Government Environmental Goal Constraints and Enterprise Green Innovation-An Empirical Test Based on Enterprise Life Cycle Theory
Green technology innovation is an important force in promoting green economic development.Using government environmental target constraints as a natural experiment,the data of Chinese listed companies from 2003 to 2022 were matched with city at or above the prefecture level data to examine the impact of government environmental target constraints on the quantity and quality of green innovation in enterprises from the perspective of their lifecycle.Research has found that the incentive effect of government environmental target constraints on the quantity of green innovation and the inhibitory effect on the quality of green innovation are stronger in growth and mature stage enterprises,especially for growth stage enterprises.The government's environmental target constraints have increased R&D subsidies incentivized enterprises to enhance their R&D intensity and increased the number of green innovations,but the decrease in environmental governance investment and cash flow also leads to a decline in the quality of green innovation.The impact of government environmental target constraints on green innovation of enterprises with different life cycles exhibits heterogeneity in terms of pollution attributes and product competitiveness.It is of great benefit to accelerate the construction of green technology innovation system to evaluate the effect of environmental policy from the perspective of enterprise life cycle.
environmental goal constraintsenterprise green innovationpatent knowledge breadthenterprise life cyclefinancing constraints
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