The Impact of Random Inspection of the Environmental Supervision System on Corporate Green Innovation

Abstract

Abstract: The random inspection of the environmental supervision system is an important innovation in the field of China’s environmental governance. Based on the green innovation data of A-share listed companies from 2010 to 2021, this paper explores the impact of the random inspection of the environmental supervision system on corporate green innovation by using the difference-in-differences method. The findings show that the random inspection of the environmental supervision system can significantly promote corporate green innovation, and this positive effect has a strong continuity. The mechanism analysis uncovers that this system enhances the green innovation of enterprises by strengthening the environmental regulatory pressure of the government and the environmental compliance pressure of enterprises, reflecting both regulatory and deterrent effects. The results of the extended analysis indicate that the promotion effect of the environmental supervision system on green innovation in enterprises through random sampling is more evident in the state-owned enterprises and the enterprises located in the areas with less financing constraints, lower agency costs, and stronger intellectual property protection. In addition, the random inspection of the environmental supervision system not only significantly improves the environmental performance of enterprises and demonstrates their environmental effectiveness, but also significantly improves their economic performance and demonstrates their economic effectiveness. Therefore, it is necessary for the government departments to actively carry out the random inspection of the environmental supervision system, strengthen intellectual property protection and take measures to alleviate the financing constraints faced by enterprises during the process of green innovation. Meanwhile, enterprises should further improve the corporate governance mechanism and reduce agency costs, so as to promote the level of corporate green innovation.

Key words: random inspection, environmental regulations, corporate green innovation, deterrent effect

CLC Number:

F205
F237.1

WANG Jiang-han, ZHONG Hai-yan. The Impact of Random Inspection of the Environmental Supervision System on Corporate Green Innovation[J]. Contemporary Finance & Economics, 2024, 0(10): 86-99.

References

[1] 陈德球, 侯欣昊. 有限合伙协议构架与企业创新——来自中国创业板上市公司的证据[J]. 当代财经, 2023, (9): 83-96.
[2] 陈家建, 边慧敏, 邓湘树. 科层结构与政策执行[J]. 社会学研究, 2013, (6): 1-20+242.
[3] 陈骏, 单美贤, 谭建华. 领导干部自然资源资产离任审计如何影响绿色创新?[J]. 审计研究, 2023, (3): 19-32.
[4] 冯婉昕. 人工智能与企业金融资产配置——来自国家人工智能创新应用先导区的经验证据[J]. 当代财经, 2024, (4): 141-152.
[5] 胡珺, 阮小双, 马栋. 环境规制、成本转嫁与企业环境治理[J]. 海南大学学报(人文社会科学版), 2023, (5): 187-198.
[6] 李建发, 袁璐, 李文文, 等. 政府财会监督与企业税收规避——来自财政部会计信息质量随机检查的证据[J]. 管理世界, 2023, (8): 154-171.
[7] 李青原, 肖泽华. 异质性环境规制工具与企业绿色创新激励——来自上市企业绿色专利的证据[J]. 经济研究, 2020, (9): 192-208.
[8] 黎文靖, 郑曼妮. 实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J]. 经济研究, 2016, (4): 60-73.
[9] 柳光强, 王迪. 政府会计监督如何影响盈余管理——基于财政部会计信息质量随机检查的准自然实验[J]. 管理世界, 2021, (5): 157-169+12.
[10] 刘红霞, 李继峥, 马云飙. 随机现场检查与审计师谨慎性——基于证监会对上市公司现场检查的准自然实验[J]. 审计研究, 2022, (2): 94-106.
[11] 刘金科, 肖翊阳. 中国环境保护税与绿色创新:杠杆效应还是挤出效应?[J]. 经济研究, 2022, (1): 72-88.
[12] 齐绍洲, 林屾, 崔静波. 环境权益交易市场能否诱发绿色创新?——基于我国上市公司绿色专利数据的证据[J]. 经济研究, 2018, (12): 129-143.
[13] 沈洪涛, 冯杰. 舆论监督、政府监管与企业环境信息披露[J]. 会计研究, 2012, (2): 72-78+97.
[14] 沈洪涛, 黄珍, 郭肪汝. 告白还是辩白——企业环境表现与环境信息披露关系研究[J]. 南开管理评论, 2014, (2): 56-63+73.
[15] 滕飞, 夏雪, 辛宇. 证监会随机抽查制度与上市公司规范运作[J]. 世界经济, 2022, (8): 109-132.
[16] 王腾. 环境监管执法中的随机抽查制度探析[J]. 环境保护, 2016, (8): 61-65.
[17] 王馨, 王营. 绿色信贷政策增进绿色创新研究[J]. 管理世界, 2021, (6): 173-188+11.
[18] 汶海, 高皓, 陈思岑, 等. 行政审计监管与股价崩盘风险——来自证监会随机抽查制度的证据[J]. 系统工程理论与实践, 2020, (11): 2769-2783.
[19] 温忠麟, 叶宝娟. 中介效应分析:方法和模型发展[J]. 心理科学进展, 2014, (5): 731-745.
[20] 肖红军, 阳镇, 凌鸿程. 企业社会责任具有绿色创新效应吗[J]. 经济学动态, 2022, (8): 117-132.
[21] 杨上广, 郭丰. 知识产权保护与城市绿色技术创新——基于知识产权示范城市的准自然实验[J]. 武汉大学学报(哲学社会科学版), 2022, (4): 100-113.
[22] 朱朝晖, 林雯, 曾爱民, 等. “绿色工厂”认定对企业绿色创新的影响研究[J]. 当代财经, 2023, (7): 3-16.
[23] 祝继高, 朱佳信, 李天时, 等. 政府会计监督与银行信贷行为研究——基于财政部会计信息质量随机检查的证据[J]. 管理世界, 2023, (1): 157-176+189.
[24] Amore M D, Schneider C, aldokas A. Credit supply and corporate innovation[J]. Journal of Financial Economics, 2013, 109(3): 835-855.
[25] Cheng Z H, Yu X J.Can central environmental protection inspection induce corporate green technology innovation?[J]. Journal of Cleaner Production, 2023, 387: 135902.
[26] Han Z P, Wang L G, Zhao F F.Can emission trading system improve capacity utilization? A quasi-natural experiment in Chinese listed firms[J]. Journal of Cleaner Production, 2023, 385: 135719.
[27] Hu S, Wang A L, Du K R.Environmental tax reform and greenwashing: Evidence from Chinese listed companies[J]. Energy Economics, 2023, 124: 106873.
[28] Wu J, Qiu X, Li Z Y.Green innovation and enterprise green total factor productivity at a micro level: A perspective of technical distance[J]. Journal of Cleaner Production, 2022, 344: 131070.
[29] Zhang Y M, Li X L, Xing C.How does China’s green credit policy affect the green innovation of high polluting enterprises? The perspective of radical and incremental innovations[J]. Journal of Cleaner Production, 2022, 336: 130387.
[30] Zhong Z Q, Peng B H.Can environmental regulation promote green innovation in heavily polluting enterprises? Empirical evidence from a quasi-natural experiment in China[J]. Sustainable Production and Consumption, 2022, 30: 815-828.