Research Of Enterprise Financial Redundancy On Green Innovation Under Environmental Regulation

China’s economy is in a critical period of transition from high-speed development to high-quality development,and how to achieve sustainable development is currently the focus of common concern in both practical and academic circles.Green innovation can improve environmental quality while achieving economic benefits from innovation,and is the key to alleviating the contradiction between economic growth and environmental pollution.Industry is the pillar industry of the national economy and the main force of energy consumption and pollution discharge.Its green innovation investment is small in scale and insufficient in sustainability.Financial redundancy,as a potential available resource retained by enterprises in the course of business beyond their daily activities,allows enterprises to adjust resources between different projects in the face of emergencies,enabling them to better cope with the uncertainty of the external environment Improve the risk resistance ability of the green innovation process.In view of the "positive externalities" of knowledge spillovers and the "negative externalities" of environmental pollution generated by the green innovation process,it is difficult to fully stimulate the green innovation motivation of enterprises by relying solely on the market.Therefore,it is necessary for the government to adopt environmental regulatory policies to optimize resource allocation and correct the failure of the green innovation market.Based on this,this article selects industrial enterprises listed in China’s Shanghai and Shenzhen A-shares from 2013 to 2021 as a sample to examine the impact of corporate financial redundancy on green innovation,and further explore whether the impact of financial redundancy on green innovation is heterogeneous under different environmental regulations(command control type,market incentive type).Firstly,based on the research background,this article determines the research content by sorting out and classifying domestic and foreign literature related to green innovation.Secondly,starting from externality theory,resource based theory,stakeholder theory,and principal-agent theory,this paper deeply analyzes the mechanism of financial redundancy on green innovation,as well as the regulatory role of environmental regulations on the relationship between financial redundancy and green innovation.Thirdly,an empirical study was designed and tested,and the results showed that:(1)corporate financial redundancy has a positive impact on both green substantive innovation and green strategic innovation.(2)The impact of corporate financial redundancy on different types of green innovation under command and control environmental regulations shows differences.Command and control environmental regulations positively regulate the role of financial redundancy in corporate green substantive innovation,and negatively regulate the role of financial redundancy in corporate green strategic innovation.(3)There are differences in the impact of corporate financial redundancy on different types of green innovation under market incentive environmental regulations.Market incentive environmental regulations have no significant regulatory effect on the relationship between corporate financial redundancy and green substantive innovation,but strengthen the promotion of corporate financial redundancy on green strategic innovation.Finally,based on the empirical analysis results,reasonable suggestions are provided for industrial enterprises to utilize internal financial redundancy resources for green innovation,providing theoretical guidance for the government to improve environmental subsidy policies and strengthen supervision.