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10 April 2023, Volume 40 Issue 7
    

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    Green Technology Innovation and Management
  • Environmental Technology Diversification And Green Start-Up Creation: The Perspective of Technological Structure Upgrading
    Dong Shan ,Gong Hong
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 1-11. https://doi.org/10.6049/kjjbydc.2022050564
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    Green start-ups are currently regarded as a key instrument in solving environmental issues, but they are difficult to come into existence due to the dual restrictions of environmental externalities and liability of newness. Exploring the driving forces of green start-ups has always been an important issue in the field of innovation and entrepreneurship. In recent years, the birth and development of the knowledge spillover theory of entrepreneurship (KSTE) has provided new ideas for the foundation of green start-ups. The implementation of empirical analyses on the creation of new firms through the lens of KSTE has pointed out that new environmental technologies are the main source of entrepreneurial opportunity in the low carbon economy transition. However, the existing research mainly analyzes the mechanism of environmental technology scale on the foundation of green start-ups, and also makes a differentiation analysis on different types of technologies (dirty technologies and clean technologies; university environmental technologies, research institute environmental technologies and firm environmental technologies) or start-ups (green start-ups, brown start-ups and gray start-ups; green start-ups and non-green start-ups), but it has not yet been able to reveal the mechanism of environmental technology structure on the foundation of green start-ups. Compared with technological scale, technological structure is more critical in driving innovation growth. It can be seen that the role of a single technology is limited, and a technology library without global deployment is like a mess of sand. Optimizing the technical structure and layout is the key to promoting the country's long-term development.#br#Therefore, this paper divides environmental technology diversification into two modes of related environmental technology diversification and unrelated environmental technology diversification, and explores the mechanisms of environmental technology diversification on the foundation of green start-ups by using a panel dataset of Chinese provinces during the period of 2014-2020 and negative binomial regression models. The results show that related and unrelated environmental technology diversification can significantly promote the foundation of green start-ups through knowledge spillovers.Due to the proximity of cognition, related environmental technology diversification has stronger knowledge spillovers, which makes it more effective in promoting the foundation of green start-ups. Additionally, related and unrelated environmental technology diversification can promote green patent applications through knowledge spillovers. Both green patent applications and green start-up creation need the support of green R&D resources, which makes green patent applications crowd out green start-ups. Finally, green patent applications have a negative indirect effect on the relationship between related (unrelated) environmental technology diversification and the foundation of green start-ups; besides due to the close connection between related environmental technology diversification and the original environmental technologies, the newly generated green knowledge is less expanded and the incumbents are very easy to set up knowledge spillover barriers by strategically applying for green patents to reduce the knowledge spillovers of related environmental technology diversification. Therefore, green patent applications negatively moderate the relationship between related environmental technology diversification and the foundation of green start-ups. Unrelated environmental technology diversification less depends on the original environmental technologies, which makes the newly generated green knowledge expand more, and the incumbents are not easy to set up knowledge spillover barriers. In this way green patent applications positively moderate the relationship between unrelated environmental technology diversification and the foundation of green start-ups. In order to promote the diversified serve of environmental technology to green entrepreneurship, the government needs to be aware of the importance of the environmental technology structure to green entrepreneurship, guide innovation subjects to conduct research on related environmental technology diversification around the innovation chain, value chain, industrial chain and other chains, and encourage universities, scientific research institutes and enterprises to carry out green R&D cooperation and，environmental technology research and green industry development. Moreover, the government should respect and grasp the market rules of green innovation and entrepreneurship, macro-control green R&D resources, reasonably allocate them to green innovation and green entrepreneurship, weaken the competition for green R&D resources between green innovation and green entrepreneurship, and promote the coordinated development of green innovation and green entrepreneurship. While the entrepreneurs can take advantage of the positive effects of environmental technology diversification on the foundation of green start-ups, actively seek and find entrepreneurial opportunities in the low-carbon field in regions with high degree of environmental technology diversification to promote the foundation of green start-ups.#br#

    Dong Shan ,Gong Hong. Environmental Technology Diversification And Green Start-Up Creation: The Perspective of Technological Structure Upgrading[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 1-11., doi: 10.6049/kjjbydc.2022050564.

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  • How Does the Government Environmental Attention Affect Regional Green Technology Innovation? A Study from the Perspective of Government Governance Capability
    Zhang Huizhi,Sun Rufeng
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 12-22. https://doi.org/10.6049/kjjbydc.2022100515
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    Green technology innovation is the key element to realize the national goal of "dual carbon", and the government environmental attention is the premise for environmental governance to formulate green technology innovation development policies. Examining the relationship between government environmental attention and green technology innovation not only has practical value for realizing the green and high-quality development of local economy, but also provides a basis for the government to effectively allocate attention resources. #br#Most of the present research on the factors affecting green technology innovation is based on the natural resources theory, stakeholder theory and institutional theory, and examines the factors affecting green technology innovation from the internal and external perspectives. Researchers mostly explore the impact of government subsidies on green technology innovation. In the study of the impact of government environmental attention, the impact of government environmental attention on policy implementation behavior and environmental performance is the research focus. In general, there is scant research on government environmental attention, and the research on the relationship between government environmental attention and green technology innovation needs to be further improved. Given the large differences between green technology innovation and technology innovation (in broad sense) in driving factors and impact mechanisms, it is impossible to truly represent the driving factors that affect green technology innovation by exploring the impact of environmental attention and green technology innovation from the perspective of executives. Therefore this paper focuses on the impact of government environmental attention on green technology innovation and its characteristic basis, and analyzes its impact mechanism and the enabling effect of government environmental attention with different governance capabilities.#br#The influence and mechanism of government environmental attention on green technology innovation are investigated based on the samples of 30 provinces (municipalities and autonomous regions) in China from 2009 to 2020, and the moderating role of government governance capability and governance resources in this influence are analyzed. It is found that the improvement of government environmental attention allocation can promote the improvement of green technology innovation, and this conclusion is still valid after multiple robustness tests. According to the heterogeneity analysis, the effect of government environmental attention on green technology innovation in the eastern region was stronger than that in the central and western regions, and the effect of government environmental attention in the period from 2015 to 2020 was also stronger than that in 2010-2015. Mechanism analysis shows that the enabling effect of government environmental attention on green technology innovation is achieved by strengthening environmental regulation and government innovation subsidies. Furthermore, from the perspective of governance capability, the improvement of the government environmental policy implementation capacity and innovative human capital and the abundance of green finance will strengthen the impact of the government environmental attention on green technology innovation. Accordingly, this paper enriches the theory of attention allocation and green technology innovation, reveals the enabling effect of government environmental attention in the process of realizing green technology innovation, and provides reference for government attention allocation.#br#The policy recommendations are then proposed from the following aspects. First, it is necessary for government departments to strengthen the attention to regional environmental issues in the background of the "dual carbon" vision and the high-quality development of regional green economy, effectively promote the direct enabling effect of environmental attention on green technology innovation, and pay attention to the cultivation of environmental attention awareness among members of the government, forcing government officials to improve their sense of social responsibility and the understanding of green and high-quality development. Second, the balance between attention and green technology innovation should be made accordingly, and a series of environmental regulatory policies and reasonable government subsidy policies should be formulated and formed. Third, local governments should strive to achieve financial abundance, and attract innovative talents, and improve the implementation ability of environmental policies.#br#

    Zhang Huizhi,Sun Rufeng. How Does the Government Environmental Attention Affect Regional Green Technology Innovation? A Study from the Perspective of Government Governance Capability[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 12-22., doi: 10.6049/kjjbydc.2022100515.

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  • State-owned Equity Participation, Absorptive capacity and the Green Technology Innovation of Private Enterprises:A Moderated Mediating Model
    Zhao Xin,Yang Mianzhi,Cao Xun
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 23-33. https://doi.org/10.6049/kjjbydc.Q202207343
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    Enterprises are the main body of green innovation and the manufacturing industry is the main body of the real economy. It is significant for enhancing the market competitiveness of enterprises, promoting the green transformation and upgrading of the real economy by improving the level of green technology innovation of manufacturing enterprises. At the present stage, China is in an important period of deepening economic restructuring and actively developing a mixed-ownership economy. In order to promote the cross-shareholding and mutual integration of state-owned capital, collective capital and non-public capital, and better combine public ownership and market economy together, it is necessary to integrate non-public capital into state-owned enterprises, and also requires the participation of state capital in non-public economy, which is an important part of the development of mixed ownership economy.#br#Existing studies believe that state-owned equity participation can ease the financing constraints of private enterprises, enhance the risk-bearing capacity, and thus promote the technological innovation of non-state-owned enterprises. However, the impact of state-owned equity on the green innovation of enterprises is rarely explored. Moreover, compared with general technology research and development, externality theory assumes that the uniqueness of green technology innovation lies in the dual-externality and significant knowledge path dependence characteristics; absorptive capacity theory and institutional theory also show that internal absorptive capacity and external environmental governance have important impacts on the green innovation activities of enterprises. In this case, how the participation of state-owned equity affects the green technology innovation of private enterprises and how the interactive relationship between the internal absorptive capacity of private enterprises and the external environmental governance works remain to be further discussed.#br#Therefore this paper tries to answer the following questions. Can state-owned equity participation promote the green innovation and development of private enterprises? What role do the absorptive capacity of private enterprises play? How can the external environmental pressure affect the role of state-owned equity participation on the green technology innovation of private enterprises? On the basis of the green patent data of China private enterprise manufacturing listed companies from 2013 to 2021, this study builds a moderated mediation model to analyze the influence of state-owned equity participation in private enterprise green technology innovation, and explore their own absorptive capacity in the mediating effect, as well as the moderating role of analysts following.#br#It is found that first, state-owned equity participation has effectively promoted the green technology innovation of private enterprises. Next, the improvement is partially mediated by absorptive capacity. At the same time, analyst following helps to leverage the resource acquisition advantage of state-owned equity participation and curb political rent-seeking, and strengthens the mediating effect of the absorptive capacity between state-owned equity participation and green technology innovation. From the characteristics of state-owned equity participation,the central state-owned equity can better promote the green technology innovation of private enterprises compared to the local state-owned equity rights. From the characteristics of private enterprises, it is confirmed that for enterprises in highly polluting industries, when the economic policy uncertainty is high, the participation of state-owned equity plays a more significant role in promoting the green technology innovation of private enterprises.#br#This study makes the following marginal contributions. First, it enriches the relevant literature of mixed ownership reform in enterprise green technology innovation. The study constructs the analysis path of state-owned equity by improving the absorptive capacity of private enterprises and then the performance of green innovation, and expands the research perspective of equity governance under the background of mixed reform from general technology innovation to green technology innovation. Second, this study provides empirical evidence of how to enhance the vitality of state capital and promote the green and sustainable development of mixed-ownership economy. The research conclusions show that the entry of state-owned capital into private enterprises can not only give full play to the advantages of resource acquisition and property rights protection, but also promote the green and healthy development of manufacturing enterprises, thus promoting the green transformation and upgrading of the mixed-ownership economy.#br#

    Zhao Xin,Yang Mianzhi,Cao Xun. State-owned Equity Participation, Absorptive capacity and the Green Technology Innovation of Private Enterprises:A Moderated Mediating Model[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 23-33., doi: 10.6049/kjjbydc.Q202207343.

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    • Regional Strategy and Green Development
  • Great Protection Strategy of Yangtze River and Heavily Polluting Enterprise Green Innovation: Evidence from Listed Companies in the Yangtze River Economic Belt
    Chen Zhen,Tian Guanjun,Wang Mingrui,Wen Chuanhao
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 34-44. https://doi.org/10.6049/kjjbydc.2022020514
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    The sustainable development of the Yangtze River Economic Belt is facing great challenges. The green innovation capability of heavily polluting enterprises in the Yangtze River Economic Belt is far behind that of non-heavily polluting enterprises. The improvement of their green innovation capability is conducive to the harmonious progress of ecological protection and economic development in the Yangtze River Economic Belt. However, the market driving mechanism alone cannot make the quantity and quality of green innovation reach the optimal level of social demand. The Porter hypothesis holds that reasonable environmental regulation will force enterprises to carry out green innovation. Many studies have proved that the Porter hypothesis is applicable in China. Therefore, as a kind of environmental regulation, the promulgation of Great Protection Strategy of the Yangtze River is of great importance to the comprehensive green development of the Yangtze River Economic Belt. At present, scholars only analyze the influence and mechanism of the strategy on the green development of the Yangtze River Economic Belt at the theoretical level. Few scholars have conducted empirical research to prove whether the strategy can promote the green innovation of the heavily polluting enterprises in the Yangtze River Economic Belt. Then what is the overall quality of green innovation? Are the heavily polluting enterprises along the route more likely to carry out substantive innovation or strategic innovation? Is there any difference in the green innovation capability of heterogeneous heavily pollution enterprises? What is the mechanism through which the green innovation driving effect of the protection strategy is realized? These problems need to be tested empirically.#br#This paper clarifies the protection strategy to promote the enterprise green innovation mechanism. It takes Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as objects, and employs variations across industries (i.e., heavily polluting industries and non-heavily polluting industries) and year differences (i.e., before and after Great Protection of the Yangtze River) to construct a differences-in-differences (DID) model to identify the green innovation effect of the protection strategy. Through the empirical tests, it is found that first, the Great Protection Strategy of the Yangtze River effectively promotes the green innovation of the heavily polluting enterprises in the Yangtze River Economic Belt, but the heavily polluting enterprises prefer to engage in strategic green innovation. Second, the heterogeneity analysis of the upstream, middle and downstream of the Yangtze River Economic Belt shows that after the implementation of the Great Protection Strategy of the Yangtze River Protection, the upstream, middle and downstream heavily polluting enterprises in the Yangtze River Economic Belt only carry out strategic innovation, and the overall quality of green innovation of heavily polluting enterprises in the Yangtze River Economic Belt is not high. Third, the Great Protection Strategy of the Yangtze River mainly facilitates the green innovation of heavily polluting enterprises with greater financial pressure and higher political affiliation, and promotes their substantive green innovation. This indicates that when the regional financial pressure is low and the enterprises don't have political connections, the promotion effect of the protection strategy on the substantive innovation capability of heavily pollution enterprises will be weakened. Finally, the pressure of environmental legality and external attention of heavily polluting enterprises has been increased significantly since the issue of the Great Protection Strategy of the Yangtze River was issued. This means that the Great Protection of the Yangtze River may promote the strategic green innovation by promoting the environmental protection investment of heavily pollution enterprises and attracting the attention of the stakeholders of heavily pollution enterprises. #br#By evaluating the micro-effects of Great Protection Strategy of the Yangtze River from the perspective of green innovation, this paper provides new and reliable micro-empirical evidence for the application of Porter hypothesis in developing countries and expands the research on the driving factors of corporate green innovation has been expanded. Moreover it enriches the research on the impact of command-and-control environmental regulations on green innovation by analyzing the heterogeneity of the impact of the Yangtze River Great Protection Strategy on the green innovation of heavily polluting enterprises from regional location, regional financial pressure and corporate political connections. Finally, the study investigates the mechanism of the impact of Great Protection Strategy of the Yangtze River on the green innovation of heavily polluting enterprises, and clarifies the role of pressure of environmental legitimacy and external attention. The research conclusions provide important policy implications for how to use command-and-control environmental regulations to promote the green innovation capability of heavily polluting enterprises.#br#

    Chen Zhen,Tian Guanjun,Wang Mingrui,Wen Chuanhao. Great Protection Strategy of Yangtze River and Heavily Polluting Enterprise Green Innovation: Evidence from Listed Companies in the Yangtze River Economic Belt[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 34-44., doi: 10.6049/kjjbydc.2022020514.

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  • Does the Belt and Road Initiative Enhance the Level of Green Technology Innovation of Chinese Enterprises?
    Zhang Xuna,Wu Jianluan,Lu shanbing
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 45-56. https://doi.org/10.6049/kjjbydc.2022010424
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    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#

    Zhang Xuna,Wu Jianluan,Lu shanbing. Does the Belt and Road Initiative Enhance the Level of Green Technology Innovation of Chinese Enterprises?[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 45-56., doi: 10.6049/kjjbydc.2022010424.

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  • Spatial-temporal Development Characteristics and Dynamic Evolution of Industrial Green Innovation Efficiency in the Urban Agglomerations of Yangtze River Delta
    Ma Zhiqiang,Wang Yan,Su Jialu
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 57-67. https://doi.org/10.6049/kjjbydc.2022030707
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    As one of the urban agglomerations with the highest level of economic development in China, the urban agglomerations of Yangtze River Delta has become an area with a high concentration of problems such as resource shortage, environmental pollution and ecological damage in promoting rapid development of industrialization and urbanization.Green innovation is an effective way to promote the sustainable development of urban agglomerations and coordinate the relationship between ecological civilization and economic growth. It is helpful to promote the green innovation development of urban agglomerations in the Yangtze River Delta by figuring out the temporal characteristics and evolution law of green innovation efficiency. Therefore, this study focuses on the urban agglomerations of the Yangtze River Delta, analyzes the spatial and temporal development characteristics and dynamic evolution process of their industrial green innovation efficiency,so as to further improve the industrial green innovation level of the urban agglomerations of the Yangtze River Delta, promote the differentiated development of various cities, and provide effective reference for promoting the construction of innovative urban agglomeration.#br#In this study, 41 cities in the Yangtze River Delta urban agglomerations are firstly taken as the research object to construct the industrial green innovation efficiency index system of the urban agglomerations of Yangtze River Delta. Secondly, the super-efficiency SBM-DEA model based on the undesired output is used to measure the industrial green innovation efficiency of the Yangtze River Delta urban agglomerations from 2010 to 2020. Through the construction of the inverse distance matrix, the global and local Moran's I are used to explore the spatial-temporal differentiation characteristics of industrial green innovation efficiency in the Yangtze River Delta urban agglomerations. Meanwhile, the Moran's I scatter plot is further analyzed according to the spatial-temporal analysis method, and the types and paths of its dynamic transitions are studied.#br#The results show that the measurement results of industrial green innovation efficiency in the urban agglomerations of the Yangtze River Delta show a fluctuation trend of "W" in general from the perspective of time series development, and the overall green innovation level of the urban agglomeration of the Yangtze River Delta gradually improves, except that the efficiency value decreases significantly due to the impact of the epidemic in 2020. On the spatial evolution pattern, there is an uneven distribution of green innovation efficiency on the whole space, and high efficiency main cities are gathered in the southeast and northwest area, with more cities of high-high and low-low are of agglomeration types. Besides there is a positive correlation of efficiency in general, and its spatial correlation decreases with time series development. The spatial leap shows high spatial stability, and the "spillover effect" and "siphon effect" coexist, while there are clear spatial aggregation and mobility.#br#Different from previous literatures, this study starts from the micro level of urban agglomeration in Yangtze River Delta. With the adjustment of national planning, the research object is expanded to 41 cities, enriching the research on urban agglomeration in the field of green innovation. At the same time, the influence of resource factors on green innovation efficiency is considered in the selection of input index. In terms of spatial auto-correlation analysis, the dynamic and transition analysis of industrial green innovation efficiency at urban agglomeration level is carried out, and the spatial evolution pattern of prefecture-level cities is analyzed as a unit, which has guiding significance for grasping the law of green innovation development in urban agglomeration. Future study is expected to explore the factors that affect the green innovation efficiency of the urban agglomerations of Yangtze River Delta, and analyze its spatial spillover effect on the green innovation efficiency.#br#

    Ma Zhiqiang,Wang Yan,Su Jialu. Spatial-temporal Development Characteristics and Dynamic Evolution of Industrial Green Innovation Efficiency in the Urban Agglomerations of Yangtze River Delta[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 57-67., doi: 10.6049/kjjbydc.2022030707.

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    • Enterprise Development and Green Transformation
  • Substantial Transformation or Strategic Response? The Impact of Green Mergers and Acquisitions on Enterprise Green Technology Innovation
    Zhang Yan,Sun Ziyuan,Sheng Anqi
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 68-78. https://doi.org/10.6049/kjjbydc.2022050775
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    Green technology innovation has become the new engine for high-quality economic development. For heavily polluting enterprises, there are two main paths to green technology innovation: internal environmental investment and green mergers and acquisitions (M&A). Herein, internal environmental investment refers to the enterprise's internal increase in green innovation investment, self-development of energy saving and emission reduction, clean production, and other areas of technology or energy to achieve green development. Green M&A is a type of M&A that incorporates green sustainable development into traditional technology M&A with the goal of energy conservation and environmental protection, as well as green and low-carbon development. In contrast to internal environmental investment, which has long cycles and uncertain outcomes, green M&A is faster and can quickly acquire the target enterprise in clean production. Simultaneously, as the Chinese government pays ongoing attention to environmental protection, more and more heavily polluting enterprises are keen on conducting green M&A.#br#However, the real intentions of heavily polluting enterprises' green M&A are vague. On the one hand, green M&A is essentially a major strategic reorganization behavior of enterprises, and it is a key approach to integrate various resources of the enterprises, modify the development mode, and promote social responsibility. On the other hand, the development of the Chinese capital market has not yet reached the stage of strong effectiveness, and severe information asymmetry still remains for investors, making flimsy M&A possible. As a consequence, the existing literature has not reached a consensus on whether green M&A is to achieve substantial green transformation or merely serve as a tool for strategic response.#br#To address this issue, this study compiles green M&A data from China's heavily polluting industries from 2007 to 2019.It constructs a staggered PSM-DID model to investigate the impact of green M&A on enterprises' green technology innovation and explore if green M&A can affect green technology innovation from the perspectives of internal and external resource support, adopting the green M&A event as a quasi-natural experiment. Furthermore, this study examines whether green M&A has other spillover effects in terms of media coverage, corporate social responsibility, and investor confidence. Taking into account the asymmetry impact of the external environment on the green innovation incentive effect of green M&A, this study also confirms the cross-sectional impact difference of green M&A on enterprise green technology innovation from the perspectives of environmental regulations and media supervision.#br#It is concluded that firstly, green M&A enterprises possess much higher levels of green technology innovation than non-green M&A enterprises. Following a series of robustness tests, it discovers that green M&A greatly boosts green technology innovation and appears to be sustainable. Second, despite consuming large amounts of resources, green M&A can motivate enterprise green technology innovation primarily by squeezing out other technological innovations (internal resource support) and enjoying increased government green innovation subsidies (external resource support). Thirdly, green M&A also has other spillover effects, which can improve media coverage, enhance social responsibility performance, and boost investor confidence, showing the role of impression management. In addition, stricter environmental regulations and more media coverage can reinforce the relationship between green M&A and green innovation. #br#Different from the existing studies, the marginal contributions are reflected in the following aspects.First, this study examines the objective manifestations of green M&A affecting enterprise green technology innovation, enriching the literature of the influence factors of green technology innovation and simultaneously providing micro-level evidence for the debate on the “synergy” or “constraint” between green M&A and green technology innovation. Second, by employing the staggered PSM-DID method to reveal the relationship between green M&A and green technology innovation, this study effectively controls the potential endogeneity problems, avoiding the limitations of the existing studies that directly adopt dummy variables as a substitute for green M&A for ordinary regression analysis, thereby improving the accuracy of the conclusions. Third, from the “competition perspective” of green technology innovation and other technology innovation, and the “impression management perspective” of green innovation subsidies, along with the heterogeneity analysis of environmental regulations and media supervision, this study reveals the mechanism of green M&A in influencing enterprise green technology innovation. Overall, this study provides scientific evidence for the role of green M&A in stimulating green innovation in the context of carbon neutrality for heavily polluting enterprises.#br#

    Zhang Yan,Sun Ziyuan,Sheng Anqi. Substantial Transformation or Strategic Response? The Impact of Green Mergers and Acquisitions on Enterprise Green Technology Innovation[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 68-78., doi: 10.6049/kjjbydc.2022050775.

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  • Enterprise Share Pledge and Green Transformation: The Moderating Role of Enterprise Characteristics and Government Behavior
    Lu Huizhong,Li Fang,Lu Jin,Luan Bingjiang
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 79-90. https://doi.org/10.6049/kjjbydc.2021120196
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    With the rapid development of China's economy,environmental pollution has become a pressing issue that restricts the sustainable development of China's economy and hinders harmonious coexistence between man and nature. As an important micro-body of China's economic operation, enterprises are crucial to green economic development. The green transformation of enterprises is also an inherent requirement for green economic development. Most of the existing studies explore the impact on the green development of enterprises based on regulatory policies and external pressures, but few studies have examined the decision-making behavior of green transformation and development at the micro-enterprise level. As the actual controller of the enterprise, the controlling shareholder plays a decisive role in the formulation of the enterprise development and transformation strategy. Share pledge by controlling shareholders is common in China. #br#Enterprise green transformation needs lasting and stable cash flow and bears the risk of transformation failure. During the share pledge period, on the one hand, the controlling shareholder needs to avoid the risk of control transfer due to the decline in the stock price, and the enterprise will be dampened to carry out green transformation; on the other hand, the share pledge means that the controlling shareholder is facing the dilemma of financing constraints, and when the shareholder faces serious financial constraints, it aggravates the controlling shareholder's occupation of the cash flow of the listed company through other receivables, hampering the enterprise to carry out green transformation. #br#From the perspective of share pledge, this paper studies whether the share pledge behavior of the controlling shareholder will affect the green transformation of the enterprise, and tries to clarify the mechanism of the impact of the share pledge on the enterprise green transformation. It is found that the share pledge of controlling shareholders will not only weaken the enterprises' willingness but also their ability of green transformation, which is manifested in the number reduction of green patent applications and the performance of green governance. At the enterprise level, enterprise value and financing constraints play a different role in regulating the relationship between share pledge behavior and enterprise green transformation. The higher the enterprise value, the more stable the investor's expectation of the company's future cash flow and green transformation results, then the smaller the threat of the controlling shareholder in the short term by the control transfer, so the higher the enterprise value, the smaller the impact of the share pledge behavior on the green innovation ability and green governance performance; while the financing constraint is the opposite, the greater the financing constraint of the enterprise, and the greater the impact of the share pledge behavior on the green innovation ability and green governance performance. Further research shows that state-owned share can effectively alleviate the impact of share pledges on the green transformation of enterprises, but local environmental regulations can not significantly affect the relationship between share pledge and enterprise green transformation. From perspective of economic consequences, the green transformation of enterprises can reduce the risk of stock price collapse in the share pledge. #br#This paper enriches the research on the influencing factors of enterprise green transformation and the share pledge behavior of controlling shareholders, and also provides new empirical evidence for promoting the green transformation behavior of enterprises. In addition, except policies such as green credit, green subsidies and environmental control, the regulatory authorities can encourage enterprises to improve their green innovation capabilities by strengthening the regulation and supervision of the share pledge behavior of the controlling shareholders of the enterprise, especially when the value of the enterprise is low or the enterprise faces strong financing constraints. It is necessary to take more active regulatory measures to prevent the controlling shareholders from encroaching on green transformation resources. Green transformation can reduce the risk of stock price collapse of enterprises in share pledge in the future. Chinese investors are gradually recognizing the value of green transformation, and green transformation is an important way to obtain future competitiveness.#br#

    Lu Huizhong,Li Fang,Lu Jin,Luan Bingjiang. Enterprise Share Pledge and Green Transformation: The Moderating Role of Enterprise Characteristics and Government Behavior[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 79-90., doi: 10.6049/kjjbydc.2021120196.

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    • Green Innovation and Performance
  • Customer Involvement, Ambidextrous Green Innovations and Firm Performance: The Moderating Role of Product Intelligence
    Jia Tao,Yan Rui,Wang Yu,Chen Qiujun
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 91-101. https://doi.org/10.6049/kjjbydc.2022010204
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    China's economy has shifted to the stage of high-quality development, where promoting green production and consumption is highly emphasized. Driven by digital and intelligent technologies, it has become the consensus of decision makers to take personalized customization as the mainstream of operation management. Accordingly, in order to meet customers' needs and catch up market consumption trends more accurately, firms tend to involve customers into green new product development (NPD). Meanwhile, with the help of digital collaboration platforms, customers have unleashed great potential in helping firms generate key R&D ideas. Therefore, customer involvement in green NPD is crucial for firms' sustainable development and can enhance firm performance.#br#However, the relationship between customer involvement and firm performance is found to be controversial in existing studies, which calls for further studies to unveil their intermediary processes and clarify the boundary conditions. For one thing, this study takes customer involvement as the driving factor of firm performance to meet the nuanced customization needs, and considers ambidextrous green innovations (exploitative green innovation and exploratory green innovation) as the internal mechanisms. Existing studies suggest that green innovation plays an important role in the relationship between customer involvement and firm performance. Some scholars classify green innovation into exploitative green innovation and exploratory green innovation, but they have not discussed the driving role of customer involvement, and there is also a lack of research on the impact of ambidextrous green innovations on firm performance. For another, considering the intelligent strategy that is generally integrated into firms' green NPD, this study takes product intelligence as a moderating variable to identify the dilemma of the lack of “middle-level knowledge” (i.e., the new knowledge of how products can adapt to various application scenarios) that appears in the transformation phase and results in the possible risks of customer involvement in green NPD. As one of the important elements of intelligent manufacturing, product intelligence is the key internal uncertainty that firms may encounter in digital transformation. However, the existing research on product intelligence is still in its infancy, most of which is qualitative research elaborating the concept and dimensions of product intelligence, and only a few empirical studies analyzing the impact of product intelligence on customer satisfaction and loyalty, as well as its moderating role on the supplier involvement—firm performance link. The moderating effect of product intelligence in the process of customer involvement in green NPD is still uninvestigated. Therefore, this research focuses on the following two questions. (1) What is the relationship among customer involvement, ambidextrous green innovations and firm performance? (2) How does product intelligence influence the relationship between customer involvement and ambidextrous green innovations?#br#The hypotheses are verified by constructing the multiple linear regression model based on the data collected from 163 manufacturing firms in China. The empirical results show thatcustomer involvement into green NPD is positively associated with exploitative green innovation and exploratory green innovation; both exploitative green innovation and exploratory green innovation are positively related to firm performance; product intelligence weakens the relationships between customer involvement and ambidextrous green innovations.#br#Compared with the previous literature, the contributions of this paper are twofold. First,it introduces ambidextrous green innovations as the direct results of customer involvement in green NPD, and builds a theoretical framework with ambidextrous green innovations to meet differentiated customization needs and improve firm performance. In this respect, this study reveals the inner mechanisms between customer involvement and firm performance, while enriching the related research on customer involvement and ambidextrous green innovations. Second, different from previous literature, this paper analyzes the moderating effect of product intelligence on the relationship between customer involvement and ambidextrous green innovations, identifies the risks of customer involvement in green NPD and the dilemma of the lack of “middle-level knowledge” in the context of digital transformation, and fills the gap of empirical literature on customer involvement in the intelligent situation. #br#Meanwhile,regarding customer collaboration to execute green NPD activities in the context of product intelligence, this paper suggests to promote the construction and management of collaborative R&D-operation platforms, pay attention to the accumulation of middle-level knowledge, and attach importance to the cultivation of compound talents.#br#

    Jia Tao,Yan Rui,Wang Yu,Chen Qiujun. Customer Involvement, Ambidextrous Green Innovations and Firm Performance: The Moderating Role of Product Intelligence[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 91-101., doi: 10.6049/kjjbydc.2022010204.

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  • Impact of Zhong-yong on Individuals′ Green Innovation Behavior：An Analysis Based on the Role of Knowledge Sharing and Perceived Organizational Support for Green Innovation
    Wang Huanhuan,Du Yueping
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 102-112. https://doi.org/10.6049/kjjbydc.2021090374
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    With the environmental deterioration, green technology innovation strategy becomes the inevitable choice for enterprises to obtain competitive advantage and achieve sustainable development. Green innovation stems from a certain cultural context, and the value orientation rooted in cultural context has an important impact on green innovation. As a unique value concept in the context of Chinese traditional culture, Zhong-yong has a potential influence on Chinese thoughts and behaviors. However, there has not been a unified and clear conclusion about the influence of Zhong-yong on green innovation in China, and the influence mechanism of Zhong-yong orientation on knowledge sharing has not been fully discussed, let alone the research on the relationship between Zhong-yong orientation and green innovation behavior of researchers based on the perspective of knowledge sharing. In addition, in different organizational environments, the impact of Zhong-yong orientation on green innovation behavior may be different. Therefore, the relationship between Zhong-yong and green innovation behavior partly depends on whether the organizational environment supports employees to carry out green innovation. Organizational green innovation support provides a standard and collective evaluation guarantee for the impact of Zhong-yong on individual green innovation behavior through knowledge sharing, and it might be the key factor of the direct and indirect effect intensity of the impact of Zhong-yong orientation on individual green innovation behavior. Therefore, from on individual perspective, this research discusses the influence mechanism of Zhong-yong on green innovation behavior, and analyzes the mediating role of knowledge sharing and the regulating effect of organizational green innovation support perception. It conducts the hierarchical regression analysis and builds multiple regression model by 346 effective sample data from high and new technology enterprise of scientific research personnel. #br#The results show that (1) Zhong-yong orientation has a positive effect on individual green innovation behavior. High Zhong-yong orientation can provide researchers with a multi-dimensional perspective to comprehensively consider economic, social and ecological benefits, which is conducive to green innovation behavior.(2) Knowledge sharing plays a mediating role in the relationship between Zhong-yong orientation and green innovation behavior. Green innovation is characterized by complexity and uncertainty, which makes researchers' demands for green knowledge and innovative ideas more prominent. When researchers have high Zhong-yong orientation, they can promote cooperation and communication with others, share valuable green knowledge, experience and skills with each other, expand the breadth of green innovation thinking, inspire others to choose green innovation, and then improve the possibility of their green innovation behavior. (3)Organizational green innovation support perception positively moderates the relationship between Zhong-yong orientation and green innovation behavior, Zhong-yong orientation and knowledge sharing. The knowledge sharing and green innovation behavior of researchers will be affected by the attitude of the organization to green innovation, which will guide the behavior of researchers. When researchers perceive the support of the organization to green innovation, the effectiveness of knowledge sharing and green innovation activities of researchers will be enhanced. #br#The results not only enrich the research results about green innovation behavior, but also have important implications for enterprise managers to use local cultural values to stimulate the management practice of green innovation of researchers directly and indirectly. First, this research makes up for the gaps in research on relationship between Zhong-yong orientation and green innovation behavior of scientific research personnel, and helps reveal the micro-mechanism of organization′s green innovation. Second, according to the research results, high Zhong-yong orientation helps employees to carry out green innovation activities. Therefore, it is necessary to cultivate employees' global thinking, motivate them to view problems comprehensively with crisis consciousness, and adjust themselves for changes and various viewpoints. Employees who think about the internal and external environment pay more attention to the ecological environment problems and promote the green innovation willingness and green innovation activities. Finally, in order to realize the transformation from traditional innovation mode to green innovation mode, we should not only pay attention to the innovation ideology of researchers, but also pay attention to the impact of organizational environment and organizational attitude on employees, and establish a solid driving mechanism from the micro-level to improve enterprises' capacity of green technology innovation.#br#

    Wang Huanhuan,Du Yueping. Impact of Zhong-yong on Individuals′ Green Innovation Behavior：An Analysis Based on the Role of Knowledge Sharing and Perceived Organizational Support for Green Innovation[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 102-112., doi: 10.6049/kjjbydc.2021090374.

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  • The Relationship between Executives' Green Perception and Firm Performance in Heavy-pollution Industries: A Moderated Mediating Effect Model
    Li Yabing,Xia Yue,Zhao Zhen
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 113-123. https://doi.org/10.6049/kjjbydc.2022030266
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    Environmental pollution and ecological damage caused by traditional development paths have been a matter of public concern for a long time in China. Among them, the production activities of enterprises in heavy-pollution industries are particularly notable for the heavy environmental costs while rapidly accumulating economic benefits for the market. President Xi Jinping has repeatedly stressed the ecological governance and green development concept that "lucid waters and lush mountains are invaluable assets". The green development of heavy-pollution enterprises is both vital and imminent in China. Therefore, this study takes enterprises in heavy-pollution industries as the research object, integrates green technology innovation into enterprise production activities, constructs the "executive perception-capability-performance " path to improve the economic performance and environmental performance of enterprises in heavy-pollution industries, and embeds the regulatory role of environmental regulation from the macroscopic view in the hope of promoting the green development of enterprises in the heavy-pollution industries.#br#The listed enterprises in the heavy-pollution industries in A-shares in Shenzhen and Shanghai from 2012 to 2019 are taken as the research sample to modify the nonlinear mediating effect test model. The Hayes & Preacher's research test method is applied to modify the nonlinear mediating effect test model with a moderated mediating effect test model. The effect of executives' green perception on firms' economic performance and environmental performance, and the different mediating role of green technology innovation capability are analyzed, and the boundaries of the whole research path under environmental regulation are explored. The empirical results show that executives' green perception positively contributes to both corporate economic performance and environmental performance, as well as green technology innovation capability; there is an U-shape relationship between green technology innovation capability and corporate economic performance; green technology innovation capability positively contributes to firm environmental performance; the innovation capability of green technology plays an U-shape mediating role between executive green perception and economic performance; green technology innovation capability plays a linear mediating role between executive green perception and environmental performance; environmental regulation positively regulates the relationship between executive green perception and green technology innovation capability; environmental regulation positively regulates the U-shaped mediating role of green technology innovation capability between executive green perception and economic performance; environmental regulation positively regulates the linear mediating role of green technology innovation capability between executive green perception and environmental performance.#br#This paper offers an in-depth investigation of the mechanism of executive green perception on corporate performance through green technology innovation capability. The research conclusions expand the research on the antecedent factors of corporate economic performance and environmental performance based on the theory of strategic cognition, and enrich the research on the influence of executive traits on green development at the corporate level. It also provides some reference for how to formulate green development strategies under the external pressure of environmental regulations for corporate executives in heavy-pollution industries. The first step is to introduce the innovative achievements of leading enterprises and typical demonstration enterprises of green technology innovation to integrate with their own enterprise technology flexibility. The second is to join green technology innovation project incubators and mass entrepreneurship and innovation bases established by enterprises, universities and scientific research institutions to obtain the latest technological innovation achievements;finally, since green technology innovation capability can only be promoted by the accumulation of capability strength, and more importantly, it will have an impact on the long-term development of enterprises, executives need to be patient and resilient to fully understand its impact on the economic performance of enterprises. #br#Since existing studies have divided environmental regulation into three dimensions: command control environmental regulation, incentive environmental regulation and voluntary environmental regulation, this study does not divide the dimensions for in-depth discussion, further research could focus on the heterogeneous moderating effect of different types of environmental regulations on the path of executive perception-ability-performance from the aforementioned three dimensions.#br#

    Li Yabing,Xia Yue,Zhao Zhen. The Relationship between Executives' Green Perception and Firm Performance in Heavy-pollution Industries: A Moderated Mediating Effect Model[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 113-123., doi: 10.6049/kjjbydc.2022030266.

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  • Digital Technology Application, Green Innovation and Enterprise Sustainable Development Performance: The Moderating Effect of Institutional Pressure
    Wang Haihua,Tan Qinying,Li Ye
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 124-135. https://doi.org/10.6049/kjjbydc.2022060734
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    In the context of the historical meeting between the rapid development of digital technology and the carbon peak and neutrality targets, it has become an important research issue of how to realize the enterprise sustainable development of economic and environmental benefits through the implementation of digital technology . In the previous literature on digital technology，performance improvement and promotion of sustainable development, scholars have analyzed the impact mechanism from the perspective of supply chain, organizational culture and resource arrangement. However, under the guidance of the carbon peak and neutrality targets,can green innovation, as a strategic practice for enterprises to respond to national policies and face environmental challenges,help enterprises pursue "win-win" economic and environmental benefits？ It is an important strategy and approach to achieve sustainable development goals of enterprises, but few studies have investigated it as a bridge between digital technology application and sustainable development performance. According to the resource-based view, by improving the application level of digital technology, enterprises can better integrate green-related knowledge, information and technology resources, there by improving the green innovation ability, obtaining green core competitiveness, winning growth opportunities to achieve sustainable development. Therefore, green innovation may play a transmission role between digital technology application and sustainable development performance. Hence, the study aims to explore the relationship of digital technology application and sustainable enterprise performance with the mediating role of green innovation, and it also tries to verify the moderating effect of institutional pressure which plays the contingent role of external pressure.#br#On the basis of the resource-based view and institutional theory, this paper uses the data of heavy-polluting enterprises among Shanghai and Shenzhen A-share listed manufacturing enterprises from 2012 to 2020 to explore the relationship between digital technology application and enterprise sustainable development performance, and the mediating role of green innovation as well as the moderating role of institutional pressure. The empirical results find that digital technology application has a significant positive impact on the enterprise sustainable development performance, and green innovation plays the mediating role; when the coercive pressure and mimetic pressure are high, the relationship between the digital technology application and green innovation will be strengthened.#br#The main contributions of the study are as follows. First, this paper supplements the research on the relationship between the digital technology application and the enterprise sustainable development performance; besides, the measurement of digital technology applications is based on enterprise-level annual report text word frequency data, and reveals the mechanism by which the organization achieves sustainable development on the micro level. The conclusion of this paper echoes the view of former researchers. On the one hand, the research has deepened the understanding of the relationship between enterprise sustainable development performance through empirical testing; on the other hand, it expands the theoretical space of digital technology application and enterprise sustainable development. Secondly, this paper uses green innovation as a "bridge" to empirically test whether green innovation plays a mediating role between digital technology application and sustainable development performance. On the one hand, this paper studies the antecedents of green innovation at the micro level; on the other hand, it reveals the low-carbon value brought by digital technology application, which makes up for the limitation of the current research on the transmission mechanism of how digital technology application impact enterprise sustainable development performance, and provides new insights for enterprises to promote sustainable development performance. Finally, according to institutional theory, institutional pressure is incorporated into the research framework, and its moderating role in the relationship between digital technology application and green innovation is theoretically analyzed and tested. It expands the application context of institutional theory in the digital economy, and improves the applicability of the research on the integration of institutional theory and resource-based view in the context of the digital economy and the carbon peak and neutrality strategy.#br#The practical implications are proposed. First, enterprises should improve the application level of digital technology and the ability of green technology innovation, so as to realize the sustainable development. Second, for governments, it is necessary to improve top-level design and give full play to the guiding role of government policies on enterprises. Third, for industry associations, they need to guide healthy competition among enterprises to stimulate peer effect and trigger the green innovation ecology in the industry.#br#

    Wang Haihua,Tan Qinying,Li Ye. Digital Technology Application, Green Innovation and Enterprise Sustainable Development Performance: The Moderating Effect of Institutional Pressure[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 124-135., doi: 10.6049/kjjbydc.2022060734.

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    • Environmental Regulation and Green Innovation
  • Nonlinear Effects of Heterogeneous Environment Decentralization on Green Innovation Efficiency of Enterprises: Considering the Multiple Mediation and the Moderating Effects of Fiscal Decentralization
    Qian Li,Wang Meixin,Xiao Renqiao
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 136-147. https://doi.org/10.6049/kjjbydc.Q2022070695
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    Green technology innovation is the fundamental way to promote the transformation of regional economic structure, and a reasonable environmental management system is the key to encouraging regional enterprises to carry out green innovation. As the main body of green innovation, enterprises need to bear the dual externalities of innovation activities. It is difficult for them to realize green transformation only by market mechanism，and environmental policy intervention of the local governments is an important driver of enterprises' green transformation. #br#The environmental decentralization system, as the basic guarantee for local governments to independently formulate environmental policies, is expected to strengthen the flexibility of local governments in environmental governance. What impact will the existing environmental decentralization system and the level of decentralization have on the efficiency of green innovation of enterprises? It shall promote the green transformation of economic society by exploring this issue. The allocation of power and responsibility in economic affairs between central and local governments will also affect the decision-making of local governments in environmental management. The existing research on the impact of environmental decentralization on green innovation efficiency of enterprises is insufficient, and scholars have paid more attention to the relationship between environmental decentralization and green development. Most scholars focus on exploring the direct impact of environmental decentralization on green development without reaching generally-accepted consensus.#br#Following the theory of heterogeneous environmental decentralization, this paper uses the panel data of China's inter-provincial industrial enterprises from 2009 to 2020, and employs the dynamic GMM panel model to empirically analyze and test the nonlinear impact of environmental protection personnel decentralization, environmental protection funds decentralization，and environmental protection legislation decentralization on the efficiency of green innovation of enterprises，and explore the mediating effect of multiple factors in green R&D input and R&D output of enterprises , and finally it analyzes the moderating effect of fiscal decentralization. #br#The study finds that firstly both the decentralization of environmental protection personnel and decentralization of environmental protection legislation have an inverted U-shaped impact on the efficiency of enterprise green innovation, while the decentralization of environmental protection funds has an U-shaped impact on the efficiency of enterprise green innovation. There are obvious differences in the level of environmental decentralization in different dimensions among provinces in China. At present, three types of environmental decentralization in most provinces in China have not crossed the inflection point, and the impact of environmental protection personnel and legislative decentralization on the efficiency of green innovation of enterprises is in the promotion stage, while environmental protection funds decentralization has a blocking effect on the efficiency of enterprise green innovation. Secondly the green R&D input and R&D output of enterprises are the main transmission channels through which environmental decentralization plays a role in the green innovation efficiency of enterprises. Among them, the input of green R&D personnel and green R&D funds, and the output of green technology and the green economy show a significant partial or complete mediating role. Thirdly fiscal decentralization positively moderates the inverted U-shaped or U-shaped relationship among environmental protection personnel decentralization, environmental protection funds decentralization and the efficiency of green innovation of enterprises, while negatively moderates the inverted U-shaped relationship between the decentralization of environmental protection legislation and the efficiency of enterprise green innovation.#br#On the basis of the research results, this paper puts forward the following suggestions. Firstly for the different dimensions of environmental decentralization, the government should adopt regional differentiated environmental decentralization policies. Secondly the government should pay attention to the mediating role of green R&D input and R&D output, guide and urge enterprises to increase R&D investment and encourage enterprises to carry out technological innovation through environmental policy means. Thirdly it is essential to match the degree of fiscal decentralization with the division of central and regional environmental management authority, and further give play to the advantageous role of local governments in environmental decentralization governance from the perspective of fiscal decentralization.#br#

    Qian Li,Wang Meixin,Xiao Renqiao. Nonlinear Effects of Heterogeneous Environment Decentralization on Green Innovation Efficiency of Enterprises: Considering the Multiple Mediation and the Moderating Effects of Fiscal Decentralization[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 136-147., doi: 10.6049/kjjbydc.Q2022070695.

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  • Dual Control System of Total Energy Consumption and Energy Intensity and Green Innovation of Enterprises
    Li Yukun,Zhang Yingqin
    SCIENCE & TECHNOLOGY PROGRESS AND POLICY. 2023, 40(7): 148-160. https://doi.org/10.6049/kjjbydc.2022060738
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    Climate change is among the most intensely debated socioeconomic issues today. To address the potential catastrophe risks posed by climate change, governments around the world are pushing for various forms of regulation to curb greenhouse gas emissions. As the world's largest carbon emitter, China faces severe environmental governance pressures. In order to solve the prominent problem of resource and environmental constraints, China has implemented an environmental constraint index system from the “11 Five-Year” plan, and gradually increased the weight of environmental performance in the performance evaluation of local government leaders, resulting in a significant decrease in the energy consumption intensity per unit of GDP. In order to achieve carbon peaking and carbon neutrality as soon as possible, China has innovatively proposed the dual control system of total energy consumption and energy intensity system (DCS hereafter) in the “13 Five-Year” Plan. The main difference between DCS and the previous policy is the addition of total energy consumption control which is one of the main reasons for power outages in many places in China in 2021. But there is little literature on the economic consequences of DCS, and this is what this paper focuses on.
    Institutional theory emphasizes that the government's attention to environmental issues makes environmental governance an important indicator for evaluating the legitimacy of enterprises, thereby creating pressure on the legality of environmental supervision on enterprises. This environmental legality pressure will prompt enterprises to change their environmental strategies. However, there is no consistent conclusion about the relationship between institutional pressure and corporate environmental governance, and it is difficult to explain why companies show heterogeneity when they are subjected to the same institutional pressure. This may be because institutional pressure is not only manifested in the role of explicit environmental regulations, standards and other regulatory designs, but also subject to the impact of the actual implementation of the system. Especially for a country like China with a vast territory and great regional economic differences, the trade-off between economic growth and environmental protection will inevitably lead to heterogeneous results in environmental regulation. Combined with the institutional theory and the political championship theory, this paper centers around the implementation of DCS to explore the heterogeneous impact of institutional pressure on the green innovation of enterprises.
    This paper selects the data of listed companies in China's A-share heavy polluting industries from 2017 to 2019 to study the impact of DCS started in the "13th Five-Year Plan" on the green innovation of enterprises. The results show that the DCS can significantly promote the green innovation of enterprises, in which the effect of target control of total energy consumption is more significant, and the effect of target control of energy consumption intensity is less significant. The results remain unchanged after a series of robustness checks. The mechanism test finds that DCS is mainly to encourage green innovation of enterprises by increasing the environmental supervision of local governments, raising the cost of environmental protection compliance of enterprises, and issuing more government subsidies related to environmental protection to the listed companies and easing corporate financing constraints. In the further analysis, the results show that the pressure of economic growth will weaken the effect of DCS on promoting green innovation, and relationship between DCS and green innovation is more pronounced when the firm's financial flexibility is high.
    The contributions of this paper are as follows. First, this paper is the first to empirically analyze the economic consequences of the DCS, and it is helpful to scientifically evaluate and understand DCS. This provides an empirical basis for improving DCS under the background of carbon peaking and carbon neutrality. Second, the institutional pressure and the degree of regulatory enforcement caused by the DCS also vary from place to place, which makes corporate green innovation show heterogeneity, thus this study enriches the literature on institutional pressure and corporate green innovation. Third, it also enriches the related research on political tournament theory. In areas where local governments set higher economic growth goals, the “dual control of energy consumption” system is found to have a weaker incentive for green innovation, indicating that the political championship theory has a significant impact on the relationship between institutional pressure and corporate environmental governance.

    Li Yukun,Zhang Yingqin. Dual Control System of Total Energy Consumption and Energy Intensity and Green Innovation of Enterprises[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2023, 40(7): 148-160., doi: 10.6049/kjjbydc.2022060738.

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