Environmental Protection Fund Shareholding,Central Environmental Protection Supervision and Enterprise Green Innovation
Green finance is an important driving force for improving the level of green innovation in enterprises.This article takes the environmental protection fund as the research perspective and selects non-financial listed companies in China's Shanghai and Shenzhen A-shares from 2010 to 2020 as research samples to empirically test the impact of environmental protection fund holdings on green innovation of enterprises,as well as the regulatory role of central environmental protection supervision.Research has found that:First,holding shares in environmental protection funds can significantly improve the level of green innovation of enterprises;Second,the central environmental supervision has strengthened the role of environmental protection fund shareholding in promoting green innovation in enterprises;Third,holding shares in environmental protection funds can en-hance executives'environmental awareness and reduce information asymmetry,thereby promoting green innovation in enterprises;Finally,the promotion effect of environmental protection fund shareholding on green innovation of enterprises is more significant in large-scale enterprises,non-polluting enterprises,and high operating cash flow enterprises.This paper enriches relevant litera-ture on green innovation research from the perspective of environmental protection fund investors,expands relevant research on enterprises'participation in green governance,and provides empirical evidence for China's economy to achieve green and low-carbon transformation and development.
environmental protection fund shareholdingcentral environmental protection su-pervisiongreen innovation
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