Research On The Impact Of Water Accounting Information Disclosure On Green Innovation

Today’s global economy is in a new round of transformation,and all countries are seeking new impetus for economic growth.If China wants to realize the Chinese dream of becoming a world power,it must seize the opportunity in the new round of reform to improve its economic development.It must abandon the traditional extensive economic development model and explore a new scientific development model.The high-quality economic development is an economic and scientific growth mode explored by my country in an important strategic period.However,with environmental resource constraints and pollution problems,my country’s economy urgently needs to create new economic momentum and new growth points through transformation and upgrading,and my country has entered a critical period of economic transformation.In the context of my country’s economic transformation,green innovation is no longer a multiple-choice question that enterprises can trade off,but a must-answer sheet for breaking through efficiency and institutional difficulties.At the same time,my country is facing water resource environmental constraints such as water shortage,serious water pollution,frequent water disasters,etc.,and the management of water resources in my country is imminent.Water accounting information disclosure is a way for enterprises to take the initiative to manage water resources,which is in line with the green demands of the public.The disclosure of corporate water accounting information helps to gain the trust of stakeholders such as the government,financial institutions,and consumers,thereby contributing to the financing of corporate green innovation funds,the research and development of green technologies,and the development of green product markets.In-depth study of the internal relationship between water accounting information disclosure and green innovation is of great significance for enterprises to effectively promote green transformation and upgrading and the protection of my country’s water resources and environment.On the basis of theoretical analysis,hypotheses are put forward.Taking 312 A-share listed companies in China’s high water-sensitive industries from 2013 to 2019 as research samples,the panel regression model is used to empirically test the impact mechanism of corporate water accounting information disclosure on green innovation.and the moderating effects of media attention(quantity and sentiment),government subsidies,and financing constraints in their relationship.The results show that:(1)there is a significant positive correlation between corporate water accounting information disclosure and green innovation;(2)among media attention emotions(positive,negative,and comprehensive),only negative emotions are included in the impact of corporate water accounting information disclosure on green innovation.It has a significant positive moderating effect,but the amount of media attention has no moderating effect on the relationship between the two;(3)Government subsidies weaken the positive relationship between corporate water accounting information disclosure and green innovation by inhibiting the initiative of enterprises;(4)(5)Further analysis found that the positive impact of corporate water accounting information disclosure on green innovation exists in both state-owned and non-state-owned enterprises,Comparatively speaking,the water accounting information disclosure of state-owned enterprises has a greater positive effect on green innovation.After controlling for endogeneity and robustness tests,this conclusion still holds.According to the research conclusions,the practical enlightenment of improving the water accounting information disclosure system and fiscal green subsidy policy,improving the green financial system,effectively driving green innovation,and effectively exerting the effect of media environmental governance is obtained.The innovations of this paper: First,the index scale of "water accounting information disclosure" is innovatively designed;second,based on the perspective of water accounting information disclosure,it innovatively reveals the impact of water accounting information disclosure on green innovation;Third,consider the driving factors of green innovation from multiple dimensions.On the basis of studying the voluntary disclosure of water accounting information by enterprises,the three external stakeholders of the media,government and financial investors are included in the research framework.The research in this paper provides new ideas for effectively driving the green transformation and upgrading of enterprises,which is helpful for enterprises to cope with the practical problems encountered in the practice of green innovation and effectively promote the construction of ecological civilization and the high-quality economic development.