【作者】 王春雨；

【导师】 赵泽斌；

【作者基本信息】 哈尔滨工业大学 ， 应用经济学， 2022， 硕士

【摘要】 党中央将“碳中和以及碳达峰”上升为国家长期战略目标,将低碳发展与实现我国产业结构转型、绿色金融发展、技术创新、加快实现2030年前碳达峰和2060年前碳中和紧密关联。近年来高碳行业作为节能减排战略下的重要主体,不断提升自身绿色技术研发能力,高碳行业绿色技术创新对实现我国双碳目标的带动作用日益显著,在倡导节能减排与可持续发展的时代,高碳企业只有不断提高绿色技术创新水平,才能够保证节能减排目标的实现、稳定、高效地运行。尽管高碳企业享有一定的政府环保补贴,但绿色技术创新项目本身投入周期长、投资成本高、投资风险大、资本市场信息不对称、代理成本等特性给高碳企业增加了隐形的研发投入成本,扩大了高碳企业绿色技术创新研发资金不足的困境,如何缓解高碳企业绿色技术创新所面临的融资困境,提高其绿色技术创新能力是一个值得研究的问题。本文从理论与实证两个层面对高碳行业环境信息披露质量与绿色技术创新水平二者之间的影响路径展开分析,运用2016-2020年高碳行业上市企业的环境信息披露数据、绿色专利数据和财务数据,构建固定效应模型进行实证分析,进一步探讨了环境披露对高碳企业绿色创新是否存在滞后效应,并深层次分析了资本成本、股票流动性是否在影响路径中起到中介效应,最后探索了不同产权给以及不同金融市场发展水平的企业环境披露和其绿色创新水平之间是否存在异质性影响。实证结果表明,高碳行业上市企业的环境披露会推动其绿色创新。其次,环境披露对绿色技术创新的促进作用有滞后效应。接着,资本成本、股票流动性作为中间变量发挥了一定中介作用。最后,不同产权性质以及金融发展水平的高碳企业环境披露与绿色创新之间存在差异化关系,金融发展水平低的非国有企业的促进作用更加明显。本文的实证研究在理论层面填补了相关研究,在实践意义层面,为国家层面是否进行强制性环境信息披露提供新的思路,为高碳企业提高绿色技术创新水平开辟了新的赛道。更多还原

【Abstract】 The Party Central Committee has elevated "carbon neutrality and carbon peaking" to a national long-term strategic goal,which closely links low-carbon development with the transformation of China’s industrial structure,green financial development,technological innovation,and accelerating the achievement of carbon peaking by 2030 and carbon neutrality by 2060.In recent years,the high-carbon industry,as an important subject under the energy conservation and emission reduction strategy,has continuously improved its own green technology research and development capabilities,and the green technology innovation of the highcarbon industry has become increasingly significant in achieving China’s dual carbon goals.In the era of advocating energy conservation and emission reduction and sustainable development,high-carbon enterprises can only ensure the realization,stability and efficient operation of energy conservation and emission reduction goals by continuously improving the level of green technology innovation.Although high-carbon enterprises enjoy certain government environmental protection subsidies,the long investment cycle,high investment cost,high investment risk,capital market information asymmetry,agency cost and other characteristics of green technology innovation projects themselves add invisible R&D investment costs to high-carbon enterprises,expanding the dilemma of insufficient R&D funds for green technology innovation of high-carbon enterprises.How to alleviate the financing dilemma faced by high-carbon enterprises in green technology innovation and improve their green technology innovation capability is a problem worth studying.This paper analyzes the influence path between the quality of environmental information disclosure and the level of green technological innovation in the highcarbon industry at both theoretical and empirical levels,and uses the environmental information disclosure data,green patent data and financial data of listed enterprises in the high-carbon industry from 2016 to 2020 to construct a fixed-effect model for empirical analysis,and further explores whether the cost of equity capital and stock liquidity play a mediating role as intermediate variables in the impact path.Finally,we explore whether there is a heterogeneous effect between the level of environmental information disclosure and the level of green technology innovation among enterprises with different property rights and different levels of financial market development.The empirical results show that the environmental disclosure of listed firms in high-carbon industries enhances their green technology innovation level.Second,there is a cross-sectional effect of environmental disclosure on the promotion of green technology innovation.Then,the cost of equity capital and stock liquidity play a mediating role as intermediate variables.Finally,there is a differentiated relationship between environmental information disclosure and green technology innovation among high-carbon firms with different property rights nature and financial development levels,and the promotion effect is more obvious for non-state enterprises with low financial development levels.The empirical research in this paper fills in the relevant studies at the theoretical level,and at the practical significance level,provides new ideas on whether to make mandatory environmental information disclosure at the national level,and opens up a new track for high-carbon enterprises to improve their green technological innovation.更多还原