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Under the background of global response to climate crisis and environmental pollution, environmental regulation plays an increasingly important role in green technology innovation. This paper uses data from 280 Chinese cities from 2003 to 2019 to empirically answer the question whether environmental regulation can improve the level of urban green technology innovation. It is found that environmental regulation has a significant positive effect on green technology innovation. Under the heterogeneity of economic geographical region and resource-based city, environmental regulation has positive promoting effect on urban green technology innovation. Heterogeneity results also show that environmental regulation significantly promotes green technology innovation in central and resource-based cities, but does not significantly promote green technology innovation in eastern and western cities and non-resource-based cities. Further research shows that environmental regulation can promote the level of green technology innovation through the two transmission mechanisms of government technology input and foreign direct investment. For the Chinese local government which is implementing the policy of green economic transformation, the formulation of scientific regional environmental policy is beneficial to improve the level of green technology innovation, increase government technology input and optimize the foreign investment environment. [ABSTRACT FROM AUTHOR]

Strategic emerging industries are key areas to transform the traditional industrial model of high pollution, high energy consumption, and high emissions. This paper focuses on the measurement of financing efficiency of strategic emerging industries. On the one hand, in order to overcome the interference of external environment and statistical error existing in the traditional single data envelope model, the SSBM-BOOT five-stage model is proposed. On the other hand, Malmquist index method and Luenberger productivity method are combined to evaluate dynamic efficiency, which select Beijing-Tianjin-Hebei listed companies' data. The results show that (1) external environmental factors play a significant role in financing efficiency. The empirical results of the SSBM-BOOT five-stage model show that environmental factors "raise" the efficiency value of the whole Beijing-Tianjin-Hebei region. (2) Based on the revised data and the overall and decomposition results of SBM-ML index, it can be seen that the regional industry is still in the stage of scale expansion, and the financing efficiency depends on technological innovation that needs to be improved. Finally, the paper puts forward the concrete strategies of creating industrial development environment, promoting technological innovation, and establishing green investment and financing mechanism. [ABSTRACT FROM AUTHOR]

In order to effectively address or eliminate the impact of CO2 emissions, it is crucial to conduct a CO2 emissions evolution analysis using a green investment model. Ecological innovation helps to limit carbon dioxide emissions, which is crucial to resource distribution and effectively summarizes the regularity and innovation of the process of limiting carbon dioxide emissions. Under the condition of fully grasping the principles of low-carbon city development and related policy protection, find a suitable low-carbon city development model. This paper analyzes the impact of ecological innovation and green investment on carbon dioxide emission limitations by building a data analysis model. The results of the case analysis show that the impact of the green investment scale on Chinese carbon dioxide emission restrictions is an inverted U-shaped relationship. The scale of green investment, economic competition, and marketization of capital allocation has a negative impact on Chinese carbon dioxide emissions, while green investment and ecological innovation have a positive effect on the green and low-carbon development of the Chinese economy. [ABSTRACT FROM AUTHOR]

Heavy-polluting enterprises' investment in environmental protection will have a "crowding out effect" on their other inputs, affecting enterprise performance. However, if the environmental protection investment of enterprises improves their green technology innovation ability, resulting in the "innovation compensation effect," which can offset the "crowding out effect" of environmental protection inputs, it may have a positive impact on enterprise performance. This can offset the "crowding out effect" of environmental investment and may promote the performance of enterprises. At the same time, equity concentration plays the role of "tunneling effect" and "monitoring and incentive effect" in the process of environmental protection investment affecting the performance of heavy-polluting enterprises. The paper selects the data of A-share listed heavy-polluting enterprises in China from 2010 to 2019 and analyzes the impacts of environmental protection investment and green technology innovation on the performance of heavy-polluting enterprises by using a multidimensional panel fixed-effects model. The results show that environmental protection investment will improve the performance of heavy-polluting enterprises by improving their green technology innovation ability; green technology innovation plays a partly intermediary role in the process of environmental protection investment affecting the performance of enterprises, and the magnitude of this intermediary role is regulated by the concentration of corporate equity. Based on the results of the empirical study, it is recommended that heavy-polluting enterprises should accelerate the pace of green technology research and development and results transformation, optimize the proportion of equity allocation, and achieve the dual goals of fulfilling environmental responsibilities and enhancing corporate performance. [ABSTRACT FROM AUTHOR]

As a core driver for the high-tech enterprises, green technology innovation is crucial, even with high financial risk. Against this background, this paper empirically examines the impact of risk-taking on green technology innovation of high-tech enterprises, taking Chinese A-share listed companies from 2007 to 2020 as the research sample and considering the moderating effect of financial mismatch. Findings show the following: First, the effect of risk-taking on green technology innovation of high-tech enterprises is insignificant in most cases, and the inhibitory effect of financial mismatch is partly supported. Second, financial mismatch only counter-regulates the inhibitory effect of systematic risk-taking on the number of invention patents granted in the eastern sample. Third, the effect of risk-taking on green technology innovation is significantly heterogeneous in terms of property rights and regional heterogeneity, regardless of considering the moderating effect of financial mismatch or not. Finally, the policy implementations point out that the government should create a favorable investment environment, financial institutions should adjust the way of capital allocation, while high-tech enterprises should broaden the financing channels to enhance their risk-taking ability, and promote green technological innovation to achieve high-quality economic development. [ABSTRACT FROM AUTHOR]

Rampant corruption exists in China's energy-intensive industries. However, we know little about the nexus of corruption and enterprise green innovation in China's energy-intensive industries. This paper discusses the impact of anti-corruption on enterprises' green innovation and its effect margin. Analyzing the panel data of Chinese listed enterprises in energy-intensive industries from 2009 to 2017, we find that anti-corruption played a positive role in stimulating enterprises' green innovation investments in energy-intensive industries. Then we adopt the instrumental variable approach and difference-in-differences model to alleviate the endogeneity problem. Moreover, we find that research and development investments from state-owned, high-tech enterprises and enterprises in the regions with more government intervention or weaker intellectual property protection were more prominent after the anti-corruption campaign. Finally, political connection played an intermediary role in this process, in which only the government-official political connection worked. Our results highlight the roles of enterprises' attributes and environmental characteristics as important factors in the relationship between anti-corruption and green innovation investments. Policymakers should enhance the control of corruption to boost green innovation in energy-intensive industries. [ABSTRACT FROM AUTHOR]

• This paper explores the effect of green finance on SDGs. • GFPZ significantly promotes SDGs. • Green finance indirectly affects SDGs through technological innovation. • The impact of green finance on SDGs exhibits heterogeneity. In pursuit of actively advancing energy transformation, ensuring the attainment of carbon peak and carbon neutrality objectives, and fostering sustainable development, China has dedicated substantial efforts. This article treats the Green Finance Reform and Innovation Pilot Zones (GFPZ) as a quasi-natural experiment, thereby constructing an analytical framework for evaluating the impact of green finance on achieving Sustainable Development Goals (SDGs). We empirically investigate this impact by analyzing data from 316 cities in China spanning the period from 2011 to 2020, employing a difference-in-differences (DID) model. The study suggests a gradual improvement in the level of sustainable development in China. Moreover, green finance contributes to SDGs, and the conclusion is robust. Further investigation reveals that green finance improves sustainable development by fostering technological innovation. Heterogeneity results indicate that the influence is notably more pronounced in western regions and locales characterized by stringent environmental regulations. This article offers fresh perspectives on achieving SDGs. [ABSTRACT FROM AUTHOR]

The rapid development of digital finance has profoundly changed the pattern of economic and social development, which is of great significance for the realization of the harmonious coexistence between humans and nature and for the promotion of sustainable development. This study measures the state of China's provincial ecological footprint from 2011 to 2019, combines the characteristics of digital financial development, and explores whether such development can promote sustainable development from an ecological footprint perspective. The results show that (1) China's provincial ecological footprint per capita, which was continuously aggravated, increased by an average of 29.15% during the sample period. Digital financial development is shown to be able to effectively suppress the ecological footprint, and an environmental inclusion effect is also observed, which helps achieve a win‒win solution for economic development and ecological conservation while promoting environmental equality. Endogeneity tests and other robustness tests indicate that causality holds. (2) Bridging the digital divide, the improvement of environmental constraints and government digital governance capacity can help amplify the marginal effects of digital finance and mitigate the ecological footprint. (3) Green technological innovation and green finance are critical paths to achieve sustainable development. Digital financial development can facilitate green-biased technological innovation and increase the scale of green credit effectiveness, thereby reducing the ecological footprint. In the future, digital technology should be used to achieve the precise sinking of financial resources, while the government's role in guiding sustainable development should be enhanced, the digital divide should be narrowed, and the role of digital finance in supporting sustainable development should be strengthened. • Using the latest improved methodology, this paper measures the provincial ecological footprint in China. • This paper investigates the impact of digital finance development on the ecological footprint. • Digital finance development can effectively mitigate the ecological footprint and has an environmentally inclusive effect. • The reasons for this are the green bias push of digital finance towards technological innovation and the increase in the scale of green credit effectiveness. [ABSTRACT FROM AUTHOR]

Using panel data from 30 provinces in China from 1995 to 2017, this study explores the impact of natural resource rent, transportation infrastructure, innovation, financial development, green investment and energy investment on carbon emission and its role in achieving the sustainable development goals. In order to obtain long-term and short-term estimates, the auto-regression distribution lag model (ARDL) is used in this study. The results confirm that natural resource rent, transportation infrastructure, innovation, energy investment and carbon emission are significantly positively correlated in long-term and short-term. Financial development and carbon emission are not significant in short term, but in the long term, financial development will contribute to the rise of carbon emissions. Green investment will increase short-run carbon emissions, whereas it really can control carbon emissions, which is different from other studies. This research proposes to improve the level of innovation and reduce carbon emission in other fields through technological innovation, increase green investment and renewable energy investment and combine with financial development to invest more funds in low carbon environmental production industries and to build an environment friendly system. [ABSTRACT FROM AUTHOR]

The importance of dealing with the relationship between foreign direct investment (FDI) and green innovation for sustainable development is being highlighted. However, since FDI can have both positive and negative effects on sustainable development, coupled with regional differences and different development conditions, there is uncertainty about the relationship between FDI and green innovation. Based on the panel data of 30 provinces in China from 2007 to 2018, this paper uses the two-tier stochastic frontier model to decompose the positive and negative effects of FDI on green innovation in different time periods and provinces, and considers the role of regional conditions that lead to regional differences in the green innovation effects of FDI, in order to better provide precise research findings for analyzing the relationship between FDI and green innovation in different provinces in China. First, empirical research shows that the inhibition effect of FDI on green innovation efficiency is smaller than the promotion effect, which makes the combined effect not obviously positive. The average inhibition effect of FDI on green innovation efficiency is 0.0041 and the average promoting effect is 0.0047, which makes the combined effect averaged 0.0006. Second, there are regional differences in the driving effect of FDI on green technology innovation. The western region's FDI has a greater drive effect on the efficiency of green innovation than the central and eastern regions. Third, the promoting effect character of FDI on green innovation efficiency is a "U" type with 70% percentile of the environmental regulation intensity as the inflection point. Due to the imperfection of China's economic structure at this stage, China's relatively developed regions have not yet established the market and industrial structure advantages to fully release the green innovation effect of FDI. Based on the research conclusions, to better promote green innovation efficiency, it is necessary to overcome the disadvantages of the green innovation process dominated by the central government, cultivate and develop green innovation markets, adopt incentive initiatives for foreign enterprises with green technology spillover effects, implement policies to address regional differences, and strengthen the interaction mechanism between FDI and green technology innovation in home countries. • Analyze the bilateral effects of FDI on green innovation efficiency. • FDI not only promotes but also restrains the efficiency of green innovation. • The inhibition effect of FDI is smaller than the promotion effect. • The combined effect of western regions is greater than eastern regions in China. [ABSTRACT FROM AUTHOR]

Through the introduction of green finance policies, governments hope to improve the guiding role of institutional investors in green investment and provide financial support for green enterprises. Using the data in China, the difference-in-difference (DID) analysis explores whether the implementation of policies could change institutional investors' attitude to environmental factors when making investment decisions. Considering the effect of investment horizons, we find that long-term institutional investors have shown symmetric preferences on green investment, while short-term institutions are more affected by green finance policies. Additionally, the mechanism analysis shows that green finance policies can influence the green investment of institutional investors not only by affecting stock price returns but also by increasing the innovation capabilities of green companies and thus improving corporate performance. Besides, heterogeneity and moderating effect analyses find that green finance policies can achieve better policy effects when financial institutions invest in non-state-owned enterprises, enterprises with higher quality of information disclosure and poor external supervision. The finding would extend the studies of green investment in emerging markets and present new evidence about the policy effect on institutions' preferences for green investment. [ABSTRACT FROM AUTHOR]

How institutional factors that increase or decrease uncertainty can influence the effect of environmental investments (EIs) on green innovation (GI) deserves further investigation. In this study, we first examine the direct impact of EIs on GI. Moreover, we consider political uncertainty (PU) as a factor that increases uncertainty and consider marketization degree (MD) and environmental regulations (ERs) as two other factors that decrease uncertainty; then, we examine the effects of these factors on EIs and GI. Using key environmental cities in China covering the period from 2003 to 2016 as the research sample, the empirical results indicate that EIs can have a positive effect on GI and two different types of GI (green invention and green utility). In addition, PU can weaken the positive effect of EIs on GI. Furthermore, the association between EIs and GI varies with the intensity of ERs but does not vary with MD. The positive effect of EIs on GI is more pronounced in cities with a higher intensity of ERs. Overall, PU that increases uncertainty can weaken the positive effect of EIs on GI, whereas ERs that decrease uncertainty can strengthen the promotion effect of EIs on GI. [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]

The concept of green development has gradually penetrated into the enterprise. Green mergers and acquisitions (M&A) have gradually become a means for heavily polluting enterprises to achieve the goal of energy conservation and emission reduction and embark on the path of green transformation. Heavily polluting enterprises have acquired clean technology and resources through green M&A, and whether they will promote their green innovations after green M&A has not yet been explored. Based on the data of M&As of China's heavy polluting enterprises from 2010 to 2018, this study empirically tests whether the M&As of heavy polluting enterprises can promote green innovation. The results show that M&As by heavily polluting enterprises can promote green innovation, and this impact is promoted with the support of government subsidies. In addition, older or higher paid CEOs negatively moderate this effect. Therefore, our study believes that most of the M&As of heavy polluting enterprises are taking the initiative to take environmental protection responsibilities and embarking on the path of green transformation. The government can issue relevant policies to encourage heavily polluting enterprises to conduct green M&A in order to achieve their goal of green transformation. Our study has enriched the relevant literature on green investment and green innovation, and can be used as a reference for the government to introduce policies for the green transformation of heavily polluting enterprises. [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]