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| Does the Belt and Road Initiative Enhance the Level of Green Technology Innovation of Chinese Enterprises? |
| Zhang Xuna1,Wu Jianluan2,Lu shanbing1 |
| (1.School of Economics and Management, Northwest University，Xi'an 710127,China；2.School of Economics and Finance, Xi'an Foreign Studies University，Xi'an 710128,China) |
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Abstract Green technological innovation refers to the technological innovation that aims at protecting the environment, integrating environmental principles in innovation and harmonizing economic benefits, social benefits and ecological benefits of enterprises. It is an important measure to promote energy conservation and emission reduction and build ecological civilization by improving the level of green technology innovation. However, most enterprises show a negative attitude towards the barriers and R&D costs of green technology innovation, which leads to the low level of green technology in China. Therefore it is an important issue for the government to design reasonable policies to encourage enterprises to carry out green innovation activities. The Belt and Road Initiative(BRI) which was proposed by Chinese government in 2013 advocates the concept of low carbon and sustainable development. It puts forward new requirements for the environmental protection work of enterprises, while encouraging enterprises to participate in BRI. As a top-level national design, BRI provides more support and good opportunities for Chinese enterprises to carry out green innovation activities and enhance their capacity for green innovation. "Going global" is not only an inevitable trend of cooperation, but also an inherent requirement of the BRI. For this reason there are great theoretical and practical significances for China's economic development and inclusive growth by exploring the influence of BRI on enterprise's green technology innovation .#br#Drawing on the data of Chinese listed companies from 2007 to 2020, the study centers on the BRI to conduct a quasi-natural experiment and explores the influence of BRI on enterprise's green technology innovation. This paper proposes that the Belt and Road initiative can improve the reverse knowledge spillover of subsidiaries through two ways: green R & D cost sharing and green R & D achievement feedback. The cooperative R & D between Chinese enterprises and other foreign enterprises has expanded the scale of R & D investment, reduced R & D risks, and improved the success rate of green R & D activities. The feedback of green R & D achievements is a mechanism to use the technologies and resources of countries along the Belt and Road routes to re-integrate the green technology of enterprises in the home country and feed back the R & D achievements to the parent companies. The empirical results show that the BRI significantly improves the enterprise green technology innovation level and the results are still robust after a series of robustness tests such as propensity score matching, placebo test and endogenous processing. The mediating effect test results show that the BRI indirectly improves the enterprise's green technology innovation level by the following three intermediary channels: increasing the environmental expenditure, alleviating financing constraints and increasing the reverse knowledge spillover. Finally, the heterogeneity test results indicate that the BRI has a more significant effect on inland node cities, low clean industries and state-owned enterprises.#br#Compared to the existing related studies, the main contributions of this study are as follows. Firstly, this research provides a new perspective for the impact of macro policies on micro enterprises. Taking BRI as a quasi-natural experiment, the research examines its impact on the green innovation behavior of micro enterprises from multiple angles and provides strong evidence support for the positive economic effect brought by the BRI. Secondly, it enriches the theoretical basis of enterprise green technology innovation. Different from the other literatures, this research examines the green economic effect of the BRI, which enriches relevant researches on the impact of macro policies on enterprise green innovation and provides a new direction for the government to encourage enterprises to carry out green technological innovation activities. Thirdly, it discusses the influence mechanism of macro policy on micro enterprises. The BRI indirectly improves green technology innovation level by improving enterprise's environmental expenditure, easing financing constraints and increasing reverse knowledge spillover, which reveals the basic transmission mechanism of BRI to the green technological innovation of enterprises. The conclusions of this research have certain reference significance for the government to formulate the policies of the BRI.#br#
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Received: 18 January 2022
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