Chen Chao-Fan, Zhou Zixin, Li Chuan, Liu Wei
Business School, Beijing Normal University, Beijing, 100875, China.
Queen's Business School, Queen's University Belfast, Belfast, BT7 1NN, UK.
J Environ Manage. 2025 Sep;392:126682. doi: 10.1016/j.jenvman.2025.126682. Epub 2025 Jul 28.
The continuous deepening of the concept of green development and the increasing pressure of environmental governance leads great theoretical significance and practical value to explore the impact of the ecological compensation (eco-compensation) policy on the innovation behavior of enterprises. Taking the implementation of China's ecological compensation policy as an exogenous shock, this paper adopts a multi-period difference-in-differences (DID) model to systematically assess the impact of eco-compensation on corporate breakthrough innovation based on the data of A-share listed companies in the heavy pollution industry from 2014 to 2023. The findings indicate that eco-compensation significantly promotes breakthrough innovation activities of heavy polluting firms. Mechanism analysis further reveals that the policy indirectly drives the enhancement of firms' breakthrough innovation capability mainly by improving the level of data asset disclosure, reducing innovation risk and enhancing R&D activity. The heterogeneity analysis reveals that the eco-compensation policy promotes breakthrough innovation more significantly in firms located in regions where big data management institutions remain unreformed, data factor utilization is low, or industry-university-research collaboration is absent. This study theoretically expands the understanding of the impact mechanism of environmental regulation on enterprises' green innovation and enriches the research framework of incentives for breakthrough innovation; in practice, it provides policy references for optimizing the design of eco-compensation policies and guiding heavily polluting enterprises to achieve green transformation and high-quality development.
绿色发展理念的不断深化和环境治理压力的增大，使得探究生态补偿政策对企业创新行为的影响具有重大的理论意义和实践价值。本文以中国生态补偿政策的实施作为外生冲击，基于2014—2023年重污染行业A股上市公司的数据，采用多期双重差分（DID）模型系统评估生态补偿对企业突破性创新的影响。研究结果表明，生态补偿显著促进了重污染企业的突破性创新活动。机制分析进一步揭示，该政策主要通过提高数据资产披露水平、降低创新风险和增强研发活动，间接推动企业突破性创新能力的提升。异质性分析表明，在大数据管理机构未改革、数据要素利用水平低或缺乏产学研合作的地区，生态补偿政策对突破性创新的促进作用更为显著。本研究在理论上拓展了对环境规制影响企业绿色创新机制的认识，丰富了突破性创新激励的研究框架；在实践中，为优化生态补偿政策设计、引导重污染企业实现绿色转型和高质量发展提供了政策参考。
