This research combines the DEA-SBM (Data Envelopment Analysis-Super Slack Based Measure) model and GML (Global Malmquist-Luenberger) index to measure the efficiency of green technology innovation in ...30 provinces of China from 2003 to 2017. It uses financial structure, financial scale, and financial efficiency to describe the degree of financial development and examines the relationship between financial development and green technology innovation. We further analyze the moderating effect of environmental regulation and the mediating effect of innovation output, first offering evidence that there are differences in the impact of financial structure, financial scale, and financial efficiency on green technology innovation. Second, financial structure is conducive to the development of green technology innovation, while financial scale and financial efficiency have a negative impact on green technology innovation. Third, environmental regulation plays a positive role as a moderating effect between financial structure and green technology innovation, but a negative role as a moderating effect between financial efficiency and green technology innovation. Fourth, innovation output has a mediating role between financial development and green technology innovation. Finally, there is an integrated boundary role that environmental regulation has between financial development, innovation output, and green technology innovation.
•Combine the DEA-SBM model and GML index to measure the efficiency of green technology innovation of China.•Financial structure, financial scale and financial efficiency have different effects on green technology innovation.•Environmental regulation plays a positive role as a moderating effect between financial structure and green technology innovation.•Innovation output has a mediating role between financial development and green technology innovation.
Based on the data of BP Statistical Review of World Energy, KOF Globalization Index, and the World Development Indicators, this paper explores the impact of technological innovation on CO2 emissions ...in a panel of 96 countries over the period 1996–2018 with spatial econometric models. First, both CO2 emissions and R&D intensity show significant spatial correlation across countries, and thus spatial econometric models are more suitable for research. Second, technological innovation has no significant mitigation effect on CO2 emissions globally. However, group-based studies show that technological innovation in high-income, high-technology, and high-CO2 emission countries can significantly reduce CO2 emissions in neighboring countries, while R&D intensity in other countries even increase CO2 emissions. Third, the higher the level of globalization is in a country, the more obvious the effect technological innovation has on reducing CO2 emissions. Among them, the moderating effect of political globalization is the most obvious and even low-income, low-technology, and low-CO2 emission countries can benefit from it; the “pollution haven” in economic globalization and the guidance of environmental protection awareness in social globalization deserve more attention. Therefore, countries should pay attention to the spillover effects of technological innovation, improve the corresponding level of globalization according to their own characteristics, and ultimately enhance environmental quality through international cooperation.
Using a balance panel dataset of 278 Chinese cities, this study is the first to employ a spatial difference-in-differences (SDID) approach to investigate both the direct and indirect effects of ...low-carbon pilot policy on technological innovation. A series of robustness tests including the parallel trend test, placebo test and using SDID with propensity score matching to alleviate spatial sample selection bias are performed. Furthermore, mechanism and heterogeneity analyses are conducted by using mediation effect and moderation effect models, respectively. The results show that implementing low-carbon pilot policy have a significant promotion effect on technological innovation both in pilot cities and neighbouring cities, resulting from enhancing green total factor productivity, optimizing the industrial structure, alleviating financing constraints, and enhancing economic density. Moreover, the technological innovation increasing effect is more significant in cities with higher CO2 emissions, more cultural diversity, higher political hierarchy, lower terrain relief and more integrated market. However, low-carbon pilot policy which implementing in cities with higher CO2 emissions would not help to promoting technological innovation in neighbouring cities. In addition, low-carbon pilot policy increase technological innovation within 700 km of the coastline, whereas the beyond 800 km, the reduction effect is dominant.
•Based on the market-based environmental regulation and agglomeration economic theory•Examine both the direct and indirect effects of LCCP on technological innovation via SDID approach.•Implement LCCP promotes technological innovation both in pilot cities and neighboring cities•LCCP enhance green TFP, optimize industrial structure, alleviate financing constraints and enhance economic density•Effect of LCCP on technological innovation exhibits spatial attenuation
Using the quasi-experimental method, this research investigates the impact of green credit policy on the upgrade of energy-intensive enterprises from the perspective of credit allocation efficiency. ...Through the panel data of listed companies in China, this study finds that the green credit policy under the Green Credit Guidelines in 2012 (GCG2012) has a significantly negative effect on the research and development (R&D) intensity and the total factor productivity (TFP) of treated firms. Empirical evidence also shows that the GCG2012 significantly reduces bank credit but increases trade credit. Consequently, the substitution hypothesis is established. Furthermore, GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries. As an improved green credit policy to encourage enterprises to invest in energy efficiency, the Energy Efficiency Credit Guidelines in 2015 (EECG2015) increases both the bank credit and the fixed asset investment, whereas no increase in R&D intensity or TFP is found. These findings are enlightening for designing better green credit policies.
•Investigate the impact of green credit policy on the upgrade of energy-intensive enterprises in China.•Use the quasi-experimental method by incorporating an event of green credit policy.•GCG2012 has a significantly negative effect on R&D intensity and TFP of energy-intensive enterprises.•GCG2012 significantly reduces bank credit but increases trade credit.•GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries.
Carbon emission is one of the major problems in emissions generating companies (EGCs) due resource consumption, spurring a need for carbon emission reduction, but most EGCs cannot reduce it due to a ...lack of green technology implementation. This research proposes a monopoly market under the consideration of EGCs and develops a simulation-based optimization model to measure the optimal behavior of green technology investment to reduce carbon emission. To see its implementation, we investigate the intervention of the government, which provides an optimal subsidy on green technology investment. Our study helps the government to find an optimal green technology investment and subsidy on green technology investment. Additionally, this optimal subsidy allows decision-makers to improve environment cleanliness by taking incentives in the form of green subsidy. They can also fulfill their primary objective of profit maximization by finding an optimum product price.
•The optimal behavior of green technology investment has been investigated in EGCs.•The study was analyzed by using discrete event simulation modeling and optimization under a monopoly market.•Subsidy policies from the government have been extracted to maximize the profit of EGCs and to keep the environment clean.•Optimal behavior of green technology investment subsidy was found to maximize profit under GTI.
Faced with the global climate change, as a major greenhouse gas emitter, China launched a pilot policy on low-carbon city construction since 2010. Few studies have discussed how climate policies ...affect the investment and financing behavior of energy-intensive enterprises. Based on the micro data of A-share listed enterprises in China’s energy-intensive industries, this study aims to assess the productivity effect of low-carbon city pilot (LCCP) policy and investigates the mechanism of financing and investment using the difference-in-difference method. Empirical results provide evidence that the LCCP policy has significantly improved the total factor productivity of energy-intensive enterprises. In terms of the mechanisms, the LCCP policy has increased the supply of bank credit to enterprises and encouraged their long-term investment in fixed assets and R&D activities. The productivity effect of the LCCP policy is greater for state-owned enterprises and enterprises with political connection. Urban human capital, industrial agglomeration, and resource endowment contribute to the productivity effect of LCCP policy for enterprises in the energy-intensive industries. The findings show that the LCCP is an effective comprehensive policy to promote the high-quality development of energy-intensive industries, and the findings also provide enlightenment for enacting better climate transition policies.
While the literature has studied various factors affecting green productivity growth, there is a relative dearth of empirical studies quantitatively analyzing the linkage between green finance ...development and green productivity. Based on a comprehensive index of green finance development, this research thus employs panel data of 30 China's provinces for the period 2006–2018 to explore the influence of green finance on green total factor productivity, revealing estimation results that green finance development significantly improves the level of green productivity. This beneficial effect tends to be stronger in provinces with higher levels of economic and social conditions, less public participation in environmental protection, and high pollution levels. We also find that implementing a green finance policy can further enhance the impact of green finance development. The empirical results herein offer policy implications to China's green finance planning and environmental policy.
•Assess the impact of green finance on green total factor productivity.•Green finance development is measured by a multidimensional index system.•Green finance development significantly improves the level of green productivity.•Effects are stronger with high economic, social, and environmental conditions.•Green finance policy can further enhance the impact of green finance development.
This study investigates Chinese A-share listed companies in the new energy industry for the period 2007–2019. We shed new light on the nexus between fiscal policy uncertainty and corporate innovation ...investment. The main empirical findings are threefold. First, fiscal policy uncertainty significantly reduces new energy enterprises' innovation investment, and the adverse effect is mainly due to the decline in the incentive effect of government support on innovation investment. Second, product market competition reduces the adverse effect of fiscal policy uncertainty on innovation investment, which indicates that the strategic growth option theory holds to a certain extent. Third, bank credit constraint is the mechanism by which fiscal policy uncertainty restrains innovation investment. Overall, although there may be differences in the influence mechanism of fiscal policy uncertainty on innovation, the empirical evidence generally does not support the viewpoint of ownership differences. The conclusions continue to hold after controlling for endogeneity and conducting a series of robustness tests.
•Shed new light on the nexus of fiscal policy uncertainty and corporate innovation investment.•Investigate A-share listed companies in China's new energy industry for the 2007–2019 period.•Findings show that the fiscal policy uncertainty significantly reduces the innovation investment of new energy enterprises.•Product market competition reduces the adverse effect of fiscal policy uncertainty on innovation investment.•Bank credit constraint is the mechanism that fiscal policy uncertainty restrains innovation investment.
Manufacturing green technology innovation is important in achieving climate goals and is the key in promoting sustainable economic development. Using the industrial robot data and manufacturing green ...technology innovation data from 34 countries from 1993 to 2019, this paper reveals the mechanism and heterogeneity of the application of industrial robots (IRA) affecting green technology innovation (GTI) in the global manufacturing sector. The results indicate the following: (1) The IRA significantly promotes GTI, and the endogenous and robustness tests show that the results are robust. (2) The IRA promotes GTI with a dual-channel mechanism—the mediating effect of green R&D investment and the moderating effect of environmental regulation. (3) There is two-dimensional heterogeneity in terms of the application industries and regions in terms of the green technology innovation effects of industrial robot applications. (4) In addition, the implementation of Industry 4.0 is in favor of the stimulating effects of industrial robots on green technology innovation. Finally, valuable policy advices are proposed based on the empirical results.
•The application of industrial robot promotes GTI in manufacturing sector.•Industrial robots' green technology innovation effect has two-dimensional heterogeneity.•Green R&D investment plays mediating role between industrial robot application and GTI.•Environmental regulation plays moderating role between industrial robot application and GTI.
This research presents a full picture of the rationale behind China's infrastructure investment under the Belt and Road Initiative (BRI), which was formally initiated in 2013. In this paper, we argue ...that the main reason for China to conduct infrastructure investment under BRI is to strategically respond to the emergence of the “New Normal,” which pushes the country to sustain economic growth through further structural transformation. We come up with three relevant factors for why infrastructure projects under BRI could be conducive to structural transformation in China's economy, as it (1) provides a much better alternative to the existing poor logistic conditions and can create accessibility among regions, (2) enables the smooth flow of factor endowments of production that significantly reduce production costs, and (3) indirectly strengthens the influence of the debt provider's home currency. This paper also provides three theoretical pillars: the comparative advantage following (CAF) and defying (CAD) development strategies, the late development theory with antineoliberalism characteristics, and the new international division of labor, from which these three factors might potentially explain how BRI could enhance the structural transformation of this second‐largest economy in the world.
