Fan Xiamin, Wang Zhipeng, Wu Shaoxiong, Li Kunming
School of Management, Xiamen University, Xiamen, Fujian, 350002, PR China.
College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou, Fujian, 350002, PR China.
J Environ Manage. 2025 Oct;393:127177. doi: 10.1016/j.jenvman.2025.127177. Epub 2025 Sep 8.
This study explores the impact of environmental investment on green innovation in heavily polluting enterprises using data from Chinese listed firms (2010-2022). Theoretical analysis based on the neoclassical growth model suggests that environmental investment fosters green innovation. Empirical results confirm this positive effect, although its strength varies with internal and external factors. Internally, firms with centralized operations, environmentally conscious executives, green investors, and state ownership benefit more. Externally, stronger regional innovation capacity, intellectual property protection, and stricter environmental regulations enhance this effect. These findings offer insights for policymakers and businesses to promote corporate sustainability. We recommend strengthening policy incentives, leveraging state-owned enterprises, optimizing governance, fostering innovation ecosystems, enhancing intellectual property protections, and refining environmental regulations. This study reveals the causal impact of environmental protection investment on green innovation, broadens corporate environmental management research, and highlights its policy and international relevance. This study contributes by strengthening policy and governance, boosting regional innovation and IP protection, improving regulation, and promoting green technology for sustainable development.
本研究利用中国上市公司（2010 - 2022年）的数据，探讨了环境投资对重污染企业绿色创新的影响。基于新古典增长模型的理论分析表明，环境投资促进绿色创新。实证结果证实了这种积极影响，尽管其强度因内部和外部因素而异。在内部，运营集中、有环保意识的高管、绿色投资者以及国有企业的企业受益更多。在外部，更强的区域创新能力、知识产权保护以及更严格的环境法规会增强这种影响。这些发现为政策制定者和企业促进企业可持续发展提供了见解。我们建议加强政策激励、利用国有企业、优化治理、培育创新生态系统、加强知识产权保护以及完善环境法规。本研究揭示了环境保护投资对绿色创新的因果影响，拓宽了企业环境管理研究，并突出了其政策和国际相关性。本研究通过加强政策和治理、促进区域创新和知识产权保护、改善监管以及推动绿色技术以实现可持续发展做出了贡献。
