School of Statistics and Applied Mathematics, Anhui University of Finance and Economics, Bengbu, Anhui, China.
Anhui Province Key Laboratory of Philosophy and Social Science for Low-Carbon Development and Carbon Finance, Anhui University of Finance and Economics, Bengbu, Anhui, China.
J Environ Manage. 2024 Nov;370:122624. doi: 10.1016/j.jenvman.2024.122624. Epub 2024 Sep 24.
Enterprise green technology innovation (GTI) is vital for global sustainable development. However, the optimal strategies are needed to understand how environmental investments (EIs) impact enterprise GTI. This study adopts multiple drive models to explore the impact of EIs on the GTI of A-share listed enterprises in China from 2008 to 2022. Our results show that EIs significantly promote enterprise GTI, and these findings are robust. Heterogeneity analysis reveals that non-state-owned enterprises (non-SOEs) and enterprises in the eastern and western regions benefit more from EIs in promoting GTI. Labor-intensive combinations of EIs contribute to the growth of enterprise GTI quantity, while technology-intensive combinations of EIs are detrimental to the growth of enterprise GTI quality. Specifically, the intermediary conduction mechanism identifies that EIs substantially enhance enterprise GTI through financial constraints, research and development (R&D) investment, and environmental awareness. The threshold test mechanism demonstrates that EIs inhibit enterprise GTI when the price-to-book (P/B) ratio crosses a certain threshold; however, EIs promote enterprise GTI once the book-to-market (B/M) ratio crosses the threshold. Our findings can provide valuable references for governments and enterprises, helping to promote environmentally sustainable development and economic growth.
企业绿色技术创新（GTI）对于全球可持续发展至关重要。然而，需要找到最优策略来理解环境投资（EIs）如何影响企业 GTI。本研究采用多驱动模型，从 2008 年到 2022 年，探讨了 EIs 对中国 A 股上市公司 GTI 的影响。结果表明，EIs 显著促进了企业 GTI，且这些发现是稳健的。异质性分析表明，非国有企业（非国有企业）和东部及西部地区的企业从 EIs 促进 GTI 中获益更多。EIs 的劳动密集型组合有助于企业 GTI 数量的增长，而 EIs 的技术密集型组合则不利于企业 GTI 质量的增长。具体而言，中介传导机制表明，EIs 通过财务约束、研发（R&D）投资和环境意识，显著增强了企业 GTI。门槛测试机制表明，当市净率（P/B）超过一定门槛时，EIs 会抑制企业 GTI；然而，一旦市销率（B/M）超过门槛，EIs 就会促进企业 GTI。本研究结果可为政府和企业提供有价值的参考，有助于促进环境可持续发展和经济增长。
