Green innovation of heavily polluting enterprises under environmental liability insurance: Evidence from Chinese listed companies

IF 12.9 1区管理学 Q1 BUSINESS

Technological Forecasting and Social Change Pub Date : 2024-06-29 DOI:10.1016/j.techfore.2024.123532

Wenyue Zhang , Jinjun Ke , Chuanwang Sun

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引用次数: 0

Abstract

We construct a novel data set of heavily polluting listed companies on the A-share stock market in China that applied for environmental liability insurance in 2014 and 2015. Our study aims to scrutinize the influence and underlying mechanisms of green insurance policies on enterprises' green innovation endeavors. The findings indicate that environmental liability insurance promotes green innovation achievements of enterprises. This positive impact is more pronounced in non-state-owned entities, firms without political affiliations, businesses known for their high information transparency, and locations with well-established legal structures and stringent environmental regulations. Mechanism tests unveil three pathways through which green insurance policies exert this favorable influence: mitigating external financing constraints, promoting environmental management certification, and encouraging environmental information disclosure. This paper provides new evidence for evaluating the role of environmental insurance within developing economies. Furthermore, it carries significant policy implications for promoting ecological civilization and high-quality economic development.

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环境责任保险下重污染企业的绿色创新：来自中国上市公司的证据

我们构建了一个新的数据集，该数据集选取了 2014 年和 2015 年中国 A 股市场中申请环境责任保险的重污染上市公司。我们的研究旨在探讨绿色保险政策对企业绿色创新努力的影响及其内在机制。研究结果表明，环境责任保险促进了企业的绿色创新成果。这种积极影响在非国有企业、无政治关联的企业、信息透明度高的企业以及法律结构完善、环境法规严格的地区更为明显。机制测试揭示了绿色保险政策发挥这种有利影响的三个途径：缓解外部融资约束、促进环境管理认证和鼓励环境信息披露。本文为评估环境保险在发展中经济体中的作用提供了新的证据。此外，它还对促进生态文明和经济高质量发展具有重要的政策意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

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