on the above conclusions,we put forward targeted policy recommendations.This paper provides useful inspiration for the continuous exertion of the governance function of the media,and is of great significance for realizing the coordinated development of EID and green innovation in energy-intensive industries,and then coordinating economic and environmental benefits.