Science Research Management

Science Research Management ›› 2021, Vol. 42 ›› Issue (6): 102-111.

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The value creation effect of "environmental supervision" from the perspective of enterprise green innovation——A quasi-experimental research based on environmental protection admonition#br#

Wang Xu1, Zhang Xiaoning1, Zhu Ran2   

  1. 1. School of Business Administration, Shandong University of Finance and Economics, Jinan 250014, Shandong, China; 
    2. School of Art Education, Jinan Preschool Education College, Jinan 250300, Shandong, China
  • Received:2020-10-20 Revised:2020-12-11 Online:2021-06-20 Published:2021-06-22

Abstract:       The formulation and implementation of environmental protection interview policy has opened the prelude of "environmental supervision" in China, and has an important impact on the micro level of enterprise environmental strategy. This paper takes the promulgation of environmental protection interview policy as a research opportunity, combined with quasi-experimental research and Difference-in-Difference model, mainly discusses the policy effect and mechanism of environmental protection admonition on the "dynamic" environmental strategy of enterprise green innovation. 
     The results show that: First, the environmental protection interview policy has significantly promoted the green innovation performance of enterprises within the government area under the interview. The value creation effect of green innovation is not only conducive to the local government to recover the negative impact caused by the interview, but also can gain a comparative advantage in the environmental protection competition. More importantly, green innovation effectively promotes the incentive compatibility between government and enterprises, making it possible for enterprises to respond positively to the government′s pressure on environmental governance. Second, the inclusive system and its policy combination with the selective system are powerful tools for local governments to drive enterprises′ green innovation. Under the condition of inclusive system supply, the environment for the development of innovative talents, the protection of intellectual property rights and the environment for the transformation of achievements have been greatly improved, which has stimulated the green innovation motivation of enterprises. But relying solely on selective institutional supply may crowd out investment in innovation and weaken entrepreneurial risk-taking. Under the combination effect of the two policy tools, enterprises′ green innovation ability and innovation will are simultaneously stimulated. Thirdly, the path effect of institutional supply shows significant heterogeneity among enterprises with different property rights. After the local government is interviewed, private enterprises can respond to the pressure of environmental governance through green innovation strategy, and show strong dependence on the resources brought by the inclusive system. In contrast, due to the lack of willingness to take risks or the inability to meet the systematic and complex requirements of green innovation, state-owned enterprises fail to make strategic response through green innovation and choose the environmental strategy of end-governance instead.
     The research contributions of this paper are as follows: First of all, based on the related research of environmental strategy, the research perspective of environmental protection admonition policy effect is expanded from passive pollution control to active value creation, revealing the policy impact of environmental protection admonition on enterprise green innovation. Secondly, based on the strict exogenous environmental policy, this paper extends the green innovation decision-making motivation from the organizational endogenous perspective to the external policy environment, thus enriching the related research on the driving factors of green innovation. Moreover, based on the perspective of institutional supply, the paper takes the inclusive and selective institutional supply as the policy tools for local governments to respond to environmental protection interviews, comprehensively presents the impact mechanism of the institutional choice of local governments interviewed on the green innovation of micro enterprises, and opens the black box of the role of environmental policies on enterprise value creation.

Key words: environmental protection admonition, green innovation, supply of institution, property rights