关键词: 政府环境信息公开, 绿色创新, 环境信息披露, 资金退出威胁效应

Abstract:     It is of great significance to build an environmental regulation system with the participation of the government, enterprises and the public. Government environmental information disclosure as a means of environmental governance in the third stage is an emerging practice to build such system especially in China. Compared with command control and market incentive environmental regulation policies, government environmental information disclosure is an efficient tool to combine the institutional pressure from government and expectation pressure from society faced with enterprises in the process of green transformation. Many studies show that government environmental information disclosure can reduce pollutant emissions, while its internal mechanism is not clear. For example, faced with government environmental information disclosure, has the enterprises carried out green innovation which can realize the terminal treatment of pollution.
   Using Pollution Information Transparency Index (PITI) which provided by Institute of Public and Environmental Affairs (IPE) and Natural Resources Defense Council (NRDC) to measure the level of government environmental information disclosure, this paper empirically studies whether government environmental information disclosure can promote enterprise green innovation. Based on the green patent data of China′s listed industrial enterprises, our results show that there is a significant positive relationship between the number of green patents applications and the level of government environmental information disclosure, especially the green invention patents that reflect the quality of green innovation. The conclusion is robust after solving endogenous problems with 2SLS. This benefits from the fact that the environmental information disclosure at the government level can guide the environmental information disclosure at the enterprise level and help the public to conduct more comprehensive supervision on enterprises. The heterogeneity test shows that the green innovation level of heavy polluting industry enterprises and non-state-owned listed enterprises is more sensitive to government environmental information disclosure. Futher analysis shows that the higher the dependence of enterprises on external funds, the stronger the green innovation effect of government environmental information disclosure, which indicates that government environmental information disclosure has the threat effect of capital withdrawal. 
    Government environmental information disclosure in China has been implemented for more than ten years and the 19th CPC National Congress clearly pointed out to build a market-oriented green technology innovation system. In this context, our study of government environmental information disclosure issuance promoting green innovation has a great significance. First, it can provide new insights on the mechanism of government environmental information disclosure to reduce pollutant emissions. Second, it is conducive to broaden the research field of environmental regulation and provide some theoretical reference for the implementation of environmental information disclosure policy. Third, this paper clarifies the internal logic of government environmental information disclosure promoting enterprise green innovation from the perspectives of mediator effect and moderating effect, and provides new evidence that government information disclosure promotes resource allocation and guides enterprise behavior.
    The most direct policy implication of this paper is to provide a useful reference for the realization of the effective combination of government environmental information disclosure and enterprise green innovation, so as to promote the construction of ecological civilization. First, the government should incorporate more regulatory content into the environmental information disclosure system to make full use of the signal role of environmental information in leading enterprise green innovation. Second, regulatory authorities should improve the channels of enterprise environmental information disclosure. Third, financial institutions should make full use of environmental information released by government for lending.

Key words: government environmental information disclosure, green innovation, environmental information disclosure, threat effect of capital withdrawal