The Impact of Carbon Emissions on the Green Innovation Behavior of Listed Companies from the Perspective of Debt Repayment Pressure:An Empirical Study Based on the Panel Threshold Model
Objective To investigate the relationship between corporate carbon emissions and green innovation,this study uses panel data from A-share listed companies between 2007 and 2022,with the interest coverage ratio as the threshold variable,to con-struct a panel threshold model.Results There is a single-threshold effect between corporate carbon emissions and the level of green innovation.When a company's debt pressure is low,an increase in carbon emissions incentivizes green innovation,reducing pollu-tion emissions during production and promoting technological advancement in green technologies.However,when the debt pressure reaches a certain level,further increases in carbon emissions raise operational costs,leading to a crowding-out effect on corporate R&D.In this scenario,the incentive for green innovation diminishes,and the relationship between the two becomes negatively corre-lated.Further industry-specific analysis reveals that this non-linear relationship between carbon emissions and green innovation is more pronounced in high-carbon industries.Conclusion There is a non-linear relationship between corporate carbon emissions and green innovation,suggesting that government carbon reduction policies should consider corporate debt pressure.
carbon emissionsgreen innovationdebt repayment pressurethreshold model
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万方数据
