Content of Theoretical Economi in our journal

Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select Research on the Impact of“Green Factory”Certification on Enterprise Green Innovation ZHU Zhao-hui, LIN Wen, ZENG Ai-min, HU Ying-jie Contemporary Finance & Economics    2023, 0 (7): 3-16.   Abstract （123）            Knowledge map    Save How to stimulate enterprises’ green innovation to promote the overall green transformation and upgrading of manufacturing industry has become a key issue that needs to be solved urgently in environmental regulation policy and theoretical research. Taking the implementation of the voluntary environmental regulation policy of“green factory”certification as a quasi-natural experiment, this paper employs the multi-time point PSM-DID model to investigate the guiding effect of green innovation. The findings show that the level of green innovation of enterprises increases significantly after obtaining the“green factory”certification, which is mainly reflected in the breakthrough of innovation quality rather than quantity. The result of the mechanism analysis shows that the“green factory”certification, in conjunction with government subsidies and green credit policy tools, can effectively help enterprises obtain more government environmental subsidies, ease long-term credit costs and scale constraints, and serve as a signal to attract support from long-term institutional investors to improve the quality of green innovation. The heterogeneity analysis reveals that the quality of green innovation is moresignificantly enhanced when the“green factory”has been recognized for many times, its environmental information is more transparent and no environmental violation has been found, while the effect of the green innovation quality improvement is rather weak when the“green factory”is in heavy pollution industries. These findings suggeststhat the policy-makers should further strengthen the synergy between the certification policy and other policy tools in combination with industry attributes to enhance the incentive effect, improve the“green factory”information disclosure system to give full play to the role of signals, strengthen the pre-qualification examination and post-assessment supervision and the dynamic adjustment of the accreditation list, so as to continue to provide impetus for green innovation. The above conclusions not only provide empirical evidences for the implementation effect and function mechanism of the green certification policy, but also have great practical significance for constructing a diversified policy system, giving full play to the complementary role of government and capital markets in green transformation and upgrading, and promoting the construction of green manufacturing engineering. Reference | Related Articles | Metrics | Comments（0） Select Land Resources Misallocation and Urban Green Total Factor Productivity under Dual Target Constraints YE Yu-ping, WANG Zhan-xiang Contemporary Finance & Economics    2023, 0 (7): 17-30.   Abstract （67）            Knowledge map    Save The harmonious coexistence between man and nature requires efficient use of land resources and development of green economy. From the perspective of the dual constraints of economic growth target and environmental protection target, it is significant to analyze the impact of land resource misallocation on urban green total factor productivity. This paper conducts an empirical study based on the panel data of 284 prefecture cities of China from 2007 to 2019. The findings show that land resources misallocation significantly inhibits the improvement of urban green total factor productivity. After a series of robustness test and endogenous analysis, such as changing explanatory variables, shrinking tail treatment and so on, the conclusions still hold. Specifically, the inhibitory effect of land resource misallocation is realized by promoting urban sprawl and reducing urban green innovation, and the inhibitory effect is more obvious in the central and western cities, non-resource-based cities and medium-sized cities. Further analysis reveals that economic growth target will strengthen the inhibiting effect of land resources misallocation on green total factor productivity, and that strong environmental target constraint will significantly weaken the inhibiting effect of land resource misallocation on green total factor productivity, while the regulating effect of the weak environment target constraint is not significant. Therefore, it is necessary to further promote the market-oriented reform of land factor, build a market-oriented green innovation technology system, strengthen the environmental target constraints of official assessment, alleviate the degree of land resource misallocation, so as to improve the efficiency of urban green development. Reference | Related Articles | Metrics | Comments（0）