Can urban agglomeration promote corporate green innovation?A quasi-natural experiment of urban agglomeration policy
Urban agglomeration,as a new mode of urbanization and regional integration,provides a new impetus for achieving green development.This paper takes the implementation of urban agglomeration policy as a quasi-natural experiment.The study selects A-share listed companies from 2009 to 2021 as a sample and explores the impact of urban agglomeration policy on corporate green innovation.It finds that urban agglomeration policy can significantly improve the quality and total amount of corporate green innovation.The study employs macro-and micro-level mechanism testing to show that urban agglomeration policy promotes the micro-level aggregation of capital and talent by reducing administrative monopolies and government intervention at the macro level,thereby promoting corporate green innovation.Further exploration of the spatial effects of urban agglomeration policy reveals that urban agglomerations have a significant positive impact on corporate green innovation in core and non-core cities.However,corporate green innovation in multi-core urban agglomerations is more strongly influenced by policy than that in single-core urban agglomerations.Finally,a heterogeneity analysis indicates that urban agglomeration policy has a more significant promoting effect on green innovation among key pollution-monitoring and state-owned firms.The research conclusion enriches the literature on the evaluation of urban agglomeration policy and the factors influencing corporate green innovation.It also has significance for optimizing government systems and promoting green transformation in development.
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