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| From "No Target" to "Considerations": Research on the Impact of Government Subsidies on Green Innovation from the Perspective of Information Disclosure |
| Wang Xu,Yang Youde,Wang Lan |
| (School of Business Administration, Shandong University of Finance and Economics, Jinan 250014, China) |
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Abstract Under the background of green manufacturing development, fiscal and tax subsidies have become an important financing method for smoothing corporate green innovation. Under the condition of research and development information asymmetry, enterprise information disclosure is an antecedent cause of fiscal and tax subsidies to get rid of the "no-target" situation and successfully drive green innovation. This paper takes Chinese listed companies as samples to explore the decision-making dependence of government subsidies on information disclosure in the process of driving green innovation, and reveals the “induction effect” of information disclosure and its dynamic changes. The research shows that government subsidies have a significant role in promoting the green innovation performance of enterprises; information disclosure has an “inductive effect” on government subsidies, and the higher the quality of information disclosure, the more government subsidies are obtained, and the green innovation performance is more prominent. The “induction effect” has a dynamic incremental law. In the long-term enterprises, the “induction effect” of information disclosure is not significant. However, from the maturity period to the metamorphosis period, the promotion effect of information disclosure on government subsidies is increasing. This paper supplements the related research of science and technology finance theory based on the perspective of information disclosure, which can provide a scientific basis for smoothing the green innovation of enterprises and promoting the green development of China's manufacturing industry.
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Received: 15 December 2019
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