关键词: 经济政策不确定性, 企业社会责任, 环境信息披露, 企业绿色创新

Abstract: Green innovation is the driving force of corporate sustainable development and the inherent requirement for promoting the stable and steady economic growth. Based on the financial data of A-share listed companies from 2010 to 2019, this paper empirically examines the impact of economic policy uncertainty on corporate green innovation from the three dimensions: total volume, quantity and quality. The findings show that economic policy uncertainty can positively stimulateenterprises to carry out green innovation and R&D. Faced with the uncertainty due to policy adjustments, enterprises pay more attention to the“quantity”of green patents than to the“quality”of green patents. In terms of the heterogeneity of property rights, economic policy uncertainty can significantly enhance the green innovation of state-owned enterprises.Corporate social responsibility has an obvious“reputation effect”, which can play a significant positive moderating role, and this moderating effect is more significant in non-state-owned enterprises. Enhancing the environmental information disclosure of the polluting enterprises will significantly inhibit the green innovation ability of enterprises under uncertain economic policies. The results of the mediating effect show that the uncertainty of economic policy can significantly enhance the risk preference of enterprise management and thus promote corporate green innovation.

Key words: economic policy uncertainty, corporate social responsibility, environmental information disclosure, enterprise green innovation