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Corporate green innovation is the crucial driving force to promote green development and realize the construction goal of "Beautiful China." Meanwhile, the development of Fintech creates a more favorable external environment for corporate green innovation. Using the panel data of China's Digital Financial Inclusion Index and Energy Poverty Index at provincial level from 2011 to 2020, this paper studies the influence of Fintech on corporate green innovation by the evidence from Chinese heavily polluting enterprises. Based on stepwise regression, this paper further examines the mediating role of energy poverty, including energy consumption level, energy consumption capacity, and energy consumption structure, in the relationship between Fintech and corporate green innovation. The results show that (1) Fintech contributes to improving the level of green innovation of heavily polluting enterprises; (2) energy poverty acts as a mediator in the process of Fintech's influence on corporate green innovation; (3) Fintech can promote green innovation of heavily polluting enterprises by improving the level of regional energy consumption level, but it fails to influence corporate green innovation through energy consumption capacity and energy consumption structure. These results provide governments and companies with implications on facilitating corporate green innovation so as to further promote green development. [ABSTRACT FROM AUTHOR]

Based on the panel data of 625 industrial listed enterprises of China from 2012 to 2020, this paper employs the method of propensity score matching–difference in difference to investigate the effect of financial–industrial integration on the enterprise's green development performance and the moderating role of green technology innovation on the relationship between the two is also addressed. It finds that first, financial–industrial integration has a significant promoting effect on the improvement in green development performance of enterprises, and green technology innovation has a positive moderating effect on the relationship between the two. In addition, the effect of financial–industrial integration on enterprise's economic and social performance is not significant, and it mainly promotes enterprise's green development by stimulating environmental performance. Moreover, the degree of financial–industrial integration has a moderate range in which the role of financial–industrial integration can be better played. Further, compared with state-owned enterprise and large-scale enterprise, financial–industrial integration is more conducive to the green development of non-state-owned enterprises and small-scale enterprises. [ABSTRACT FROM AUTHOR]

As an emerging technology, industrial intelligence focus on the integration of artificial intelligence and production, which creates a new access to achieve the goal of carbon emissions reduction. Using data on provincial panel data from 2006 to 2019 in China, we empirically analyze the impact and spatial effects of industrial intelligence on industrial carbon intensity from multiple dimensions. Results show an inverse proportionality between industrial intelligence and industrial carbon intensity, and the mechanism is to promote green technology innovation. Our results remain robust after accounting for endogenous issues. Viewed from spatial effect, industrial intelligence can inhibit not only the industrial carbon intensity of the region but also the surrounding areas. More strikingly, the impact of industrial intelligence in the eastern region is more obvious than that in the central and western regions. This paper effectively complements the research on the influencing factors of industrial carbon intensity and provides a reliable empirical basis for industrial intelligence to reduce industrial carbon intensity, as well as a policy reference for the green development of the industrial sector. [ABSTRACT FROM AUTHOR]

The transition from traditional logistics to green and low-carbon logistics is crucial and inevitable due to the pressure of climate change and sustainable development in China. Meanwhile, technological innovation is perceived as an important factor affecting the development of the logistics industry. To explore the impacts of technological innovation and other factors and to propose proper policies based on the results, this study utilizes a generalized estimating equations (GEE) regression model to analyze panel data of 30 provinces during 2001–2019. Firstly, the entropy weight method is applied to calculate the green logistics development level based on an index system considering green factors. Secondly, a GEE model which considers the correlation among different observations is used to investigate the impacts of crucial factors on the green logistics development level. Moreover, regional heterogeneity is also analyzed in this paper by comparing the regression results of the Eastern region, Central region, and Western region. Based on the above analysis, several conclusions are drawn: (1) In terms of the average green logistics development levels, the Eastern region ranks 1st, the Central region ranks 2nd, and the Western region ranks 3rd. (2) GEE regression model is proved effective in our sample. (3) For the full sample, technological innovation, trade openness, and logistics infrastructure positively affect the green logistics development level; while, government regulation and energy intensity negatively influence the green logistics development level. (4) Regional heterogeneity is confirmed in our sample. Related policy recommendations are proposed based on our regional regression results. Take the Eastern region as an example, the local governments in the Eastern region should upgrade the manufacturing industry, reduce government financial investment in the transportation sector, and enhance environmental control expenditure in the transportation sector. [ABSTRACT FROM AUTHOR]

Accelerating industrial green transformation (IGT) is the intrinsic requirement of realizing low-carbon and green economic development. Inward Foreign Direct Investment (IFDI) and Outward Foreign Direct Investment (OFDI) are the main channels of international technology spillover. Whether the coordination of IFDI and OFDI (CIO) can promote IGT and what role the Chinese government's innovation support plays need to be investigated. Using China's provincial panel data from 2003 to 2019, this paper discusses the impact of CIO on IGT and the moderating effect of government's innovation support. It is found that the CIO can significantly promote the IGT. Government providing R&D funds directly can enhance the promotion of CIO to IGT. However, government releasing innovation signal indirectly shows a significant negative impact on the promotion of CIO to IGT. In addition, the impact of CIO on IGT and the moderating effect of government's innovation support are heterogeneous significantly among different regions. This study not only helps to clarify the relationship between CIO and IGT but also provides enlightenment for government to scientifically formulate innovation policies to achieve green economic development. [ABSTRACT FROM AUTHOR]

As a new financial model that balances economic and ecological benefits, green finance (GF) plays an important role in promoting green economic development and ecological environmental protection. Based on the panel data set of 30 provinces in China from 2010 to 2020, this paper uses the synthetic control method (SCM) to explore the impact of the green financial reform pilot policy (GFRP) on the green technology innovation (GTI) capabilities of pilot areas and evaluate the policy effects. The specific research conclusions are as follows: (1) On the whole, the GFRP has a positive role in promoting the GTI capability of the pilot areas, but this role is different due to the different resources, environment, and economic development levels of each region. The areas with economic development levels in the middle and head are obviously affected by the policy, and the less developed areas are less affected by the policy or even have a restraining effect. (2) Although the pilot policy has improved the GTI capability of the pilot area, the promotion effect is unstable, that is, the implementation effect of the policy is unstable. In the early stage of policy implementation, the promotion effect of the policy on the regional GTI capacity is the most obvious, and this promotion effect begins to show a downward or stable trend in the 2–3 years after the policy is implemented. Based on the above conclusions, it can provide some reference for the revision and improvement of GFRP. [ABSTRACT FROM AUTHOR]

Green innovation possesses dual externalities of "innovation" and "environmental protection", and enhancing energy efficiency serves as a crucial means to promote high-quality economic development. Building upon the energy rebound effect, we use the balanced panel data of cities at prefecture level and above in China from 2008 to 2018 to explore the impact of urban green innovation on total factor energy efficiency (TFEE). The findings of this study indicate that, firstly, the impact of green innovation on TFEE exhibits a positive U-shaped pattern, characterized by initial suppression followed by subsequent promotion. This conclusion remains robust after undergoing a series of rigorous robustness tests. Second, high-quality green innovation is found to reach the turning point more quickly, implying that substantial green innovation can cross the turning point in smaller quantities. Thirdly, on the whole, in comparison to non-resource-based cities, resource-based cities are capable of reaching the turning point at an earlier stage. Finally, the new energy demonstration cities have not yet reached the turning point, while the non-new energy demonstration cities have crossed the turning point. This study contributes novel insights into the relationship between green innovation and TFEE, which holds significant implications for the formulation and implementation of sustainable development policies. [ABSTRACT FROM AUTHOR]

Innovation and sustainable development are important concerns for countries around the world, and strengthening environmental regulation (ER) may have a critical implication for the promotion of green technology innovation. On the basis of elaborating the mechanism of ER on technological innovation, the Super‐SBM‐Windows‐DEA model is employed to measure the green innovation efficiency (GIE) using provincial‐level panel data from 2004–2017 in China. The system generalised method of moments is used to estimate the direct effects of ER on GIE, an innovative mediating effect model that based on structural equation model is utilised to explore their indirect effects. Further, a spatial econometric model is developed to examine the possible spatial effects between ER and GIE. The 'U' shaped relationship between ER and GIE is verified in the direct effect test. The results of the indirect effects indicate that ER is not conducive to GIE by discouraging the inflows and outflows of FDI, while it contributes to GIE by promoting the structural upgrading of industry. The spatial effect results show that the impact of ER on GIE in neighbouring areas has an obvious spatial spillover characteristic, which is manifested as an inverted 'U'‐shaped relationship of promotion followed by inhibition. The paper further proposes policy implications including strengthening cross‐regional joint prevention and control, integrating ER strategies, and rational application of ER tools, so as to promote a win‐win development of innovation and sustainability, and the positive effects of ER are better developed. [ABSTRACT FROM AUTHOR]

Increasing carbon productivity is an important measure taken by China to deal with global climate change, and technological innovation is the fundamental way to promote industrial carbon productivity. To explore the low-carbon effects of technological innovation, based on the panel data of 30 provinces in China from 2009 to 2017, this paper established a spatial panel measurement model and a panel threshold regression model to explore the spatial spillover effects and threshold characteristics of technological innovation on industrial carbon productivity. The research shows the following: on the one hand, technological innovation and industrial carbon productivity each has obvious spatial correlation, and technological innovation has a significant spatial spillover effect on the improvement of industrial carbon productivity, and the indirect spillover between regions is greater than the direct spillover effect within the area. On the other hand, the impact of technological innovation on industrial carbon productivity has a double threshold effect. With the continuous improvement of technological innovation capabilities, the promotion of industrial carbon productivity has become increasingly more influential. Through the division of threshold values, the technological innovation capabilities of various regions in China are significantly heterogeneous, and the overall level is low. Although technological innovation capabilities have improved in recent years, there is still much room for improvement. Finally, this article puts forward relevant suggestions from the construction of regional technological innovation system, economical green circular development, and the establishment of a green technological innovation system. [ABSTRACT FROM AUTHOR]

Technological innovation and industrial structure upgrading have become two strategic initiatives to realize a green economic development in the new development model of China. Exploring the relationship between green economic efficiency and the coupling degree of technological innovation and industrial structure upgrading is essential to achieve the visionary goal of green economic development and socialist modernization. This paper measures the coupling degree of technological innovation and industrial structure upgrading, classifies the coupling types based on the panel data of 30 provinces in China from 2012-2019, and measures the green economic efficiency of 30 provinces in China using the super-efficient model (SBM), based on a spatial econometric model to study the relationship between green economic efficiency and the coupling degree of technological innovation and industrial structure upgrading. The research results show that there is a significant positive effect on green economic efficiency among regions; the coupling degree of technological innovation and industrial structure upgrading has a significant direct effect and a spatial spillover effect on green economic efficiency, the spatial spillover effect plays a major role. The heterogeneity analysis reveals that in the regions with higher development and coordination degrees of technological innovation and industrial structure upgrading, the coupling degree of technological innovation and industrial structure upgrading has a significant effect on the green economic efficiency of the region, and in the regions with lower development and coordination degrees of technological innovation and industrial structure upgrading, the coupling degree of technological innovation and industrial structure upgrading has a significant positive effect on the green economic efficiency of the region and neighboring areas. [ABSTRACT FROM AUTHOR]

Guided by the concept related to sustainable development, we investigate the effects related to the synergistic agglomeration development of productive service and manufacturing industries on regional green development, which is also an important path for promoting the global sustainable development process and achieving carbon neutrality goals. Using the panel data of 285 prefecture-level cities in China from 2011 to 2020 as the basis of our study, we focus on the impact of industrial synergistic agglomeration on the efficiency of regional green development and the mediating influence of technological innovation. Results show that (1) industrial synergistic agglomeration positively contributes to the improvement of regional green development efficiency level and is significantly positive at the 5% level, (2) technological innovation plays a mediating role in the process of promoting regional green development efficiency through industrial synergistic agglomeration and can better realise the green development effect of industrial synergistic agglomeration, (3) results of the threshold effect test show the nonlinear effect of industrial synergistic agglomeration on regional green development efficiency with a single threshold value of 3.2397, and (4) the effect of industrial synergistic agglomeration on regional green development efficiency shows significant variability under different geographical locations, city scales, and resource endowment conditions. On the basis of these findings, we propose corresponding policy recommendations for improving the quality of inter-regional industrial synergistic agglomeration and formulating differentiated policy guidelines to help regions achieve long-term sustainable development. [ABSTRACT FROM AUTHOR]

As a typical practice of regional innovation policy, national innovation demonstration zones (NIIDZ) plays an important role in empowering green technology innovation. Analyzing the internal logic between NIIDZ and green technology innovation is of great practical significance to enhance China's independent innovation capability and accelerate the ecological civilization construction. Based on the panel data of 280 cities from 2005 to 2020, we use the difference-in-difference model (DID) to evaluate the policy effect of NIIDZ on green technology innovation from the dual perspective of quality and quantity. The results show that NIIDZ effectively contributes to the quantity of green technology innovation (GTI) and the quality of green technology innovation (GTQ), especially GTI. The conclusion is still valid after robustness tests like PSM-DID and eliminating the pilot interference of innovative cities. The test of the intermediary mechanism shows that regional innovation policy can not only directly drive GTI and GTQ but also indirectly promote them through accelerating talent gather, driving industrial clusters, and increasing government financial support. Spatial heterogeneity analysis indicates that the effectiveness of regional innovation policy demonstrates a decreasing trend from east to west, and this positive effect is more significant in cities with a higher level of financial development. Our results provide important policy insights for the Chinese government to further stimulate the effectiveness of green innovation in the NIIDZ, accelerate the construction of an innovative country, and achieve high-quality green economic development. [ABSTRACT FROM AUTHOR]

Based on the rapid development of green finance and the panel data of 30 provinces in China (excluding Tibet, Taiwan, Hong Kong and Macao) from 2007 to 2020, to deeply discuss the relationship between financial development (FD), technological innovation and environmental pollution (EP) control is the centre of this article by using panel fixed-effect and intermediary effect model. The influence of FD on EP is tested by building a benchmark regression model. In addition, the intermediary effect model is adopted to explore how FD affects EP control through technological innovation mechanism. The conclusions show that China's FD can effectively promote regional EP control on the whole, and FD can improve EP through technological innovation mechanism, but there is significant regional heterogeneity: compared with high government intervention areas, FD can promote EP control through technological innovation in low government intervention areas. Therefore, it is suggested that all regions promote the construction of financial infrastructure, upgrade the level of regional financial marketisation, speed up the realisation of regional technological innovation and EP control. This work is conducive to the formulation of appropriate government policies to promote the improvement of the financial system and the establishment of innovative mechanisms, and the reasonable reduction of government intervention and the improvement of the efficiency of financial resource allocation based on the needs of financial market players. [ABSTRACT FROM AUTHOR]

Evaluating the effect of China pilot Free Trade Zone (FTZ) policy on green technology innovation is important for achieving China's carbon neutrality targets. Based on the panel data of 30 provincial administrative regions in China from 2009 to 2019, this study investigates the effect of the pilot FTZ policy on green technology innovation by using the difference-in-differences method. The study's findings indicate the following: (1) The pilot FTZ policy promotes the development of green technology innovation, and there is a policy lag in a few pilot regions. (2) The mediation effect analysis shows that the pilot FTZ policy promotes the development of green technology innovation by improving the marketization process and enhancing innovative talent gathering. (3) The heterogeneity analysis shows that the pilot FTZ policy is more effective in promoting green technology innovation when implemented in regions with developed economies or higher levels of human capital. Moreover, the pilot FTZ policy mainly has a significant promoting effect on green utility model patents. Based on these results, policy recommendations are proposed to promote the development of green technology innovation and the achievement of China's carbon neutrality targets. [ABSTRACT FROM AUTHOR]

The digital economy has demonstrated strong resilience and great potential, under the interwoven influence of the global pandemic and severe environmental concerns across the world. Therefore, there is a need to focus on the value of green economic growth in the digital economy. This paper constructs an evaluation index system and adopts the SEEA (System of Environmental and Economic Accounting) method to measure the digitalization level (Digi) and green economy growth level (GEG) of China. The internal mechanism and linear relationship between digitalization and green economy growth are examined based on the panel data from 2013 to 2019. Moreover, this study explores the spatial spillover effect. The major study findings are as follows: (1) Digitalization and green economy growth represent a steady growth trend, and the former as a whole significantly promotes the latter, with a marginal effect of 1.648. (2) The mechanism analysis indicates the intermediary effects' size of three crucial intermediaries: green technology innovation > advanced industrial structure > the rationalization of industrial structure. (3) Both the "local effect" (0.556; 0.574) and "neighboring effect" (1.382; 1.415) of digitalization on green economy growth are positive under the two weight matrices and display "simultaneous resonance" characteristics based on the spatial perspective. (4) There exists obvious regional spatial heterogeneity and resource endowment heterogeneity. Finally, this study put forward corresponding policy implications, such as construction of new digital infrastructures and guiding green-energy consumption. • The green economic growth (GEG) level is measured by the SEEA method. • The linear relationship shows digitalization (Digi) can significantly promote GEG. • The spatial effect of Digi on GEG shows "positive simultaneous resonance". • Three crucial intermedia's effects are compared. • The heterogeneous impact is explored from different dimensions. [ABSTRACT FROM AUTHOR]

Digital finance realizes the combination of finance and technology, makes up for many deficiencies of traditional finance, and brings opportunities for green and innovative development. However, systematic research on regional digital finance and green innovation is still lacking. Based on this, this study aims to analyze the impact of digital finance on the regional level of green innovation. For the analysis, the fixed-effect model, the mediating effect model, and the moderating effect model are used to perform regression on the panel data of Chinese cities. The results show that digital finance can significantly improve the level of regional green innovation. Improving the level of regional green financial services is its main mechanism, but the intermediary role of industrial structure optimization and upgrading fails to pass the test. In addition, the results of heterogeneity analysis show that digital finance plays a greater role in promoting green innovation in areas with high levels of traditional financial supply and Internet infrastructure construction. It is worth noting that digital finance does not really play the role of universal benefit, widening the regional green innovation gap. The main contributions of this study are to prove the positive effect of digital finance on green innovation at the regional level, clarify its transmission mechanism and urban heterogeneity analysis, and find that the current digital finance cannot bridge the gap of regional green innovation. [ABSTRACT FROM AUTHOR]

This paper provides an in-depth understanding of the mechanisms of green finance on green innovation, focusing on their spatial and non-linear relationships. Using panel data of 30 provinces of China during the period of 2009–2017, a green finance index is constructed, and the spatial Durbin model and panel threshold model are used. The results reveal that: (1) Green finance and green innovation had significant positive autocorrelation, and the development of green finance in provinces of central and western China were still in the lower-level range. (2) The coefficients of the direct effect and indirect effect of green finance on green innovation were significantly positive, which indicated that green finance was conducive to enhancing green innovation in local and adjacent provinces during the research period. (3) Double threshold effects of green finance on green innovation were observed, which demonstrated that the driving effect of green finance was decreased with the raising of intensity of environmental regulation. The implication of these results is that government should make full use of the radiation and trickle-down functions of green finance and green innovation to narrow regional gaps in sustainable development while maintaining a moderate intensity of environmental regulation. • A green finance index of 30 provinces of China during the period of 2009 to 2017 was constructed on the basis of green credit, green securities, green insurance, and green investment. • The heterogeneity of region and time for green finance were analyzed employing the spatial exploratory analysis, which manifested that the spatial evolution of green finance in China presents a gradient decreasing pattern from east to west. • The impact of green finance on green innovation was explored by the spatial Durbin model, which proved that the direct effect and the spatial spillover effect were significantly positive. • Moderate intensity of environmental regulation helps green finance promote green innovation and this value should not exceed a maximum of 0.935. [ABSTRACT FROM AUTHOR]

Although green growth has become the economic development strategy of many countries in the world, and studies have analyzed the influencing factors of green growth from multiple angles, there are few literatures devoted to the impact of fintech and green finance on green growth. From the perspective of fintech development, this paper tries to construct a comprehensive index to evaluate the green growth of regional economy based on the in-depth analysis of the influence mechanism of green finance on green growth. At the same time, China's provincial panel data from 2011 to 2018 are selected to test the impact of fintech innovation and green finance on green growth, and its mechanism. It turns out that fintech and green finance significantly promotes green economic growth. At the same time, the impact of fintech and green finance on green growth has obvious regional heterogeneity, that is, the impact in eastern China is significantly stronger than that in central and western China. Further research shows that fintech innovation mainly promotes green economic growth through green credit and green investment. Therefore, fintech innovation can promote green economic growth by improving the development level of green finance, which has great reference significance for most countries. [ABSTRACT FROM AUTHOR]

Although the analysis of the relation between green innovative activism and financial performance is a popular topic, the existing literature has rarely addressed the tangible benefits that companies may enjoy if they engage in green innovations more than their competitors. This study tries to fill the above gap on the basis of an empirical analysis of a panel data set of the Standard & Poor's 500 companies over the years 1999–2016. We find that high green innovative activism, measured by patent data, only harms current financial performance when not carried out in conjunction with other types of innovative activism. In addition, we find that being the most active in green innovation in absolute terms results in significant positive lagged gains in stock market valuations. However, too much concentration on green innovation relative to other types of innovative activism has a negative influence on both accounting and stock market performance. [ABSTRACT FROM AUTHOR]

Green process innovation has been seen as a key strategy for manufacturing firms to pursue sustainable development. Yet, how to help manufacturing firms eliminate bottlenecks when implementing green process innovation remains poorly understood. To address this issue, the current study, which is anchored in the government incentive perspective, examines the drivers, contingent conditions, and consequences of green process innovation by using the panel data of manufacturing‐listed firms in China from 2013 to 2017. The results present valuable findings: (a) green subsidies are positively related to two dimensions of green process innovation, namely, cleaner production technology and end‐of‐pipe technology; (b) both cleaner production technology and end‐of‐pipe technology are positively related to firms' green image; (c) a firm's cleaner production technology mediates the relationship between green subsidies and its green image; and (d) higher absorptive capacity strengthens the indirect effect of green subsidies on a firm's green image via cleaner production technology. Our results provide meaningful theoretical and practical implications by revealing the benefits of green subsidies through green process innovation by leveraging levels of absorptive capacity. [ABSTRACT FROM AUTHOR]

Based on the background of China's "carbon neutral" policy and the booming digitalization, how does environmental regulation affect green economy performance? The existing literature has studied the impact of energy consumption on green economic performance. However, the literature has ignored the impact of carbon dioxide emissions on China's green economy performance. In this regard, this research uses the non-radial distance function (NDDF) to calculate the green economic performance of China's prefecture-level cities, and uses the dynamic panel threshold model and the systematic GMM method to study the nonlinear impacts and mechanisms of environmental regulation, digital development, technological innovation, and industrial structure upgrade on green economic performance. The panel data set contains 228 Chinese cities from 2003 to 2019. The following findings are established: first, after adding carbon dioxide emissions to China's green economy performance, the environmental performance was reduced, and the green economy performance was also reduced. Second, the impact of environmental regulations on green economic performance has a double-threshold effect, with threshold values of −0.267 and 3.602, and this double-threshold effect has temporal and regional heterogeneity. Third, environmental regulations of different intensities have a single-threshold effect between digital development, technological innovation, and industrial structure upgrade, with threshold values of 2.955, 3.957, and 2.249, respectively. Fourth, digital development, technological innovation, and industrial structure upgrade promote green economic performance. Fifth, environmental regulation acts on green economic performance through the transmission of digitalization, technological innovation, and industrial structure upgrade. Based on these empirical findings, this research suggests that Chinese local governments should appropriately increase the intensity of environmental regulations, strengthen the digital application and technological innovation, and promote the upgrading of industrial structure to achieve the improvement of urban green economic performance. [ABSTRACT FROM AUTHOR]