Based on the perspectives of international environmental regulation differences and two-stage value chain of enterprises'green innovation,this paper empirically examines whether international environmental regulation differences affects the green technology R&D efficiency and green achievement transformation efficiency of multinational enterprises by using the data of China's A-share listed companies from 2007 to 2022.The study shows that:(1)The impact of environmental regulation has cross-border spillover effects,and the increase in the degree of international environmental regulation differences will force enterprises to improve the efficiency of green technology R&D,however,will reduce the efficiency of enterprises'green achievement transformation.(2)The rise of environmental regulation differences induces strategic innovation and environmental protection investment inefficiency,which in turn has a heterogeneous impact on the efficiency of enterprises'two-stage green innovation.(3)With the reduction of the enterprise's own financing constraints and the enhancement of digital transformation ability,and with the location of enterprises in a pilot region of low-carbon cities and in a heavily polluted industry,the distorting influence of environmental regulatory differences on the enterprise's two-stage green innovation efficiency can be weakened under the double influence of the external pressure of the policy and the intrinsic motivation to innovate.
维普
万方数据